8 Tips for C-Suite Contract Negotiations
C-suite contract negotiations determine the quality of your tenure in a position. Whether it’s time for a raise or a new position, follow these tips to build a stronger case.
A company’s success or failure depends on its executive leadership team, which is why successful firms pay their executives well. The salary varies based on the company’s size and value. To get the best salary, you should either promote within your company or move to a new one.
As a C-suite executive, you will have many responsibilities and a stressful job, so you deserve a fair salary. However, not all companies understand this. Often, C-suite contract negotiations become necessary during the hiring process.
As a C-suite candidate, you must advocate for yourself and consider your skillset when deciding your salary. If you’re seeking a raise, bringing it up with your supervisor can be challenging. However, there are effective negotiation tactics that can help increase your salary while being respectful of the company’s budget.
Negotiation Tips for C-Suite Leadership
Many negotiation tips are available online, but the right tactics for you will depend on the company and industry. As a C-suite executive, you will work long hours and oversee many employees, so getting a fair salary is critical.
C-suite contract negotiations can increase your salary, whether you like the initial offer or not. Practice a few negotiation tactics and use them discreetly during the hiring process.
#1 Use Key Details in Your Resume
Including key details and numbers on your resume can increase the chances of getting a higher salary for a C-suite position. Numbers attract attention to resumes and show your value to the company. To stand out, include numbers and key terms in your resume.
For example, mention a decrease in employee turnover or the launch of new locations. This provides quantifiable evidence for a higher salary during negotiation.
#2 Let Them Bring Up Salary First
Let the interviewer initiate salary talk when applying for a C-suite position. Show interest in the job first, not just the pay and benefits. When the topic comes up, stay composed. C-suite contract negotiations with someone you may lead in the future can be challenging – even for experienced executives.
But staying calm and confident will pay off in the long run. Let the interviewer make the first salary offer to gauge what they pay their other C-suite leaders. Don’t propose a number first, as the interviewer may be willing to pay more.
Negotiate based on your value and industry standards after the first offer.
#3 Consider Benefits in Terms of Your Total Compensation
Often, people forget to include benefits in their negotiation process. While your benefits package might not impact your bank account, they are part of a long-term investment in your future.
Here are some key benefits to consider in C-suite contract negotiations:
- Health insurance
- Relocation compensation
- Reimbursement for mileage/commute
- Vacation periods
- 401(k) matching
Despite not adding directly to your salary, these are excellent awards for your continued service to a company. If the hiring party won’t budge on salary, consider negotiating for additional benefits to bridge the gap.
In many cases, organizations prefer to provide benefits over higher salaries. This may be the case for your interview.
#4 Research the Industry and Competition
Take some time to research your field and the competition. What do other C-suite executives make in your field? If you move into a new industry, you might not have a clear idea of the figures.
Across industries, executive salaries and compensation packages vary quite drastically. For instance, a non-profit executive earns a fraction of someone running a pharmaceutical company. So, take the time to research before the negotiations begin in earnest.
Find the median annual salary of the position and the average executive-level salary for the industry. This information is often available on sites like Glassdoor, which provides detailed information on any positions.
When you know what others earn, you gain the confidence to ask for a fair compensation package. This knowledge provides you with leverage in your contract negotiations.
Typically, hiring parties ask for a salary range, which also applies to C-suite contract negotiations.
#5 Take Your Time
When a company won’t budge in negotiations, ask for time to consider the offer. Moving to a new company and joining an executive team are big decisions. You have the right to take time and consider the offer.
Additionally, this gives them time to think through what’s on the table. Playing the waiting game can result in them returning to the table with more flexibility or a higher offer. If they want to hire you, they’ll consider a fair offer.
However, it’s crucial to remember that you can play this game for too long. A long period of time can give them the impression that you are uninterested or flaky. Those aren’t desirable qualities for an executive.
If you have an interest in the position, wait only a few days. In the event someone reaches out to you, be prompt in your response. This lets them know that you are reliable.
If there’s no increase in offer after a few days, you have what you need to make your decision. Remember, “no” is always an option, and you don’t need to accept something that does not seem fair.
#6 Prepare in Advance
Beyond research, it’s important to enter C-suite contract negotiations with all the information you need. Whether you want to negotiate a new salary at your current job or are in the middle of negotiations for a new position, preparation is essential.
- Understand what skills you bring to the table.
- Know the current position of the company.
- Evaluate the benefits of your presence and what you can do to improve the company.
- Show evidence-backed measures of your performance.
Prepare data and anecdotes that showcase your skills in a digestible, memorable way. As mentioned above, details and numbers go a long way in establishing your worth.
#7 Know Your Worth
Speaking of worth, know your value before you negotiate your contract. Whether you have decades of experience or are a rising star in your field, understand the value and skills you bring to the table.
No matter the case, interested companies work with you to find a reasonable salary. The more you bring to the table, the higher your worth. Additionally, a proven track record of good decision-making and leadership demonstrates your potential.
C-suite roles come with a great deal of responsibility. When you prepare to show that you can handle every task and improve the company’s position, you make a stronger case for a better contract.
Remember, there’s a reason that you made it to the negotiation table. You are an asset to the company. Demonstrate this throughout the interview process.
#8 Executive Representation
When you retain executive representation for C-suite contract negotiations, you have an advocate at the table. An executive attorney ensures that your contract reflects your best interests and ensures that the key details are in place.
With experienced, keen eyes on the details, there are no surprises looming on the horizon. Additionally, your representation helps you consider every opportunity and protects your rights every step of the way.
Through litigation, arbitration, and confidential settlement, your attorney protects your best interests.
Going to the Table
With the above tips, you have what you need to prepare for negotiations. Whether this is your first executive position, or you’re ready to fight for a raise, these tips can help you build your case. The more you prepare, the better your foundation becomes.
Know why you deserve a better compensation package and how you will perform in your new role. Proven performance means you deserve compensation. That also means that you should never accept a salary or contract that you aren’t comfortable with.
The best positions show that they value you as an asset and feel fulfilling. It’s possible to achieve both, but it may require negotiations.