| How are ways to get compensated in recessionary | | | | To strike the best deal you have to know what your |
| times? Remember when contemplating a job change | | | | current salary and benefit package is worth. In |
| that results and the strategies to achieve those | | | | addition to your salary, which should include the value |
| results will be largely dependent on whether it's an | | | | of any and all regularly scheduled increases, be sure |
| employer's or candidate's market in your industry. In | | | | to put a dollar value on stock options (remembering |
| an employer's market, where the field of candidates | | | | that, as a rule of thumb, your perspective employer |
| can get crowded, prepare yourself for the fact that | | | | will consider them worth no more than a third of |
| you won't have the leverage to negotiate the same | | | | their value on the date the grant took place). Put a |
| lucrative offers and salary/benefit packages that | | | | value on everything - that means all medical, dental, |
| may have been easy just a short time ago. Just like | | | | eyeglass, and disability insurance, both short and long |
| the real estate market, timing is everything in the | | | | term. It means your company car, the athletic club, |
| boom and bust cycle of highly volatile job markets | | | | yacht club or country club membership, all of it. |
| like IT so be prepared for those tougher talks on | | | | Spend an entire afternoon if that's what it takes, but |
| pay and benefits in leaner times. | | | | know what your current package is worth in hard |
| In recessionary times top level execs may, for | | | | dollars, and know it cold. Only then will you be in a |
| example, emphasize their previous negotiated benefit | | | | position to make meaningful comparisons on each |
| package and bonus incentives rather than what was | | | | element of a competitive offer. Remember too that |
| actually paid out. It's not uncommon, in fact, for | | | | the further into the future a benefit is placed, the |
| senior executives to outsource some of the trickier | | | | less value it has. |
| areas of negotiations to coaches, lawyers and | | | | Know where you're at relative to others in your field. |
| accountants improving the odds that they don't fall | | | | Professional associations as well as the Internet have |
| prey to the complexities of an offer only to find | | | | a slew of information on compensation data available |
| themselves losing ground. | | | | by industry, job title, even zip code for your location |
| There are several steps you can take, however, if | | | | that would take into account available cost of living |
| you're going it alone: | | | | data. Check out, for example, the salary tables and |
| Prepare yourself by researching trends you pick up in | | | | pay surveys available at Don't forget the intangibles. |
| general business news, periodicals and particularly | | | | Issues like the general work environment, the |
| trade journals. Plot an easy to compare chart or | | | | amount of autonomy and control on the job, trust |
| spreadsheet to keep track of where you're at, | | | | levels, all the items that are nearly impossible to put a |
| where you want to go, and where the latest offer | | | | dollar value on still can make all the difference to your |
| fits. Believe it or not, it's not as easy as it seems to | | | | effectiveness and sense of fulfillment on the job. |
| put a hard number on your existing package. See | | | | How do this organization's values and ways of doing |
| below. | | | | things match your own? These are items with value |
| Pay particular attention to bonus cash items since this | | | | that need to be factored in. |
| is the first place top corporations tend to trim. | | | | In the end there can be a fine line between a |
| Companies, in an effort to conserve cash in leaner | | | | desirable candidate who knows what he or she |
| times, may pay out only a fraction of target bonus | | | | wants and someone who's perceived by their |
| numbers and some will just drop them altogether. | | | | potential employer as a lone wolf and not a team |
| Stock options are another area where it's easy to | | | | player. Trust your gut. You know that you're going |
| lose ground. It's the exception when a company can | | | | to want more and they're going to want to offer |
| hold its market value in a leaner economy and since | | | | less, that's a given so don't let it become |
| you're betting on a race that you're running in, you're | | | | confrontational. If you are a desired candidate, the |
| going to lose value as well. Search out opportunities | | | | new employer has no vested interest in bringing you |
| to boost supplemental stock grants during these | | | | into the organization on a down note or unhappy. Try |
| times or leave room to have existing grants re-priced. | | | | to keep it from becoming a contest by keeping your |
| This is especially important when considering the | | | | tone and demeanor always conversational and |
| traditional three to five years you already have in the | | | | professional rather than combative. |
| job just to become vested in these programs. | | | | |