Negotiating Your Best Employment Deal

This year, you may be in a lucky situation as one of the finalists in a CIO search.  Are you prepared?  Most IT executives and CIOs are savvy about vendor negotiations, but when it becomes personal, with a possible job transition, it may be a different story.  Here are some additional tips for handling negotiations, and if you need more information on this subject, check out my August blog, The Art of Negotiating Job Offers – Know Thyself.

Third party negotiator

If you are working with an executive recruiter, they should be able to go to bat for you.  Allow them to take your specific needs and wants to the future employer.  A recruiter can also give you advice on upper limits of salary demands and caution you on potential deal breakers.

Salaries and bonuses

A base salary increase of 10% to 20% can still be expected when you move to a new position.  Check out www.homefair.com or www.salary.com for salary comparisons in different cities.  Bonuses will vary by organization, but between 10% and 30% seem to be the most common.  Sign-on bonuses are incentives that can help increase your total compensation for the first year.  Feel free to ask for it to be grossed out to cover taxes.

Relocation expenses

You can ask, but don’t expect real estate fees for buying or selling of houses to be covered, especially if the new job is at a not-for-profit health system.  Do expect the reimbursement of moving household goods, some temporary housing and perhaps a real estate visit.  If you can’t relocate until a house sells, be sure to ask for additional temporary housing or use of executive housing.  Trips back and forth to your previous home can be another negotiating point.

Other perks

Since the event of negotiating may be your only chance to bring up extras, be sure to give details of any car allowance, cell phone allowance, executive savings plans or benefits to your future hiring manager.  Asking for a severance package might be a wise move in these turbulent times, twelve months would be appropriate, three years might be thought of as ridiculous.

Be realistic

If you are lucky to be a finalist, don’t be afraid to ask for what you need, but realize that if you go overboard, they may back out and go to someone else.  Treat your current employer with respect and give them at least four weeks notice.  They may decide to let you leave sooner. And remember, don’t accept counter offers – if you do, you’ll be sorry.