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Executive Compensation

BlueSteps recently hosted an #ExecCareer Chat on the topic of executive compensation negotiation, featuring Renee Arrington, Pearson Partners International, and John Ryan, TRANSEARCH International.

Some of the questions asked included:

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.
 

Executives negotiate millions to billions of dollars in their roles every day, but often fall short when it comes to negotiating their own salary.

Yes, you may have been job hunting for several months and really, really want/need to be re-employed. No, you don’t have to take the first offer.
 

The executive interview is often a challenging experience. We recently shared our guidelines to help you prepare for your interview in our post “The Best Ways to Prepare for an Executive Interview”. The interview process is often one where search consultants analyze your experience, skills, competences, and potential fit with the company. The process is often less of a two-way conversation and more of a Q&A session with the search consultants directing the questions at you. But, there are some vital questions that you should be prepared to ask and discuss during the interview process.

If negotiating your salary makes you uncomfortable, you are not alone. In a survey conducted by Salary.com, only 37 percent always negotiate their salaries—while 18 percent never do. Even worse, 44 percent responded that they never brought up the subject of a raise during their performance reviews.

What’s behind this reason? If you guessed fear and lack of negotiating skills, you’re correct.

BlueSteps recently hosted an #ExecCareer Chat on the topic of executive compensation, featuring Frank Morogiello, from Pearson Partners International.

Some of the questions asked included:

Whether you are preparing for an imminent executive progress review, are entering salary negotiations with your CEO or are simply surveying your executive career options and would like to master the art of negotiating executive compensation before making your next big move, it is never too early to begin your research into what you are worth, and how to attain your financial goals.

As the saying goes, “What goes up must come down,” and oftentimes, that is true, too, of one’s executive position. While it’s not inevitable for every career to end in a termination, should that occasion befall you, it’s best to be prepared.

It has been reported by Forbes that executives who changed jobs last year increased the amount of compensation they received by 17 percent. But it is not always necessary for executives to change jobs in order to fulfil their compensation goals.

It is not uncommon for executives to love the job that they are in, but feel that they are underpaid and could make a lot more money somewhere else. In fact, a reported 65 percent of the working population feels the same, according to a survey conducted by Salary.com.

Executives negotiate millions of dollars on behalf of their employers for contracts, products, and services every year. Why then is it so difficult for most executives to negotiate their salaries when offered a job? Whatever the reasons, senior managers, directors and C-level executives are not immune from negotiating their salary for a new job opportunity.