The power of job seekers has never been greater -- 11 things to negotiate for in your next executive role
The power-holding party in todayҳ job market has shifted. Increasingly, itҳ job seekers with the upper hand נand thereҳ no sign yet of that changing. This means if you don't negotiate, you're leaving more on the table than ever before.ͩllions of open roles, too-few applicants to fill them and droves more workers quitting have added up to a labor market without precedent. Amid the Great Resignation, job seekers are enjoying a greater sense of agency than has ever been the norm. Data reported on by The Society for Human Resource Management, for instance, found that the number of currently open jobs promising a starting bonus has doubled year over year, and the number of job postings featuring the words ӵrgently hiringԠis well up from pre-pandemic levels, too. In short, itҳ a great time to job hunt.With all this agency, of course, comes bargaining power. As someone looking for a new role, itҳ time to seize on the times and secure your best possible offer package yet. And that involves doing your
homework on the front end to understand not only whatҳ being offered in your industry and in the job market at large, but which benefits you are (and arenҴ) willing to compromise on.¥low, experts shared with us the benefits and perks that any job-seeking executive should consider negotiating for today. 1. Termination provisionsYou just got the offer, and the possibility of losing the job isnҴ exactly top of mind. But in the midst of an ongoing pandemic, negotiating your severance package terms is more important than ever, Dan Close, CEO of We Buy Houses in Kentucky, said.Ӊn the event that the company fires you or files Chapter 11, ask the hiring manager for a guaranteed severance package incorporated into your actual contract,ԠClose said. Ӆmployees typically receive one or two weeks of severance pay for each year of employment, including unpaid PTO and COBRA eligibility. Negotiate for at least six months' compensation, payment for unused PTO and COBRA eligibility, and a stipend for an executive coach
or outplacement agency for six months to a year at the executive level.Բ. Paid family leaveThis, really, isnҴ something you should have to negotiate for; the United States remains the only industrialized nation in the world not to mandate paid family leave. Still, extended leave נwhether specific to birth, adoption and foster parenting or in the form of a broader sick leave policy נis well worth pushing for, Lauren Cook-McKay, Director of Marketing & Content at Divorce Answers, said.The 1993 Family and Medical Leave Act, which guarantees 12 weeks of unpaid leave, applies only to employees at companies with more than 50 employees,ԠCook-McKay said.That may explain why, according to a 2011 Society for Human Resource Management poll, only 16% of 250,000 human resource professionals surveyed reported that their companies offered paid maternity or paternity leave in addition to what is provided through short-term disability. Even so, there may be some wiggle room for additional time off following
childbirth.Գ. A better titleRather than simply accepting the title that was advertised, treat it like part of the negotiation process, Jason Feldman, Founder at Immigrate Me, said.Ӂlthough your job title has no monetary value, it speaks volumes about your influence within the firm,ԠFeldman said. ӆurthermore, every job offer you accept נyes, even at the CEO level נserves as a stepping stone to your next position. If you're being employed as a director, ask for a title change to executive or senior director instead. A sales director, for example, can request to be a designated regional or national sales director. Think bigger and go beyond the job description's initial title.Դ. Certification opportunitiesIf continued education and certifications are things youҬl need in order to grow your career, make them a part of your offer acceptance terms now, Eric Carrell, Marketing Advisor at SurfShark, said.Ԩe truth is that you want to work for a company that encourages and supports your growth נand sometimes
that growth necessitates further education,Ԡhe said. Ӊnquire about stipends for continuing education courses or professional degrees, as well as whether the staff is encouraged to use these resources.ԙou can also ask for things like tuition reimbursement (for you or family members), subsidized training courses, or a stipend to attend leadership conferences. 5. More PTOSure, the company has an ӯfficialԠpaid time off policy. That doesnҴ mean there still isnҴ room for negotiation here, Gerrid Smith, Chief Marketing Officer at Joy Organics, said.Ӊ suggest, when negotiating your employment terms, ask for more vacation days,ԠSmith said. Ӊn many businesses, three or four weeks is standard, and some even offer ѵnlimitedҠvacation time.ԠYou could take things a step further by asking not only for more time, but for an expenses-paid vacation on company dime, Chantay Bridges, CEO of Bridges Publishing House, said.Many times, busy executives tend to spend countless hours in their profession. They forego
