BlueSteps Career Management and Executive Search Blog
The BlueSteps Career Management Blog is written with a C-level audience in mind on career management topics ranging from executive compensation, executive resumes, and interview tips to networking, executive job search, and gaining visibility as a professional in one’s industry.
The BlueSteps Executive Search Blog links senior executive candidates to actual retained search recruitment insights from AESC member executive recruiters, BlueSteps career advisors and other guest writers.
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Compensation or articles about negotiating a compensation. Learn more about bonuses, promotions, end of year review salary changes, and trends in compensation.
While it may be tempting to accept a new job offer right away, it's important to take some time to think about the offer and respond with a counteroffer. And as new pay equity laws are being introduced, it is even more important than ever to make sure you are aware of what you're worth and what can be included in your compensation package.
You have probably accepted at least a few job offers by this point in your career, but how often have you negotiated for a higher salary before taking the job? If your answer is “not often” or “never,” you’re not alone. Negotiating is tricky, and how much difference can that extra few thousand dollars make, anyway? The answer is, a hefty difference. According to one study, assuming an average annual pay increase of 5 percent, an employee whose starting yearly salary was $55,000 rather than $50,000 would earn an additional $600,000 or more over the course of a forty-year career. So clearly, it’s worth negotiating, every time—even when you’re switching careers.
Advice online abounds about how executive compensation should be negotiated. There are tips on why it’s important to research the compensation range for your targeted position, when to bring up the “money talk” and what to do if pressured to give a figure when it isn’t in your best interest to do so. This post won’t be addressing those negotiation tips.
What I’d like to do here is invite you to take a big step back.
Compensation negotiation can be a challenging process to navigate, but can be vital to your career progression.
Whether you are considering asking your existing employer for a raise or if you need help establishing your worth for a new executive role, this webinar recording can help you learn how to can avoid common pitfalls and form a well-researched strategy.
Recently, during an evening with friends at the local club, the topic of compensation negotiation emerged as a dominant theme amidst discussions on various topics. It got me thinking and based on an analysis of various pieces of advice doled out by others over the years, and my own research, here’s a dossier on this important aspect of our corporate lives:
Ask! Are you aware that barely one-third of candidates even negotiate? And less than half of internal candidates talk about raises during annual appraisals? While people may have their own inhibitions for not doing so, it’s important to remember the old adage that you miss 100% of the shots you do not take!
What is the most difficult question during the interview process? It’s not “Why are you the best candidate for the job?” “Tell me about yourself,” or even “What is your greatest weakness?” The hardest question during the interview process is “What is Your Salary History?” The question is challenging because it can have a major impact on your earnings and, sometimes, even the likelihood of being hired. If your current salary is lower than what the standard salary for the role is or what you are truly worth, you may end up getting an offer than is lower than you deserve.
If you are considering asking for a raise, or need help establishing your worth for a new executive role, compensation negotiation can be a difficult process to navigate. During this complimentary webinar recording, our panel of senior level executive search consultants shared exclusive advice to make sure you get the compensation you deserve.
Executive compensation negotiation is often seen as a necessary evil for candidates navigating the interview process. With so many pitfalls, and high stakes with lasting repercussions, it can make candidates of all levels feel somewhat worried and uncomfortable. However, there are several steps that candidates can take to better prepare and alleviate some of the stress.
You must be prepared to answer compensation-related questions before you start interviewing. Unfortunately, these are not always easy questions to answer. By gathering information from these sources, you should be able to come up with a salary range and compensation package needs and wants to use if these questions are brought up during an interview, during negotiation process, or when requesting a raise.