Every week, NETSHARE hosts Ask the Coach, a phone-in coaching session with leading career management experts. Here is an excerpt from a recent session with career coach Don Orlando.
We had a number of chief executives seeking advice on this week’s Ask the Coach call. Don Orlando, this week’s career coach, had some great insights for our executive job seekers.
The first caller was excited about being close to closing an interim CEO position with a company in London. The news was exciting, but he was having trouble finding intelligence on executive compensation. He wanted to be sure to negotiate an appropriate level of compensation and not short-change himself, but since this is an interim position, local rules and exchange rates apply. What’s his best strategy?
Don suggested that he base his compensation on deliverables and milestones. This should be about 90 percent of the hiring agreement. He also suggested choosing a date and ensuring that all compensation is agreed to based on that date’s exchange rate. He also needs to speak to an enrolled agent and an IRS agent to determine U.S. liability and Exchequer liability for the U.K.
The CEO candidate also noted that his research shows that European nationals are accepting similar positions for a lot less money. Combine this with the lower travel costs and you can easily price yourself out of an assignment, especially since the locals are more comfortable with UK tax rules. What’s your best defense to land the assignment?
Don said you need to stress the unique value you bring. Show the proof of ROI. This is the difference between price and value. Set things up to re-negotiate in the next six months. You also can talk about deferred compensation if that’s appropriate. You need to determine what it’s worth to take a lower salary for a period of time.
Another caller said she has been in manufacturing services and consulting for 20 years and is looking for contacts in investment banking who want executives with turnaround experience. Where does she start looking?
Don noted that the recession has changed the way recruiters are finding candidates. Rather than relying solely on posting positions, decision-makers are using search engines to find candidates with the skills they need. They are looking first, before they decide to hire. This means they have to find you, which means you need to increase your digital footprint. They want to see who has talked to you so they can talk to those third parties and assess your value. They will then contact you directly and ask you questions that test your thinking. If they are sufficiently impressed, then they will approach you and request a resume, which means you need to network continuously.
