CIO — You’ve probably been here: Something compels you to doubt your compensation package. Perhaps you feel underappreciated or undercompensated, or the up-tick in the job market has you pondering new opportunities. Even at the highest ranks of executive search, CEOs and CIOs everywhere are seeking validation through compensation. However merit isn’t the only factor affecting a fruitful compensation: It’s all about negotiation.
You Get What You Negotiate, Not What You Deserve
This is an age-old compensation truism. With analysts forecasting sustained growth in IT spending, the first step to negotiating the best salary and package is learning how to explicitly convey how you have positively impacted the bottom line in former positions, and how you can translate that success in service to your this CEO, Board and investors.
Negotiating your value starts not once an offer or promotion is presented, but long before that conversation even begins—at the point when mutual interest is perceived. Most companies and retained recruiters have determined an offer range just minutes after seeing a resume and well before conducting the first interview.
Phase One: Pre-Conditioning
To influence the negotiation, you must emerge as the strongest possible asset in the eyes of the executive team. You must also prove yourself to be the singular expert they’re looking for with the ability to advance a complex business agenda as a proven innovator and leader.
CEOs are looking for solid business skills, industry knowledge and management acumen with the composition of experience and personality that uniquely fits the needs of their company. In translating technical and business issues, CIOs must bring value beyond their industry of origin specialization to enhance the organization’s executive brain trust.
Hitting that standard requires that you align your work style, professional experience and managerial record against tangible company and industry indicators: competitive trends, skill needs and current competencies. A carefully planned approach influences compensation and career advancements.
- Don’t swim upstream: Strategically target employers and sectors that best utilize your credentials. For example, a logistics expert will have more resonance with companies implementing logistics initiatives. That is not to discredit transferable skills; they simply must be presented in a way that communicates immediate value.
- Present a bottom-line story: Top CIOs are expected to drive seamless integration of business and technical functions for revenue and savings goals. Articulating this impact to the balance sheet (pointing to ROI against the budget, revenue growth, market dominance, stock value, etc.) is essential, both conversationally and on your resume.
- Identify and eliminate holes: A critical self-assessment will help identify possible shortcomings in style or experience. Determine where you may be deficient and strengthen those areas by identifying appropriate marketable experiences in your current role to make yourself more marketable down the road.
- Know the industry universe: A C-level executive candidate is expected to be a seasoned business person with a highly-developed expertise and understanding of the marketplace. Knowledge of the industry dynamics, key initiatives and objectives will empower you to advocate for your value in an informed manner.
- Be a 24/7 ambassador: The strongest marketing tools are a highly qualified referral network, a hard-working resume, energy and preparedness. This applies to informal conversation everywhere from conferences to golf courses to a more serious screening by a recruiter or employer’s hiring executive. Convey measured but sincere excitement with informed curiosity about the company.
