Our August 17 Transitions Topic: Negotiating an Executive Compensation Package, Janet MacAulay, Chrysalis Consulting LLC and Michael Whitman, Bernstein Global Wealth Management
The word on the street is that the economy's picking up. People who have been looking for a long time find themselves in multiple interviews, with multiple offers. People who have been holding out until the economy picks up are proactively getting recruited by firms desperate for new leaders to manage a company's growth, customers, and markets.
We hope that the executives in FountainBlue's communities are benefiting from this rising tide and look forward to hosting a conversation reviewing the many elements of an executive compensation package, from salary to stock options to benefits. We hope that the conversation will assist you from both ends of the negotiating table, as a prospective employer or a prospective an employee.
Below are notes from the conversation.
Tips for Effective Salary Negotiations
- Spend 80% of your time researching the opportunity before going through an interview and officially engaging in negotiations.
- Research the company, the market, the employer, but also your interests and needs, and your personal and professional priorities.
- Understand the range of benefits you can work with, and think through how you'd like to prioritize them. You might negotiate anything from Wages (Salary and Bonus) to benefits to stock options, work schedules and locations, vesting schedules, vacation time and acrrual policy, title, etc.,
- Sell your value to the company. Spell your history in concrete terms, and communicate your value in specific ways.
- Decide who is negotiating for you. When negotiating at the senior level, you would probably like to have a direct conversation with the hiring parties, so that you can build the relationship and so that you get direct, unfiltered information.
- Always be professional and respectful.
- Know your walking point (bottom line when negotiating or BATNA, best alternative to a negotiated agreement) and be willing to act on it.
- Seek legal counsel in reviewing executive compensation packages. It's well worth the investment.
- Be creative.
- Ask key questions about career commitments.
- Consult Michael Whitman with Bernstein or another firm to help you consider the wealth management implications for an executive compensation negotiation.
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