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Six-figure compensation is wide-ranging and due diligence is key to a strong salary negotiation. When your next employer asks, “What is your salary expectation?” Don’t be a deer in the headlights. Not only must you be able to express an appropriate salary range for the level of position you are holding, your total compensation should be reflective of your expertise, achievements, and years of experience.

Your goal is to strike the best deal without over-pricing yourself. Always negotiate in a professional and ethical manner, focusing on what you have to offer for the compensation you are asking. Remember, both parties have the same goal — to close the deal. Your prospective employer wants to pay you for your contribution and you want a reasonable offer. Ensure that everyone leaves the table estatic!

In addition to knowing the minimum salary offer you are willing to entertain, you should be prepared to negotiate non-monitary benefits and perquisites (perks). Prepare yourself by researching compensation standards within the organization and the marketplace and determine, in advance, your “must haves” and your “nice to haves.”

Monetary compensation elements may include:
• Base salary
• Sign-on bonus
• Annual bonus
• Commissions / Incentive pay
• Overtime pay
• Probationary salary increase
• Profit sharing plans
• Stock options
• Tax benefits programs
• Pension or RRSP contribution

Non-monetary compensation and perquisites may include:
• Healthcare benefits
• Childcare allowance
• Tuition reimbursement
• Company car
• Car allowance
• Expense allowance
• Education benefits for family members
• Merchandise programs
• Discounts and preferred pricing with corporate partners
• Gift certificates
• Health club memberships
• Corporate resorts and cruises
• Relocation support, mortgage differentials
• Individual travel and group travel programs
• Equipment including cell phone, pager, and laptop computer
• Professional development and training programs
• Continuing education including MBA level studies
• Professional association memberships
• Flexible work hours
• Periodic increases in compensation
• Periodic increases in vacation time
• Periodic enhancement of job title

Do you know about any other compensation, benefits, and perks that can be added to this list? Please let me know by commenting here.

Are you dreading your next salary negotiation? Read Wayne Pagani’s article Let’s Talk Comp! A guide to effective salary negotiation for six-figure executives.

People telling you to target lower positions or ask for less money? Don’t “dumb down” your resume just to get an interview. Listen to my current radio show on Career Inspirations.

Thank you for reading my blog! Please email me if you spot any errors in this post.

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