Money’s Not Everything – Don’t Forget the Fringe Benefits
Sometimes it’s not all about the money. The true value of something might lie in the outlying benefits rather than the cut and dry deal.
When trying to assess the true value of an offer, negotiate a deal, or create a mutually beneficial situation make sure that you consider all of the intangible benefits. Yes, you need to benefit financially in most cases, but it’s the extra benefits beneath the surface that often times are the real gems of the deal.
Here are some real life examples and ideas of some benefits to look for (please note: this is not a complete list…these type of benefits can be as creative as you are and what you’re willing to negotiate for):
Job Searching / Annual Review / Salary & Benefits Negotiation with Current Employer
When looking for and comparing jobs, you’ll certainly need to consider many of the standard factors such as:
a. Salary / Bonus / Incentives
b. Location / Travel
c. The Company
d. Benefits (health, dental, life, disability, etc…)
But what about some of the extra benefits that are not so easily seen such as:
a. Being cross-trained in other departments and encouraged to improve other marketable skills
b. Allowances for: PDAs, Car, Travel, Vacations, Home Internet and Computer, Telecommuting
c. Networking contacts associated with this particular position
d. Flexible Schedule: telecommuting, more free time with your family, etc…
e. Rapid Advancement – Do they actively promote from within? Will my pay and status increase as a result?
f. Extra Retirement and Insurance Benefits
Selling / Marketing
When marketing or selling a product or service to a prospect or client you need to consider some of the intangible benefits other than the immediate dollars you’ll receive.
A few of these extra fringe benefits of making a sale or building a prospect / client relationship include:
a. Cross-Selling other products or services
b. Creating Value – short and long-term – for repeat business
c. Positive Reinforcement to encourage referrals
d. Enhancing Your Reputation
Sometimes, in business as it is in life, it’s the extra unforseen fringe benefits that truly make us wealthy and successful. Keep your eyes open and look for the unforseen and unsaid benefits.
Spence White is a successful entrepreneur, consultant, and marketer.