If you’re about to receive a job offer, don’t be afraid to negotiate a signing bonus. A signing bonus is a sum of money given to you by an employer in exchange for your commitment to work for their company for a set period of time. (https://lifeswork.coach/how-to-negotiate-a-signing-bonus-at-your-new-job/career-success/)
While signing bonuses are more common in certain industries, such as tech and finance, they can be negotiable in any field. Here are a few tips on how to ask for a signing bonus so that you can get the most out of your next job offer.
Prepare Your Argument
Before you can ask for a signing bonus, you need to have a solid argument prepared. Why do you deserve a signing bonus? What unique skills and experience do you bring to the table? Be prepared to back up your request with data and concrete examples.
Another simple tactic that can work is to ask for a guaranteed bonus of 100% (in situations where you will earn one) in the first year, this may work for them and will get you closer to your target salary.
If you have an offer in hand, congratulations! But before you sign on the dotted line, be sure to negotiate a signing bonus that meets your needs. With a little research and preparation, you can confidently ask for—and get—the compensation package that you deserve.
Do Your Research
Know what the average signing bonus is for your industry and region. This will give you a good starting point when you begin negotiating. Use salary calculators and research job postings to get an idea of what’s typical so that you can make a realistic request.
When it comes to negotiation, it’s always best to start high. That way, even if the employer counters with a lower offer, you’ll still end up with more than if you had started low. Remember, there’s always room for negotiation, so don’t be afraid to ask for what you want.
Keep It Professional
It’s important to remember that this is a business transaction and not personal. Be polite and professional throughout the entire process, even if the employer rejects your initial request. Maintaining a positive relationship with your potential employer could come in handy down the road.
Be Prepared to Compromise
Keep your options open by making a list of non-cash benefits you are willing to take instead. As long as you are willing to compromise you can pivot your original request to a non-cash benefit. Here are a few things to consider asking for instead of a cash signing bonus:
1. More vacation days. If you’re looking to maximize your work-life balance, then more paid time off is always a good idea. Taking regular vacations has been shown to reduce stress, improve productivity, and boost morale, so it’s a win-win for both you and your employer.
2. A 401(k) match. One of the best ways to save for retirement is to take advantage of employer-sponsored retirement plans like 401(k)s. If your new company offers a 401(k) match, make sure to take full advantage of it! Employer matching contributions can really add up over time, and it’s free money that you would otherwise be leaving on the table.
3. Educational benefits. If you’re looking to further your education or skill set, then educational benefits can be incredibly valuable. Many employers are willing to reimburse employees for tuition costs and even provide access to online courses and training materials. 4. Flexible working arrangements. If you need some extra flexibility in your schedule, then asking for things like telecommuting options or flexible hours can be very beneficial. With today’s technology, it’s easier than ever for employees to stay connected and productive from anywhere, so employers are often open to accommodating these types of requests.
4. Relocation assistance. If your new job requires you to relocate, then asking for help with moving expenses can take a big burden off your shoulders (literally!). Most employers are willing to reimburse employees for at least part of the cost of moving, so it’s definitely worth asking about if you’re being asked to make a big move for your career.
Asking for a signing bonus is a perfectly reasonable request—so don’t be afraid to negotiate! By preparing your argument, doing your research, and starting high, you’re more likely to get the signing bonus you deserve. Just remember to keep it professional throughout the entire process.
If you need more help there are resources online to help you negotiate a signing bonus. This signing bonus workbook is a great place to start. https://lifeswork.coach/elementor-3179/ Most people do not and most who do don’t do their homework. You can stand out and win the day with a little preparation and research.