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Like tech stocks that could no longer defy gravity, over-the-top compensation packages popularized by now grounded start-ups have mostly deflated and floated back to earth. The days of taking a 30% pay cut to work on the next cool Web site are over. And forget about the sports car, the Caribbean vacation and the concierge service.

Some new-economy incentives -- particularly stock options -- continue to sweeten the deal in today's job market. But "there is much more focus on a competitive salary and a decent benefits package," says HR consultants. Job applicants are demanding and getting a range of extras that take into account the past year's stock market tailspin and a scarcity of workers. Once your salary, paid time off and benefits demands are met, you're ready to focus on an equity package that allows you to reap some of the upside potential your labor may bring. And don't overlook "soft benefits," such as flexible work schedules, picking your own project and telecommuting.

Many of the below mentioned concepts may not have come to India in the form discussed, but they are a part of the negotiating table today, when it comes to joining a new firm.

Signing bonus - Signing bonuses or a joining premium vary from region to region and depend on the tightness of the job market. A product of the wild Internet days, signing bonuses are being used to attract IT workers and accountants, and are often considered a tool to lure people to areas, where it's often harder to attract professionals. However, your new employer might pay your sought-after signing bonus in installments over a year or longer to keep you from jumping ship after a year or two. A predetermined bonus paid in part at the outset and then at 6-, 12- and 18-month intervals, for instance, gets workers to stay put, particularly if it is combined with the promise of a juicy new project or assignment.

Stock options - A shortage of skilled workers in biotech, IT and even marketing has job hunters licking their chops over potentially lucrative options to buy their company's stock at lower-than-market prices in future years, as long as they are still employed when the options mature. But negotiate sensibly. "If the company or industry you are looking at is in a downturn, they are not going to shower you with equity, so don't expect the moon in upside potential," says consultants.

Restricted shares - If your next employer is a startup, you could ask for a grant that lets you buy common stock before the company goes public, frequently for a cheaper rate. Once reserved for top executives, restricted shares have become widespread among the rank and file at young companies. However this can be risky as the danger is that if you get restricted shares and the company doesn't go public, your investment is much less liquid than you might have expected. Companies sometimes buy them back or try to help employees sell them privately.

Profit sharing - If you are considering a job at a non-public company, you might be eligible for profit sharing. Employees in these plans get a share in the profits, based on a schedule determined by the company. Each employee then receives a percentage of the profits based on their earnings.

Severance benefits - An upfront promise of extended salary if you lose your job because of acquisition or market conditions can reduce the worry and ease the pain. Asking for guaranteed severance is not far-fetched, particularly if you're coming on board during a restructuring or merger and acquisition. Many employees also ask for access to formal job-hunting services as an added safety net following a layoff. These services can access to job networks and resume writing help, as well as months of career transition services with an outplacement firm.

So, remember that if you will not ask you will not get. So, go ahead and adapt these negotiation tools to the best of your ability.

Aru Srivastava

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