When you take on a new position, you want to ensure that this change is beneficial. However, getting what you deserve can be a challenge, even as a highly-skilled executive professional. As a vital member of your organization taking on a significant amount of responsibility, your compensation needs to reflect the value you bring. Salary negotiations and other forms of compensation can be complicated, especially at the executive level.
Due to your role in a company, your executive compensation package must meet your needs. For the best chances at a successful salary negotiation, you need dedicated executive representation on your side.
At Bantle & Levy, we have years of experience representing executives throughout New York City. We can help you show your new company your worth and fight for you to receive the compensation package you deserve.
Components of an Executive Compensation Package
Naturally, when you consider accepting a new position, you want your new salary to be greater than or at least match your current salary. However, your salary isn’t the only part of the compensation package you’re going to receive from your new employer. Executive compensation packages can be extensive and incorporate many different benefits. This means that you have a lot to consider when determining if your compensation package is competitive and fair for what you’re providing the company in return. This will play a big role in your salary negotiation efforts.
Focusing on only one aspect of your compensation package can lead to you not receiving as much as you could in other areas. Important components of an executive compensation package that you may be able to negotiate include:
#1. Base Salary
Also known as basic salary or base pay, base salary is a fixed amount that an employer agrees to pay a worker in exchange for their time and services. It’s the first thing that comes up in most salary negotiations.
#2. Sign-on Bonus
This is a form of compensation for new employees in addition to their established salary. You can think of it as a one-time incentive given when joining a company.
#3. Retirement Benefits
Retirement benefits are the monthly payments or other incentives a person can collect after their employment ends. This may include profit-sharing plans, pensions, 401(k)s, 403 (b)s, and more.
Employee stock options are a form of equity compensation that gives you the right, but not the obligation, to buy or sell a stock at an agreed-upon price and date.
In workplaces, bonuses are additional payouts given by an employer that complements an employee’s base pay or salary. Bonuses can be monetary or non-monetary, depending on company policy.
Workers’ compensation insurance provides medical expenses, rehabilitation, and lost wages to employees who become ill or injured in a workplace setting. It’s part of most compensation packages.
#7. Transportation Benefits
Executive salary negotiations may also include transportation benefits or commuter perks that help offset your financial cost or time of traveling to and from work.
#8. Moving Expenses
Many executive compensation packages also include moving or relocation expenses that cover packing services, moving services, home sale assistance, or temporary housing for when an employee must move houses.
During your salary negotiations, your employer may also mention a severance package — a bundle of pay and benefits offered to employees upon being laid off. Its primary goal is to reduce the sting of termination.
Compensation and salary negotiation is never simple, and at the executive level, it’s only more complicated. As an experienced professional, you know your worth and how a company can benefit from your skills and background. Conveying this to your employer is a different story. Don’t take any chances when it comes to your executive compensation package. Bantle & Levy understands how to facilitate salary negotiation for executive employees to help them reach an outcome that works for them and their employer.
Why Do You Need a C-Suite Executive Attorney in New York?
Like many people, you may only think of lawyers when it comes to lawsuits or trials. However, retaining a C-suite executive attorney in New York can have significant career benefits, even if you do not need to go to court.
Lawyers for C-suite executives in New York can use their experience to ensure your employment contract reflects your best interests. Additionally, they can:
- Offer valuable insight into labor laws, contract terms, and the rights/legal protections you have as an employee.
- Lead executive salary negotiations and help you secure a fair and competitive compensation package.
- Take the emotion out of salary negotiations, offering an objective perspective to avoid hasty decisions.
- Level the playing field by increasing your bargaining power.
- Benchmark your salary expectations against comparable roles and offer you realistic guidance on what you can reasonably expect.
- Protect sensitive information about your compensation package or executive compensation negotiations.
While you might not need lawyers for all types of salary negotiations, working with a C-suite executive attorney in New York is non-negotiable. You don’t want to enter any executive compensation negotiations without a competent lawyer on your side. Lawyers for C-suite executives in New York are trained to defend your rights, no matter the situation.
Lawyers for C-Suite Executives in New York
So, should you negotiate your salary? The short answer is, yes. You might be offered a compensation package that you think sounds great, only to later realize it was far below what other professionals at your level make. Remember, the company knows exactly how much all their executives are paid – but you don’t always know yourself. This creates a power imbalance that often leads to executives being taken advantage of.
For you to achieve success in your position, you need to feel valued and receive fair compensation for your contributions. You should never settle for less than you deserve, and we can help you express to your employer what you bring to the table and what compensation is appropriate for what you’re providing.
Executive salary negotiations are usually complex, involving several moving parts. Given the high stakes, it’s in your best interest to work with a C-suite executive attorney in New York.
Bantle & Levy has a team of lawyers for C-suite executives in New York who are seasoned negotiators and can help you get the compensation you deserve from your employer. We can assist you with salary negotiation as well as negotiate other aspects of your employment. We have years of experience helping New York City executives navigate complicated employment matters so they can focus on reaching their full potential. With us on your side, you can rest easy.
Contact the skilled executive employment lawyers of Bantle & Levy today to learn more about how we can help you negotiate the terms and conditions of your employment.