By Jeff Altman, The Big Game Hunter
You’re approaching the offer for your role. Here are a few do’s a don’ts to get you ready.
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I’m Jeff Altman, The Big Game Hunter. I coach people and organizations to play big. Most of my work is in career coaching, leadership coaching in the like. And I’ve worked with talent atvery senior levels, helping to reposition. Today’s show is really about being more effective negotiating actan executive level, the c-suite, high level positions because things have become a little complicated as firms are sorting out how to do things in this new climate where in some jurisdictions, in some locations, you can no longer ask about a person’s salary.
Think about it for a second. The habit, for years, is an employer says, “so, how much are you currently earning,” and you would walk them through what your base is, what your bonus is ,the additional compensation that you received. and now, they can’t do that.
So, whether you’re in one of those locations or not, I wanted to offer some perspective on some things that you ought to do and things that you shouldn’t do as part of the negotiation. Now, invariably, we always start off with doing research, researching on what positions like this in their organization and in similar organizations pay. You can do that in a variety of ways, but I think frankly the best way is by now ,you’ve developed a network of resources who you can go to and talk with them about compensation. If you don’t have that, I’m perplexed because you must understand by now that your network is one of the most valuable resources that you have. If you don’t have a quality network in place, if you don’t have those relationships in place, you are operating with one arm tied behind your back and you’re making a huge professional mistake. Start working on it now.
So ,from there, yeah, you can work with LinkedIn. Yes, you can work with websites. But those are pretty generic. You need to be talking to people who will be honest with you.
Next thing to do is walk through for yourself your compensation. What’s your base? What’s your bonus or the total to cash comp of this? Do you have equity– stock options, RSU’s, stock grants, any sort of deferred compensation or any specific perks that you receive like a club membership or car allowance– things along those lines so that you don’t forget any of the details along the way. Once
Once you have them, do not share them because ,the fact of the matter is, once you start sharing it ,you’re starting to bind yourself because they’re going to start viewing that as the baseline from which they have to work. Especially in jurisdictions were there’s no longer the ability to ask about your current salary, you have an advantage as long as you remember a lot of firms are playing the strategy of making lower offers, but within reason, so they can flush out the right number.
Catch that one .
They make a lower offerto make you say no to it and, thus, respond by saying, “this is less than what I’m currently earning,” and, thus, flushing out what your current comp plan is.
Don’t talk with him about what you’re looking for here. Do figure out what comp is like in your new target industry and role.
Lastly, once they make the offer ,even if it’s pretty close,don’t say, “yes,” to the first offer. Be prepared to negotiate with them.
One of things I would say is turn around and respond by saying, “The offer is interesting. I assume that if we get into a negotiation here, I’m not putting anything at risk.”if they say, “yes, you are,” there’s a message in there. Do you always want to be dealt with like your hostage? Because that’s really what they’re doing. They’re treating you like a hostage that they can manipulate, maneuver and demand.
Think about it. Is that the way that you want to be dealt with professionally?
I would respond by saying, “I’m a little confused by this response. Why is it that I’m not able to negotiate? What’s the threat to this organization if I turn around and say, “you know, this is less than what I’m currently earning,” or “less than what I believe this position pays at this firm. That firm. This foirm. That firm and you’re saying that there’s a risk in my negotiation. Why is that? Could you explain that to me?” Make them defend the behavior to you. That will disarm them a little bit.
And again, I’m going to remind you of a movie line – – “remember this is business. It’s not personal.” Don’t take a personal affront here and, thus when you get the initial offer andyou’ve asked that question and, I going to assume that 95 times out of a hundred or more, they’re not going to hear anything that they’re going to threaten you with, you have a sense of where you can negotiate. That’s Because you have a sense of your first offer, you have the perks and the incentive plan that you currently receive with a perspective, depending upon your seniority,you could talk about severance i () n case there’s a sale (), a non-compete and what restrictions exist if they say, “Severance? Why are you looking at severance?”
There are immature organizations that conduct themselves that way and simply say, “you know, the fact of the matter is the firm could be sold in one year ,six months ,five years and I want to make sure that I’m protected because it will take a long time for me to get repositioned. So, I will also want to discuss severance pay plans with you should that occur.”
So, lots of different areas, but, you know, it all comes down to when you get the offer, you’re confirming that there’s no risk there.
Number two is you’re picking individual points to focus in on and, then, next, making a counterproposal to then,covering some of the things that you have expectations of.
So, I hope you found this helpful. If you did. I hope you give it a great review or comment on YouTube, a thumbs up there. I hope I’ve been able to help you.
If I can assist you with your search, please reach out toMaymy first connecting with me on LinkedIn at www.linkedin.com/in/thebiggamehunter. Mention that you saw this because I just like knowing that my stuff is seen and it’s been helpful.
And once we’re connected on LinkedIn, again www.linkedin.com/in/thebiggamehunter Once we’re connected ,message me about your interest in coaching.And they look forward to helping you.
Have a great day. Take care.
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ABOUT JEFF ALTMAN, THE BIG GAME HUNTER
People hire Jeff Altman, The Big Game Hunter to provide No BS Career Advice globally because he makes many things in peoples’ careers
easier. Those things can involve job search, hiring more effectively, managing and leading better, career transition, as well as advice about resolving workplace issues.
He is the host of “No BS Job Search Advice Radio,” the #1 podcast in iTunes for job search with over 3000 episodes.
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How Do You Find a Job When You Are Over 60?
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