Lets face it. Times are tough. In an economics theres room for compensation discussion. But with executives and businesses facing pressure to justify their compensation packages, its essential that you come to the table willing and prepared to negotiate. The dos and donts of compensation discussion based on the advice of reimbursement consultants and recruiters are going to help you enhance your odds of negotiating the compensation package you want and plan your negotiation strategy. DO: Create a 3 year history of your compensation – This document must include settlement or salary and bonusequityother term, and perquisites that are special.
Without requiring you to express your settlement goals, this snapshot of your compensation history provides a better comprehension of your expectancy to the hiring company. Which brings us to. DONT: Share your compensation objectives – when possible, before an offer is made, avoid sharing your compensation goals. Your bargaining position will be more powerful if you permit the company to show their hand. If pressed, you always have to be prepared to provide a settlement range that is competitive and well researched. Whether you’re stating your reimbursement requirements as a primary move or in reaction to an offer you thats lower than youd hoped for, make certain to make it on the value you bring to the business not about your children going to college, your late mortgage payments, or other many reasons for needing the income.
DO: Research your target industry and position – Be ready. Whenever you come to your wages negotiations with a strong comprehension of typical market reimbursement in your field and your position, it not only shows the hiring business that you have done your research, in addition, it reassures you that the executive compensation you’re asking for is both sensible and justifiable.
An executive training firm or reimbursement consultant may help you track down current data for your industry and level of experience, letting you negotiate from a position of confidence. DONT: Say yes to an original deal – Never accept an offer until you’ve clarified and understood everything in the offer you letter and asked about any conditions of your employment that may not be included. Remember, also, that a verbal offer is only valid on paper its written on. Insist that any verbal offer you extended by the business be expressed in writing, and request that the letter consist of all the details of the reimbursement package, not just salary. Whenever you get the initial offer, thank the hiring managers for the chance, and commit to giving them the answer within a specific time frame.