In a recent career event, a woman highlighted the importance of negotiating a higher salary at her dream company, despite her uncertainty of what exactly she could negotiate on. Research from Career Builder showed that 73% of US employers expect candidates to negotiate salary, yet 55% of job candidates do not negotiate at all when offered a new position. This highlights the need for more awareness and understanding of the negotiation process.
In 2022, the fintech job market faced a scarcity of skilled workers, leading to increased confidence in negotiating salaries. However, by 2023, a downturn in the industry globally forced both applicants and companies to get creative with pay packages. As 2024 progresses, signs of growth in the fintech sector are emerging, providing an opportunity for employees to renegotiate their salaries and benefits to better suit their needs.
When negotiating a pay packet, it’s important to consider various factors that can increase your monetary gains, improve your quality of life, and invest in your future. Items such as base salary, future pay reviews, equity, options, sign-on bonuses, car allowances, work-from-home setups, and travel expenses can all contribute to a higher pay package. Additionally, factors like start date, PTOs, working styles, flexible hours, parental leave policies, caregiver support, and on-site childcare options can greatly impact your quality of life at work.
Investing in your future through education, career development, and understanding the clauses in your contract can also lead to long-term financial gains. Consider discussing healthcare options, notice periods, intellectual property agreements, non-compete clauses, job title progression, professional development opportunities, mentoring, and networking support in negotiations. By understanding these elements and negotiating effectively, you can secure a more favorable package that aligns with your career goals and lifestyle needs.
By familiarizing yourself with salary laws, researching market trends, and seeking advice from your network, you can increase your chances of negotiating a better pay package. It’s crucial to approach negotiations strategically and respectfully to avoid risking your new job. Never underestimate your worth and always advocate for a package that reflects your value and contributions. As the job market improves, it’s important to stay informed and proactive in negotiating for a package that meets your needs and aspirations.
