Executive job offers can be tricky. If you make the offer before everyone has had their questions answered, the candidate may not be ready to commit (and you may come to regret a hasty decision). If you wait too long, the candidate may lose interest or give up hope that an offer will come and accept another offer. Finding the right timing for an executive offer is possible, however, and can lead to a positive result for your company.
The Offer is the Last Step in the Process
It’s best to follow a process when looking to make an executive offer to avoid the negative outcomes described above. During the interview process, the hiring team can offer information about the salary and benefits planned for the position and see what kind of reaction you get, while making it clear that a discussion can take place about the compensation for the position.
Making compensation discussions open-ended should allow your top candidates to get the information they need while you learn about their expectations and requests. In many states, it is now illegal to ask questions about a person’s previous salary history because it can allow salary inequalities to persist. Lawmakers are hoping these new laws will help to close the wage gap between men’s and women’s salaries, but it can lead to more uncertainty when it comes time to make the job offer.
The best course of action is to determine what your team thinks is a fair offer and see if the candidate agrees. Your team can also predetermine whether there is any wiggle room on your offer in case a counteroffer is presented. While you can’t ask about salary history, you can ask for salary requirements, and you can address specific benefit requests during the interview process as well.
More Than Just Money
Many times, it isn’t the salary that makes or breaks a job offer. Executive candidates put many hours into their jobs, and they may have found that certain benefits make their long hours more enjoyable. Finding out during interviews what perks executives are looking for can help to bolster your job offer and make it more palatable to your chosen candidate.
Even unusual requests may be worth considering if you really want a particular candidate for your C-suite. Some executive candidates may prefer to have a smaller salary and a larger housing allowance or stock options, for example, because it helps them avoid taxation or reach other financial goals they may have. Unlimited vacation time off is another perk that may be attractive, even though executives’ demanding jobs usually don’t allow them to take advantage all that often. However, just knowing the option exists could be a stress reducer for some.
Other unusual benefits may include fertility assistance, reimbursement of adoption costs, or attendance at an exclusive event like the Super Bowl or the World Cup championship. Keep an open mind—these perks may be unusual but could make the difference between a world-class candidate and one that isn’t as great.
Thrive TRM can help you track candidates’ compensation requests in your candidate profiles so you don’t mistakenly offer the wrong perks or a different salary than what was informally agreed on in the interview. This data can become part of the profile comparison feature, so you can instantly see what to offer your top candidate when the right time comes. Schedule a demo to see for yourself what Thrive TRM has to offer.