3 Negotiation Essentials To Maximize Your Next Fintech Pay Package

3 Minutes

At a recent careers event, someone said, “You don’t know what you don’t know.” She was discu...

At a recent careers event, someone said, “You don’t know what you don’t know.” She was discussing negotiating a higher salary after receiving a job offer from her dream company. She mentioned that she had read that women tend to negotiate less, and this was something that bothered her. She was more interested in what she could negotiate on but was unsure about the breadth of negotiation possibilities. Career Builder ran a survey and found that 73% of employers in the United States expect candidates to negotiate salary on an initial job offer. They also found that 55% of job candidates opted not to negotiate at all when offered their new position.

At the end of 2022, unemployment was low, and the fintech job market faced a scarcity of skilled workers, known as a “talent shortage.” This gave those with the skills more confidence in negotiating salaries and everything that came with them. At that time, it was reported that recruiters saw a 75% Increase in candidates initiating salary negotiations. 2023 saw a shift and marked a downturn for fintech globally. Applicants and companies had to get creative when discussing pay packages.

'Green shoots' of fintech growth are becoming visible as 2024 progresses. With this, there is the expectation that confidence in salary and smart package negotiations will return. This is a brilliant opportunity for employees to get themselves a salary uplift and a package that suits their needs. Consider these items when negotiating your next pay packet.

Items to make you money

The base salary itself and whether it is above or below market rate is often the first consideration. Research on ‘market rates’ and fair pay is becoming more readily available. Doing your due diligence can help you better represent yourself and your salary requirements. In addition, many people overlook the importance of agreeing on a date to discuss future pay rises, reviews or promotions. This includes the conversation about guaranteed first-year bonuses. Knowing the expectations and parameters is crucial for unleashing your potential. Equity, options, and sign-on bonuses can make huge monetary gains for you too. Each varies hugely depending on whether you discuss your perceived value, skills contribution, experience, and what that will bring to the opportunity. Other considerations include car allowances, remote contracts with work-from-home setups, travel expenses and cell phone reimbursements.

Items to increase your quality of life

The importance of setting a start date that suits your availability is underestimated. You should always check for legalities around your PTOs and any working-from-home policy in the contract. This should include clarity of working styles, flexible hours, and compulsory set meetings. Getting this in writing will be crucial because the industry is seeing a spate of change in what ‘hybrid working’ actually entails. Some firms offer preferential parental leave policies, including surrogacy leave and adoption leave. Depending on your circumstances, these items can make a huge difference to your ability to excel at work. Some firms will offer caregiver support, menopause support, childcare subsidies, and even on-site childcare options. Whether in the contract or not, it is worth exploring the possibility of these options and what they could mean to you and your working style.

Items to invest in your future

Investing in you, your lifestyle, education and long-term career is another overlooked money maker. Reading your contract and assessing every clause on offer is paramount. The obvious clause people look at is the 401k support they are given without understanding the options around that. There are many other items to discuss, including healthcare options, notice periods, IP and non-competes. Many people, upon leaving a firm, realize they have hastily signed up to crippling contracts. These have either tied them to a firm for months or harshly restricted who they can work for next.

Another subject for negotiation is your job title, especially if you seek to progress. You can discuss when you will receive a bigger title and include options of moving into a more senior position with new hires or a bigger remit. The raising of your personal brand should be part of this conversation too. This could include professional development, external training opportunities, mentoring and networking support. Some firms offer tuition reimbursement with dedicated time off to learn. Others commit to all expenses paid trips for their staff when speaking at industry conferences.

By familiarizing yourself with salary laws in your region, researching the market and speaking openly to your network, you can get ahead. Be mindful of how you negotiate and ensure you do so in a way that doesn’t put your new job at risk. You should never opt to not discuss it at all. Knowing your worth and asking for a favorable package will require research and effective planning. As the job market improves so could your entire package.

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