Pay Plans

January 29, 2010 / by Chuck Csizmar

Getting an offer is only part of the job in finding new employment. Here’s how to sweeten your compensation deal.

TradeSecrets

A lot of talented folks are out of work or “in transition” in Central Florida these days, and most are doing whatever they can to land a new job. When that goal is finally reached, when someone says, “We love you; please come to work for us,” the tendency is to respond with, “Thank you, YES.”

Resist the temptation.

That immediate, knee-jerk reaction could be a mistake, as at that point you’re a candidate with options while the next day you’ll be staff — with little leverage.

When that moment of decision occurs, most HR professionals advise you to give the person who extended the offer a warm thank you but then buy yourself a little time to reflect on the particulars. No one is going to suggest you decide right away. So don’t.

Presuming the career implications are positive, that you don’t have to move to northern Alaska and that you want to accept the offer, let me suggest a few tips and tricks to help you make the most of what was offered.


The Recruiter

Internal recruiters can be difficult to work with at times, but you need them. So keep a smile on your face and be nice throughout the interview process. At some point, your recruiter may be called on to negotiate with management on your behalf. As a result, your relationship with this person is critical. Your offer was developed from the combined thoughts of the hiring manager and the human relations department; the recruiter is only the messenger. So if you push back, it’s the recruiter who needs to “sell” your point of view for a better deal.


The Package

I always advise clients to look past the base salary to the rest of the package, considering the offer in its entirety. You do have the offer in writing, right? Make sure all the necessary elements are included (title, salary, incentives, vacation, relocation, stock options, retirement, other benefits, etc.), as there may be a cornucopia of opportunities to negotiate improvements by expanding your line of sight.

Likely, the company has left itself some wiggle room with its base salary offer, but the trick is to know how much room is left. Don’t be greedy by asking for a major increase, as that will alienate the hiring manager and your new friend, the recruiter. Also, avoid giving the impression that you think they’ve lowballed you. You can lose a lot of goodwill with that tactic.

Perhaps an early performance review (maybe six months) will give you the time to prove your worth, or perhaps there’s a sign-on bonus available to improve your first-year earnings. Both are less visible within the organization than base salary.


What’s Negotiable?

Once you’re past the cash part of the offer, the company may prove more flexible, as the transparency of cash can be a limiting factor due to internal equity concerns. Unless the company is restricted by plan documents, policy or statutory obligations, it may be accommodating, especially if it’s eager for your acceptance. Because verbal promises carry little weight, a signed note by a hiring manager in the margin of the offer letter would be sufficient authorization, so consider vacation days, early eligibility for incentives and options, perquisites and flexibility on relocation as possible improvements.


The Push Back

To open negotiations, I advise clients to profess their genuine appreciation for the offer, express an excitement at becoming part of the company team and only then mention their “disappointment” with whatever aspect of the offer package has created concern. Note: Make sure your list of disappointments is small.

When you ask for consideration of an improved offer, remind the recruiter of your extensive background and experience, and the type and degree of contribution you will soon be making. And be specific.  Give the recruiter enough ammunition to help you. Leave the impression that you deserve more, not simply that you want more.


Final Thought

Your hard work at job searching will pay off; that employment offer will come your way. When it does, make sure you finish the job by not leaving opportunities on the table. You can’t go back to pick them up.


Chuck Csizmar is founder and principal of CMC Compensation Group, a professional services provider specializing in ad hoc analytic, project management and consultative services for U.S. and international clients. He also is associated with several HR consulting firms as an expert on global compensation issues. He is a member of WorldatWork, Society for Human Resource Management, Small Business Resource Network and Florida HR Planning Society. He is a contributing author for two HR blogs (Compensation Café and International HR Forum).

Reblog this post [with Zemanta]





Speak Your Mind