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You’ve done it. You’ve got the job offer. Now, you wonder: should I negotiate? (Yes, you
should) and, What should I negotiate?
Retirement Fund Match
The most common financial benefit provided to employees is a retirement fund. This means
the company will match a certain percentage of whatever money you contribute towards
retirement.
The retirement fund is a great investment tool. Your employer is incentivizing you to save
towards retirement. This money will grow over time because of compound interest. You will
thank yourself later.
Medical Aid / Health Insurance
Make sure that the medical aid plan, scheme and contribution offered by the new company
matches or betters what you are currently receiving. Take your dependents into
consideration. Review the dummy payslip, read what the employment contract states
regarding medical aid, and/or get clarity from the new company’s Employee Benefits
Administrator and HR Administrator. Being aware of this and negotiating it in advance could
relieve you of paying a medical expense out of pocket.
Relocation Pay
Moving can be a very costly exercise. So, if your potential job opportunity is located in
another city or country, and requires you to relocate. Always enquire, if the new employer is
willing to compensate you to move you there.
Bonus Pay / Shares
Whether you are offered a sign-on bonus, performance bonus, or shares – it all adds up.
Make it work in your favour. Read the terms and conditions of your sign-on bonus. Make
sure you have enough information about the ‘performance bonus’ e.g. pay-out date and
average value. And, if you have been allocated shares – pay attention to the vesting period.
Education / Personal Development Incentive
Education is power and you should always be advocating for yourself by learning and
growing in your role, company and industry. Always enquire if the new employer encourages
their staff members to keep learning, and if they will they pay for it.
Remote Work
Remote working has significant benefits that can save you time, money and flexibility. For
instance, the additional time you are get gives you the space to pursue other alternative
income streams.
Leave Days
Always look into your new employers leave policies. And, be certain that their leave policies
matches or betters that of your current company and also aligns with your personal family
travel plans.
When it comes to a new job, negotiate as much as you can upfront.
