Payback Time
It’s payback time. One extremely important reason to consider changing roles as an executive is that typically you can earn more money when you do—as long as you do not “job hop.” This is doubly true if you have someone as experienced as the Barrett Group to help you tactically as you negotiate your new package.
How much do our clients typically earn? What’s their payback?
Here’s a little data from the first half of 2022 focused only on salary and bonus income (excluding equity and other perks).
As the chart explains, at the top end, we have seen a number of clients land earning $500,000 or more, and indeed, the average of the top quartile is about $300,000. The overall average of all clients landing so far in 2022, at least those on whom we have specific income data, is $200,000, and even the bottom quartile averages $140,000.
Let’s explore what payback means in terms of increases for our clients.
- Client A landed a position as COO at a software development company and sweetened the original offer with the help of his Barrett Group team from $300k base with a $70k sign-on bonus, and 110,000 company shares—the highest compensation package ever awarded any employee at that company excepting only the current CEO.
- Client B agreed to come on board as General Manager for a significant airline fleet, enriching his initial offer of $250k plus $125k bonus potential by adding another $50k sign-on bonus.
- Client C was initially offered a President role in an IT services business at $200k salary, $500k bonus potential, a possible promotion in six months, and ESOP shares. Through the application of some of our tried and true negotiating techniques, the client ended up with a $250k base, $500k defined bonus, a specific commitment to promotion and raise in six months, and $4 million in ESOP shares vesting over 4 years.
- Client D received an initial offer as a VP in the Retail and Consumer Durables industry at $200k, 30% bonus potential, and a $5k relocation package. Again, we utilized our experience to help the client add $10k base salary, a fully paid relocation package, $5k sign-on bonus, and a long-term incentive plan worth another 75% of base salary.
- Client E initially fielded an offer as Vice President in the Financial Services industry including $140k base and bonus potential of $15k. The client worked closely with his Barrett Group consulting team and managed to increase the base to $180k before accepting the position.
We could go on.
The Barrett Group has been handling compensation package negotiations for more than 30 years. We simply know a lot more about what is possible than does the average candidate, so our clients benefit from this experience, the application of situation-appropriate tactics, and a long list of potential compensation elements from which to draw during the negotiation.
In fact, the Barrett Group can virtually always add $10,000, $20,000, $30,000 or more to the first offer in cash, equity, benefits, or other perks, thereby handily paying back our clients’ investment in our services.
Here’s how one satisfied executive client put it in her Success Story:
“I probably would not have negotiated the salary and everything else I ended up with, you know, the perks that came with it, the terms of the contract and all those other things. I can’t thank The Barrett Group enough.” [Diane, EVP, Read More]
Undoubtedly, you deserve to earn what you are worth. So when it is your payback time, consider how an investment in professional career management services by the Barrett Group pays back time and time again. Don’t leave any money on the table. Give us a call.
Peter Irish
CEO
The Barrett Group
