For C level executives, compensation is directly correlated with their self worth. As you assume role as a leader, your compensation is directly impacted by the accomplishments & strategies you deploy to help the organisation grow & achieve its business goals.
My endeavour is not to give you a strategy on increasing your cash component &/or equity compensation. Rather, I would like to give you key pointers on how do you establish & communicate compelling value you are offering to prospective employers.
1) Establishing value- write down 20 benefits
This may sound surprising but it is important to analyse with objectivity the benefits the organization has derived from your actions. It is important to do a creative exercise & jot down valuable contributions you have made. This will keep that memory muscle working for you. Remember value creation is not a one time activity but long term self sustaining process. Whenever you come across a potential position which you wish to apply, do a professional written resume with all metrics clearly defined.
It is a common notion that for an exceptional salary hike, you may have to change companies. However, if you could demonstrate top 20 benefits you bring to your current organisation & measurable benefits attached, you may be surprised to find that your current employer would be more than willing to promote you increase your salary exponentially
Benefits/contributions does not mean what you have done but what you have achieved. While updating resumes, most of the executives just includes their responsibilities without explaining the measurable benefits derived out of such actions. Key measurable metrics is a fundamental basis why company should hire you, give promotion or increase your pay.
2)Create a punchline which differentiates your work
Can you describe your X-factor in one sentence. Your tagline should depict your strength backed by strong metrics that can clearly articulate what measurable benefits accrue to the organisation.
Sometime, the metrics can be in dollar terms, growth percentages, cost savings, efficiency enhancements, productivity improvements or effective negotiations leading to closure of a strategic deal. In lot of cases, your accomplishments translate into such metrics which can be easily evaluated.For instance, consider the following point in your resume:
Led merger of 3 group companies across Asia.
Think it through what impact this activity had in dollar terms , percentage terms, savings, efficiency, partnerships, technology. Brainstorm all the things that led to merger.
These are sort of activities you must keep on doing to visualise big picture. You will soon recognize how your actions positively impacted organisation in a big way.
3)The perfect approach for salary negotiation
When the company discusses about compensation, please make judicious use of your leadership skills to respond. Showcasing leadership skills in interview & negotiation process helps you in creating a distinguished value in front of the prospective employer. At the time of pre-compensation offer, do not make the discussion too granular & communicate about compensation in wider ranges.
When an offer is made, communicate how great leader you are by having a positive outlook. Ask for time to go over the offer. Show enthusiasm even if the offer is not line with your expectations. Think over each clause you want to negotiate & come back for discuss with enthusiast frame of mind.
