Negotiating employment contracts for senior executives requires a personalized review of the terms of employment. Driven, personable, results- oriented, leaders are always in demand. These high-powered executives have negotiating leverage that most employees don’t.
Here are five things to review in your employment contract if you are such a person:
- If you are being lured from secure employment, how much money are you leaving on the table by resigning? Have you thought about how to recoup this money from your new employer?
- If you have signed any restrictive covenants with your current employer such as a non-solicitation clause, have you disclosed and addressed this topic with the new employer? There are numerous issues that should be addressed.
- Have you calculated the value of your current benefit package and compared it to the new employer’s package? Perks and benefit packages are generally decreasing as a result of shareholder demands. Accordingly, an understanding of the realities of this area and creative negotiating tactics can benefit the executive.
- Do you really understand the performance compensation scheme in place with the new employer? There are a myriad of issues that may need to be negotiated in this area.
- What kind of job security do you need – particularly if you are leaving secure long-term employment? Have you thought of an exit strategy if the new employer is sold or is taken public?
If you are changing jobs and need help negotiating the terms of an employment contract with a new employer, please contact us at [email protected] or 1-888-640-1728 (toll free) or 647-633-9894 (within the GTA).
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