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When we think about job compensation, our minds often default to our base salaries or hourly rate. Yet, there are so many other ways to be compensated that are sometimes even more valuable than just straight-up cash.
So whether you’re applying for a new job or simply trying to maximize the benefits from the one you currently have, here are other forms of compensation you can discuss with your employer.
1. Company Stock Options
In the era of startups and unicorns, holding stock in a company that’s on the rise can result in a huge payday later in life. If you believe in your future at the company, then stock options are a great addition to your compensation package that you may discuss with your employer. Employees usually offer stock options to high-performing employees to increase their chances of retaining them, as most stock options are fully vested in four (4) years. Great companies tend to increase their value over time and those stock options can be worth way more in the future long after they are vested. Just ask employees at Google.
2. Bonuses & Incentives
While your employer may not be able to increase your regular salary, giving a quarterly or annual bonus tied to performance – whether yours or the company’s overall – is easier to consider. A lump-sum payment like this is a great way to cop a big-ticket item on your wishlist or put towards your holiday gift-buying and decorating, or to start your side hustle. Discuss bonuses and or incentives with your employer as part of your total compensation packaged.
3. Retirement Fund Match
Wherever in the world, you reside many companies offer to match your contribution to your retirement fund (401k in the US, RRSP in Canada, NIS in Jamaica, etc.) up to a certain percentage of your salary. This means that if, for example, you get paid $100,000 per year, and they match up to 5% of your income, you could be getting an additional $5,000 from your employer free-and-clear, just by investing the same amount into your future! Find out what your employer is willing to match, and put in as much as you can up to that point to maximize these benefits. Some retirement funds allow early withdrawals that may be used as part of your downpayment for a home in the future or during emergencies. So ensure you are getting the max contribution from your employer
4. Special Allowances
Some jobs require you to use your resources to facilitate your work. For example, if you use your car to travel to meetings or events for work, or you use your Internet to work from home, you should be compensated. Most companies offer travel, meal, gas, internet, cell phone, and other allowances for employees in this position, and these can sometimes add up to thousands of dollars per year in additional costs. So wherever possible, be sure to request it – and always, always keep your receipts!
Tip – opt to use your credit card to book these expenses and reap the reward points your card offer. These reward points can later be used for hotel and flights for a vacation you’ve always wanted to take and more.
5. Unused Vacation Pay
Some companies lose a lot of productivity when employees take vacations, so to minimize this, they incentivize employees who don’t. This extra 2-3 weeks of pay can be a nice bonus to look forward to if you don’t need the time off. However, if this incentive isn’t offered, or you need the break, don’t be afraid to take it. After all, you’ve earned it!
6. Overtime Pay
While this isn’t a long-term solution to increasing compensation, it works in a pinch. If you’re ever in need of cash in the short term, you can discuss with your employer the possibility of taking on an additional project or tasks outside of typical work hours. Not only will they Be impressed with your commitment to the job, but the typical overtime pay is also 1.5x your base pay for each hour worked! Not all jobs are eligible for overtime though, so be sure to confirm this before you put in all that hard work.
7. Tuition Reimbursement
Thinking about going back to school or pursuing some advanced certification in your field? That benefits your employer too! Some companies offer tuition reimbursement as part of the incentives for all employees, but even if they don’t, start a conversation with HR and your boss about your plans and how they could benefit the company. There are usually other stipulations to this sort of arrangement – such as staying with the company for a certain number of years after you’ve attained certification – but if that works for you, then it’s certainly worth pursuing.
It’s easy to think that your salary is the only way you get “paid” by a company, but as this list shows, there are a lot more ways to maximize the benefits for all the hard work you put in. So whenever you go in for your next assessment and you’re told that you’ve hit the salary ceiling, then just whip out this list and get to negotiating like the pro you are.
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