A job interview is stressful enough without considering the negotiation step before accepting an offer. The more research you do ahead of time about the company and the market, the better of a position you will have. Make sure to include the following items on your next executive job offer.
Must Negotiate Items on Every Executive Job Offer
Compensation
When you think about your payment, go beyond your base salary. After doing your research on the wages of your similarly qualified professional peers, make an offer - hopefully one about 20% higher than your current salary. Next, consider a sign-on bonus and make sure to have a requirement to receive it within the first 90 days. Having a minimum incentive or bonus is a stable baseline. This incentive can grow based on how well the company and you perform, but an agreed minimum will help set up a threshold of expected pay.
Perks
Companies can offer so many benefits to their employees that go beyond a salary. Tuition reimbursement for you or your children is a big perk. Some companies cover relocation costs including shipping furniture and short-term housing in a new state. Asking about transportation coverage, either a company car or reimbursement for your vehicle is another helpful perk.
Wardrobe Allowance
Some positions demand a specific look to meet clients’ expectations which costs money. Make sure to ask for wardrobe compensation to buy new suits and maintain those you already have through dry-cleaning.
Title
Many people focus their attention on their compensation package while leaving little thought to their title. Although your title does not connect directly to your take-home salary, it speaks to how valuable you are to the organization. Also, the higher the title you negotiate, the better position you will be in to negotiate your next job.
Termination Provisions
A termination provision is an important item to add to your contract especially if you plan to work for a startup or a company with a troubled past. Ask for a guaranteed severance package that the company must pay even if it files for bankruptcy while pointing out that you plan to stay with the company for the long term. Consider negotiating for 4-6 months salary plus PTO.
Pitt, McGehee, Palmer, & Rivers has a legal team experienced in defending employees’ rights in contract negotiations, civil rights, discrimination, and several other types of cases. Give the attorneys at Pitt, McGehee, Palmer, & Rivers a call today at (248) 398-9800 to chat through your experience and legal needs.
