We all have times in our lives when we apply for and are selected for a position at a new company and need help negotiating a fair and equitable compensation and benefits package. Understanding the market value of a position, understanding our value, and understanding how to incorporate what we have today into the offer package is not always easy. We trust the new company has our best interests at heart and will present the right offer based on who we are and what we have to offer. This is not always the way it works.
Unless you are a compensation expert, you might ask less than a market competitive compensation package or you might expect more than the market or the company is willing to pay.
Once you accept an offer and join the new company, you learn how your pay compares with others. If you perceive your pay is low, you might believe the company has taken advantage of you and become disillusioned and disengaged.
If you ask for a compensation packager higher than what the company is willing to pay, you might not get the job. You become frustrated and may miss the opportunity to get back into the job market, contribute, have a steady paycheck, and learn new skills preparing you for new opportunities.
When you work with The Compensation Coach, you will understand your value, understand the importance of culture, and understand the market and how to negotiate a fair and equitable compensation package. We can help you understand all the elements of compensation and the value of each element to determine if a job offer is right for you.
Sam was outplaced from his current position as Director of HR. He began interviewing and was selected to be the Head of HR for a new company. Working with The Compensation Coach, Sam was able to negotiate a base salary of $225,000 from the original offer of $195,000.
Donna has an opportunity to leave her current position and company as the Director of Engineering and join a start-up company in another state. The company is in start-up mode and cannot pay high wages. They have not finalized the new bonus plan or long-term incentive plan and have no HR policies to support relocation. Working with The Compensation Coach, Donna was able secure an equitable base salary for the position and a sign-on bonus to cover what she will lose when she takes the new position. She will participate in the new bonus and long-term incentive plan when it is approved and is excited about this new opportunity.
John is a contract employee for a high tech company and is contemplating offers to become full-time at one of the companies he is working with. He believes the permanent job should be paid the same amount of money his contract house receives for the work he performs today. The contract house bills at $150/hour and he is working a lot of overtime. The company has offered him a position at $50/hour. Working with The Compensation Coach, John was able to look at the Total Compensation package, the culture, the work hours, and evaluate if this decision was right for him. Eventually, John negotiated a salary that equated to $55/hour and was able to understand the value the 401(k), holidays, bonus, and benefits added to the package.