By Jillian Climie.
I’ve been through a lot of compensation negotiations, both on the side of the company as well as supporting the individual who is negotiating, and I’ve seen many people missing out on quick wins. And unfortunately, these missed opportunities could have had a big impact on the final dollar amount they received.
These are my top items you do not want to forget when entering a compensation negotiation.
1) Sign-on bonuses. These are by far the highest impact, quickest wins I see that people often forget to negotiate. They can be smaller awards to make up for differentials in salary asks (e.g., an additional $2,000 to make up for the company not quite meeting your salary number) or large awards to make up for what you’re walking away from at your previous employer (e.g., $200,000 to compensate for upcoming bonus payouts you’re missing out on).
2) Title. When you’re thinking about your compensation value in the broader market, title has a huge impact. Pushing on a title, for example from Director to Senior Director, can get you into a higher pay band at the employer you’re negotiating with, as well as significantly increase the value of external offers you receive in the future. Especially if you’re entering a start-up or smaller organization who may not have a lot of structure in their titles and levels, it can be an easy win.
3) Start date. I often see our clients pressured into starting a job earlier than they want to - sometimes even without a break from their last role. When an organization is giving you an offer it means they’ve already spent a lot of time and energy on recruiting, interviews, and preparing the offer itself, so pushing back by a few weeks is very unlikely to make or break the opportunity. Organizations will almost always want you to start earlier, so don’t feel nervous to hold firm.
4) One-time equity compensation awards. Any time you’re entering a new organization, it’s worth it to ask about share ownership and equity compensation (e.g., stock options, restricted stock units, performance stock units, etc). Sometimes organizations have equity pools set aside that they do not proactively disclose unless asked by the candidate. Getting into these programs early can be hugely lucrative in the long-term if a company does well.
5) Moving costs. If you’re being asked to move to a new location for the role, there is a lot that you can get covered. This includes transportation and meal costs, moving of personal items and cars, interim rental housing, house sale support, access to accountants and lawyers, support in getting your family set-up in the new place (if applicable), just to name a few. If you’re at an executive level, these packages can be extensive. There are often pre-set budgets for moving costs that can be an easy “yes” when you ask.
Thinking beyond just salary when negotiating is so important. At The Thoughtful Co., we help women negotiate their full compensation packages, setting them up for growth in their wealth over the long-term. Book in a free introductory call here or learn more here.
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