Executive Transition – Underestimating Market Value & Checklist

Top 10 Mistakes Executives Make When Searching for a Job

#7 Underestimating your market value.

Overview

Fear of rejection or a skewed sense of self-worth can undercut your true value. Instead of being afraid, be smart. Replace the fear with fact. Learn what your skills and talents are worth to an employer and present yourself as competitive without cheating yourself. The company sets a compensation range and will evaluate your profile to decide where within that range you will fall. Be realistic about your experience and performance when deciding where you think you fall within that range. By no means should you appear desperate or apologetic. Demonstrating confidence in your abilities and expectations will go a long way in convincing the employer they are making the right decision in making you an offer. Take the time to research and understand how employees in similar companies and roles are compensated. At the same time, understand that not all companies are in the same financial position, and similar jobs in different companies might have significantly distinct pay ranges. The more you talk to people in the industry, the more you’ll learn and the more confident you’ll be when putting forward your expectations.

Coaching

Maximize your market value by maximizing your performance. Underestimating your market value may reflect lack of confidence in your abilities, but you can overcome that by improving your skills. Committing yourself to continuous improvement and becoming a high performer will both give you confidence and provide evidence of your worth. Demonstrate that you have what it takes to do the job, that you know how to get results and that you actively seek out opportunities to improve your performance. This can incrementally increase your market worth during your tenure in a given job, as well as when vying for a promotion or transitioning to a new role in which transferable skills are valued.

Dos & Don’ts

• Prepare yourself through research and practice negotiating before the real deal.

• Don’t let fear or desperation influence your approach and undercut your true value.

Executive Transition

Negotiating Checklist

PREPARATION

AdviceI obtained advice from knowledgeable people on how to best proceed with my negotiation.

Key stakeholdersI’ve discussed negotiating elements with key stakeholders, including my family.

Practice I’ve practiced my negotiating tactics and approach with others, and received feedback on my performance.

Recruiters/ 3rd parties I am prepared to work with a recruiter or 3rd party negotiator if necessary.

ELEMENTS

Market worthI’ve researched my market worth and I know what range of compensation would be appropriate for me.

What’s important to me I’ve identified and prioritized what’s important to me.

Must haves Nice to haves

I’ve identified which elements are negotiable and non-negotiable for me.

Salary range Benefits Incentives

Perks Time off Other

I’ve outlined my expectations on a number of elements.

PROCESS

TacticsI am prepared to manage this negotiation and have outlined my tactics.

Points of agreementI will focus on points of agreement before moving on to points of negotiation.

Points to negotiateI will discuss points of negotiation in a professional, open manner. I will be able to rationalize my position, and will invite the other party to rationalize theirs.

Win-winI will approach the negotiation with a win-win attitude. I want the best outcome for myself and my employer.

Get it in writingWhen appropriate, I will get the elements of the agreement in writing for my review.

OutcomeI have visualized what I want the outcome to be, and have worked toward it in my preparation and in the negotiation. process. I am content with the outcome.

© 2011 Bill Holland All Rights Reserved.