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.
When choosing your career path, it is often said that one must choose between job satisfaction and salary, as it is impossible to achieve both. In times of economic uncertainty, many people are choosing careers based on salary alone, however, Daniel H. Pink, author of Drive: The Surprising Truth About What Motivates Us, now warns that this decision can have adverse effects.
Releasing the results of their 2012 Executive Compensation Survey, BlueSteps, the executive career management service of the Association of Executive Search Consultants (AESC), announced today that even though turnover in the C-suite is increasingly rapid, 65.4% of global executives, from a survey of 731 executives worldwide, believe long-term incentives do in fact motivate them to higher levels of performance.
In a recent BlueSteps study of over 100 senior executives working in China, seventy percent stated that executive pay had become more competitive over the last 5 years, and 89% indicated their intent to stay in China for over 3 years. The majority of respondents were expats working in China (77%), in general management roles including CEO/COO (63.4%), earning over USD $150k (74%).
In a comparison of six nations, senior executives ranked China as the fourth highest paying country, ahead of other emerging markets, Brazil (5th) and India (6th), yet behind developed nations Germany (3rd), UK (2nd) and USA (1st). 70 percent of respondents indicated that compensation in China has moderately or significantly increased in competiveness in the last 5 years.
Money is flat and meant to be piled up. – Scottish Proverb
Both as a recruiter and as a career coach, I have heard women downplay the importance of compensation. Even if you don’t believe this Scottish Proverb should be your life mantra, paying attention to money matters is important. For most people, your compensation and your ability to earn it and increase it over time is your biggest asset. Do you understand all of the elements of your compensation plan in your current job? If you are looking for a job, are you aware of what is out there? Here are some of the most typical components of compensation:
Anything that affects your confidence level negatively in negotiations is going to cost you and that’s just a fact. And while it certainly may be difficult to keep your confidence (and chin) up in an economy that’s this down, there are still always some things working in your favor. I’m going to explain one of them, a technique I call the lockdown maneuver.
A recent survey by BlueSteps, the career management service of the Association of Executive Search Consultants (AESC), found that the majority of senior executives surveyed believe that Brazil offers the lowest salary out of a selection of global business centers - when in fact the country offers the highest.
There are federal employment laws which impact your executive career. When professionals and executives transition in or out of a company, there is a myriad of issues to consider. Compensation, severance, benefits, retirement accounts, non-compete clauses, discrimination, and other legal rights are being negotiated and can dramatically affect your career.
Faced with a choice between offers of employment, some on the executive level might give a high salary more weight during the decision-making process, but long-term incentives can be a truer value proposition, particularly in a shifting economic landscape.
For example, deferral plans are fast becoming a popular executive benefit, since they allow for pre-tax contributions that mirror 401(k) contributions lost under limitation rules. A deferral plan is the bonus that keeps on giving year-round as it allows you to reduce your current income tax liability and watch funds grow tax-deferred. In addition, your employer can make matching contributions to cover those not allowed under a 401(k) plan, making the deferral plan a genuine incentive for longevity within a company.