Whether you are renegotiating your current deal, or attending interviews to work for a new company, it’s important that you obtain an employment contract that you are happy with.
How can you negotiate the best possible deal?
Negotiating an executive compensation package
Any employment negotiation can be complex, but this is especially the case for executives. It’s likely that there will be more than just your basic salary to consider. For example, you may have to negotiate:
- Living costs if they company expect you to relocate
- Company vehicles
- Travel expenses
- Partnership options
- Bonuses
- Legal cover and insurance
- Severance packages
Coming to a verbal agreement on these factors during an interview is all well and good, but you’ll need to make sure that they are written into a contract before you commit.
Tips during negotiation
Firstly, you need to think about the factors already mentioned and ensure you have an idea of what you want. Decide what is negotiable and non-negotiable.
Then, you’ll need to let the company know what you can bring to the table. Talk about your relevant experience, education and your work ethic. A company is much more likely to make you a reasonable offer if they can see the value that you bring.
Finally, it’s important that you don’t give away your salary expectations too quickly. Many executives land better deals by letting the company make the first offer.
In any contract negotiation, it’s important to know about your rights and obligations. Seeking legal guidance can help you to secure favorable contract terms and to avoid the kinds of missteps that can compromise the value of an agreement.