weekends and evenings with their families, and for many, vacation barely or rarely happens,ԠBridges said. ӈere's a way to ensure, before you take on all the daunting tasks at hand, that you have a paid vacation already negotiated on an annual basis. Whether it's a stay at a company facility, an Airbnb or a timeshare, add in some ѭe timeҠto that signing offer.Զ. Coworking space accessEspecially given the number of companies today that have switched to full-time remote or hybrid work models, carve out some location flexibility for yourself with a coworking subsidy, Nate Tsang, CEO of WallStreetZensaid.Ӂs the world reopens, we have more options for where we work,ԠTsang said. Ӄoworking spaces may offer businesses certain discounts on packages that the owners can then pass onto employees. If there's a coworking space near you, ask if the job will subsidize your membership for even a few days a week. Pitch it as a boon to your productivity.Է. Salary indexationThis is a particularly relevant benefit to the
economic times weҲe in, according to Bartek Boniecki, Head of People atPassport Photo Onlineӏne of the essential things executives looking to change companies today should be asking for in their signing package is salary indexation,ԠBoniecki said. ӗe live in uncertain times. It's no secret that we are facing a considerable spike in inflation because of COVID-19 and emergency funding. Salary indexation is crucial if you don't want to lose out economically over time.Ը. EquityEspecially if the company youҲe considering joining is an earlier-stage startup, there should be plenty of flexibility in its equity terms, Gary Vari, CEO at Lensa, said.Ϯe thing you might consider asking for instead of higher short-term monetary compensation is increased long-term compensation in the form of equity in the company via stock options,Ԡhe said. әour reward for your blood, sweat and tears could end up being substantial capital gains that far outweigh your salary.Թ. Annual bonus protectionsIf your pay package includes
an annual bonus, be sure to check the percentage and see if itҳ prorated based on your start date, Ryan Dalal, CEO of Merge PDF, said.ɦ a corporation prorates its bonuses, that could result in a financial loss,ԠDalal advised. Ӑeople often make the error of not ensuring that their bonus will not be prorated in the first year. And if a bonus isn't included in an offer, you can try to negotiate one, but make sure you have a clear plan in mind. Find out what would be deemed surpassing expectations in the role you're applying for, and then present a bonus in your counteroffer that if you perform XYZ, you'll get a bonus of X.ԉtҳ also a good idea to get in writing, if possible, that your bonus isnҴ dependent on the companyҳ overall performance that year, Ben Reynolds, CEO of Sure Dividend, said.You can have a clause that stipulates that youҬl earn a specific annual amount no matter how the company performs,Ԡhe said. Ӕhis will help guarantee that you can supplement your salary, but that you can also earn
more when the company has strong performance.Ա0. Flexible work hoursWhether itҳ a specific set of modified work hours נending the work day at 4 p.m., for instance, or taking every other Friday off נor a flexible schedule you want more generally, make this a part of your initial negotiation conversations. And donҴ just assume the job follows a typical 9-to-5 schedule to begin with, Tyler Martin, a certified business coach, said.Always be aware of your work schedule, both in terms of your contract and any overtime requirements,ԠMartin said. Ӊf itҳ typical for employees to stay an extra hour or two after their shift ends, or if it's a position that requires you to come in on the weekends on a regular basis, make sure you inquire about it when you apply or during interviews so you know exactly how the new job will affect your schedule.Ա1. A signing bonusIncreasingly, these are being used to lure high-level job seekers; in 2021, some organizations have even made headlines for offering six-figure signing
bonuses. While a $100K check for accepting a job certainly isnҴ going to be common, thereҳ likely space to get something in return for taking the role, Paul French, Managing Director of Intrinsic Search, said.әour annual salary should be your first point of negotiating your overall compensation, but it shouldn't be all about the paycheck,Ԡhe said. Ӂsk for a sign-on bonus that reflects the value you are bringing to this new company. For some roles I have recruited for, I have seen executives asking for and being awarded sign-on bonuses of at least $60,000 more than the base salary. You want to ensure that your salary and compensation package are in line with market rates and that you are not leaving anything on the table.Ԓeady to take advantage of this job market and negotiate for more? Browse the latest open roles for executives on IvyExec today.