Executive Transition – Negotiation Overview & Checklist

Top 10 Mistakes Executives Make When Searching for a Job

#8 Negotiating poorly.

Overview

Many people are anxious about the job offer negotiation stage. Lack of experience about discussing salary and compensation can make them uncomfortable. Perhaps they have a negative mindset about placing a dollar value on themselves. Negotiating is a dynamic process, and no two negotiations are alike. It's impossible to give precise advice without knowing the particular details as they unfold. However, there are guidelines you can follow to help make the negotiation process a success. Negotiating is an art and a science - the science is what you know and how you prepare, while the art is knowing how to ask, listen, interpret, reposition, and act effectively.

Coaching

Get as many facts and details as you can in advance of the negotiation, both on your own position as well as that of your employer, if you can. Familiarizing yourself with the negotiating process and practicing will also help boost your performance and confidence. The most important thing to keep in mind is your attitude and approach – you want these to be win-win all the way. It's not just about the salary – consider the total rewards package when working through the process and making your decision. All items in a total rewards package have a value. The value may be measured in dollars, or in some other less tangible way such as work/ life balance, experience or security. You'll likely be disappointed if you subscribe to the notion that "everything is negotiable". Some items, such as health benefits, pension plans and bonus formulae are less likely to be negotiable. Be reasonable and fair to both yourself and the employer while finding the "yes" on as many items as possible. A successful negotiation should result in all parties feeling satisfied with the outcome.

Dos & Don’ts

• If you are working with an experienced recruiter, consider letting them negotiate on your behalf.

• Don’t start negotiating at the moment the offer is made; take a reasonable amount of time to review the offer before coming back together to negotiate.

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.