Take more money from your boss!

We show you how to get extra cash and benefits from your employer.

"I was looking for a job and then I found a job, and heaven knows I'm miserable now."

(‘Heaven Knows I'm Miserable Now’ by The Smiths)

For many of us, Smiths’ front man Morrissey’s description of working life is spot on. Over the years, our cynicism can grow until the daily commute becomes a joyless grind!

Get more money from your boss

However, according to ‘Money’ by Pink Floyd, it doesn’t have to be this way:

“Money, get away. Get a good job with more pay and you're okay.”

Thus, it seems that the way to achieve more work-life balance is to get extra money for the same amount of work, or do less work for the same money. Here are some ideas for you to try out:

1) More cash

According to a YouGov survey conducted in February, 16 million workers don’t expect a pay rise in 2010. A further nine million expect a below-inflation pay rise, making 25 million of us worse off in real terms.

Thus, asking for higher pay this year is going to be tough - especially against a background of rising job insecurity and cutbacks. Nevertheless, winning a decent pay rise is part science and part art, so try these tips for size.

One problem employers have with pay rises is that, once awarded, they are difficult to remove. Hence, a 5% pay rise one year continues until the end of your career. Hence, one alternative to asking for a pay rise is to push for a bigger bonus. By arguing the case for a one-off boost to your income, you may have more success in winning over your boss.

2) Better benefits

Of course, most employers offer workplace benefits over and above basic pay.

For instance, you could shoot for higher pension contributions, which are highly tax-efficient payments for both you and your employer. Likewise, asking for a better company car or higher travel allowance could leave you happier with work, especially if you face a long commute.

Childcare vouchers are a brilliant way for both employers and employees to save money. By replacing up to £243 of your monthly salary with tax-free childcare vouchers, you can save up to £1,195 in income tax and National Insurance contributions.

Another company perk is private medical insurance (think BUPA), which is expensive for individuals to buy, but much cheaper when bought within a group scheme. Dental insurance is a similar perk. If you’re lucky, your employer will pay the premiums for you, leaving you to pay only the tax on these perks.

In addition, I’m a huge fan of schemes which allow employees to receive free, discounted or cheap shares in their employer. Alas, such schemes are not available to workers in the public sector or unlisted companies.

Most major listed companies offer one or more share-based incentive plans. These include share options (having the right to buy shares in future at a price set today), Share incentive plans (SIPs) and Sharesave (alias Save As You Earn, or SAYE), which I consider to be the best savings plan in Britain.

3) Non-cash benefits

You don’t need to ask for extra money in order to get more from your working life. Indeed, you may prefer more intangible benefits, such as extra holiday. After all, an extra day’s holiday each year has no cash cost to your boss, other than the loss of one day’s productivity.

Similarly, you can achieve better balance in life by asking for flexible working hours or asking to working from home. (For example, my wife once worked full time, five days a week in her office. Now she works three short days at home and visits the office only once a week).

Other options may include negotiating reduced hours for the same pay, job-sharing to split your burden, enhanced maternity/paternity leave, or a better redundancy package. While these may not boost your pay packet, they should leave you feeling more upbeat about working life.

Finally, if you have any suggestions on how to improve work-life balance, then I’d welcome your comments in the box below. Thanks!

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