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Negotiating Job Offers and Contracts: Tips for Senior Executives

by | Jul 10, 2024 | Employment Law |

Your work is critical to the success of your employer. When executive contract negotiations arise, you want to ensure you are recognized for your accomplishments and what you provide to the company. As a senior executive, contract negotiation strategies are critical. It is more than just a casual conversation with the Board. Having a carefully designed plan could help you secure more compensation and benefits over the years you devote to a company.

What to Negotiate in an Executive Job Offer

Taking an executive job offer is an incredible responsibility and should be done with careful consideration regarding your value as a leader and employee. Before you make this important decision, consider what is most important to you in your career and life. That should help you define what executive benefits to negotiate in an executive job offer.

Some core elements to consider include:

  • Your executive compensation package must-haves, including employee compensation like salary, stock options, relocation packages, business vehicles, insurance packages, and more.
    • Your base salary and when and how bonuses and increased pay are provided
    • Executive benefits like stock options, including how your ownership can increase over time if you desire, and Long-Term Incentive Plans (LTIPs).
    • Relocation stipend if the company requires moving across the state or country
  • Vacation and PTO time, including any restrictions on when this can or cannot take place
  • Flexible working hours to strike the work-life balance that works best for you

Your first step is to recognize your specific needs. This includes factors like the executive benefits that are most important to you. However, just wanting these things is not enough. You must negotiate an executive job offer properly and be clear that you deserve these benefits.

How to Negotiate an Executive Job Offer Your Way

Executive compensation practices are complex. The intricacies of negotiations and their deeply personal nature can be overwhelming. Prepare for a job contract negotiation with these key contract negotiation strategies:

1. Clearly Define Why You Deserve This Compensation

Without sounding as if you are bragging, bring the facts to the interview. Provide specific examples of accomplishments and include how those accomplishments directly and concretely impacted the company.

For example, if you helped develop a new marketing program and that program helped the company see a 15% increase in target leads, demonstrate the key statistics and facts that highlight your contributions to this effort.

Justify any other requests you make. For example, if you want a more flexible schedule, discuss how this may work in the company’s favor. For example, you may know that the people you work with are gone for the day by noon on Fridays, and you would like to be as well. Demonstrate that your time is better used in the middle of the week when clients need you rather than when no one is around.

2. Understand the Person Across the Table from You

It is also important to know who you are talking to, their professional objectives and needs, and how you can help them meet those goals. By understanding who you are negotiating against, you can better influence that person.

Be personable and likable. Make sure that you understand what they need. For example, if you know you have a skill they need, make it clear you fill that gap.

There are other strategies to keep in mind as well as you work to negotiate your benefits:

  • You must know what’s realistic for the company. It’s considerate to only ask an executive compensation package that aligns with what is financially or logically possible – while not forgetting to recognize your worth. If the company cannot meet your deserved compensation, it’s perhaps best to consider going in a different direction.
  • Be ready to answer the tough questions about what you bring to the table and how you can solve complex problems. Be honest and avoid being defensive if questioned.

Utilizing these contract negotiation strategies and building a knowledge base of how to negotiate an executive job offer, and the help of an executive compensation lawyer can help you get the job you want with the executive benefits and compensation you need to maintain the success you’ve worked hard to build. Happy negotiating!

About the Author: Judith Lindenberger

This blog was written for Hamilton Law Firm by Judith Lindenberger, owner of Lindenberger Group. Lindenberger Group is a human resources consulting agency that supports and extends in-house human resources knowledge and professionals. Their team provides expert leadership coaching and mentoring to managers and c-suite executives, along with outsourced HR support for businesses and HR training and team-building. Learn more about their services by visiting www.lindenbergergroup.com.

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