33 things to think about when negotiating your executive compensation

Some of the topics in this blog don’t exactly stand alone. Resumes can be considered separately to a point, but they’re also intimately tied to interviewing. Salary is a whole subject by itself, and yet things like job benefits and work/life balance play a integral role in the compensation offer.

It’s this second group of related topics I’ve been thinking about – especially since I saw this laundry list of salary negotiation points from an old Spencer Stuart article:

• 401K eligibility requirements
• Bonus structure
• Business travel
• Car/Allowance
• Cell phone, PDA, laptop, etc
• Child care
• Club memberships
• Competitive work clauses
• Dental
• Disability
• Educational reimbursement
• Equity
• Flexibility and influence in hiring decisions
• Funding for research, start-ups or other discretionary projects
• Hours or work schedule
• Insurance coverage
• Job functions
• Life Insurance
• Location of work
• Medical
• Office or contents of office
• Optical
• Parking
• Pensions (if applicable)
• Profit sharing
• Relocation assistance
• Retirement provisions
• Salary
• Support structure (e.g. administrative support)
• Termination clauses and terms
• Title
• Training programs or mentoring
• Vacation time

That’s 33 different things – of which salary is only one! – which can affect your total compensation package.

Now, maybe salary negotiation isn’t your strong suit. Or maybe, to go back to an old analogy, it’s like coming back to dating after being in a relationship for a long time. You’re rusty, the rules have changed, and though you’ve got a lot to offer, you’re not sure how to “put yourself out there” effectively.

Either way, the more you prepare yourself, the easier it’ll be. Start with what your current management position offers, and decide what you want to have (and what you don’t need) in your next position.

And if you can, find out as much as possible about the company’s existing compensation policies prior to your salary negotiation – like whether they have rigid salary ranges assigned to positions and levels of experience, for example.

Knowledge is key in executive salary negotiations. And that goes for knowledge about your target company as well as your own self-knowledge.

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