Successful Executive Salary Negotiation Strategies
Considering the Executive Salary Negotiation Strategy. At ExecutiveCV.net, we recognise the importance of Executive Interview Salary Negotiation and understanding executive salary negotiation processes (related article) during interviews. The salary negotiation process in an integral part of the executive interview, so it is necessary to be aware of salary expectations and develop an effective strategy to secure the best possible deal for both parties. Good negotiation ensures favourable and mutually acceptable outcomes both candidates and employers feel comfortable with.
Executive Salary Negotiation Skills
For instance, the executive candidate has a blend of industry experience, core skills, area of expertise, professional accreditation and academic qualifications to offer prospective employers, albeit for a given price or employment market value. On the other hand, employers will pay a certain market value (sometimes a premium) to secure services of the candidate, based on employment market expectations, budgets, skills/expertise, job specification and overall responsibilities.
If there is a perceived gap in salary expectations between the candidate and employer, this forms the basis of the negotiation process. The idea is to narrow the gap to an acceptable value that is mutually agreeable to both parties. If there is no agreement, there maybe further grounds for re-negotiation at a later date (i.e. employers may need to review budgets or interview other people; alternatively, candidates need to revise expectations). If the gap remains too wide, then it is likely both parties will walk away from negotiations and consider other options.
Executive Salary Negotiation Strategy: Overview
The basis of an executive negotiation strategy is that candidates have something to offer employers, whilst employers are willing to pay an amount to secure the services of a candidate. Market value will be dictated by the relative blend of experience, scarcity of skills and anything unique (critical) the candidate can bring to the role. Effective negotiation revolves around the ability to reconcile these factors within the context of an executive salary negotiation strategy and convincing prospective employers that the skills, quality and experience can bring the company highly tangible and realisable benefits.
Executives with more to offer, who match the employee specification and demonstrate clear long-term potential are able to command a stronger negotiation position than someone with more mainstream executive credentials. Executives with value added technical, international or consultancy expertise; along with specific market knowledge, stakeholder engagement, investor relations and specific industry contacts will inevitably command a market (salary) premium, so it is important to know your salary worth.
Executive Salary Negotiation Strategy – Conclusion
In conclusion, it is necessary to be aware of factors influencing a executive salary negotiation strategy by preparing effectively for different alternatives (scenarios). An effective salary negotiation strategy depends on the relative bargaining position of the candidate in terms of offering something unique, specialist expertise and overall experience as well as how confident (expert) the candidate is in negotiating and coming to an agreement. It is also massively important to research and plan for different circumstances to adapt to different interview situations by varying the strategy accordingly.
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