Negotiating Compensation For A Growth Strategy Executive
Our client was a Senior Portfolio Manager at one of the largest asset management firms in the world. She managed a book of business and a US-based team, helping grow the book of business more than 3,000 percent over her 16 year period with the firm.
So when a new opportunity to lead a global team presented itself, she looked to 10x Ascend to ensure she negotiated the best opportunity that fit her lifestyle and career aspirations. And while she is an expert in her respective field, she had not negotiated a new job offer for more than 15 years!
As the job interview phase neared its final rounds, the client brought 10x Ascend in to assist in contract negotiations. While the client initially thought she was too far along in the process to employ 10x Ascend, we assured her the timing was perfect. The first suggestion was to take a step back from the process and forego specific details of the new position, in order to better understand her values and needs and what attracted her to this potential opportunity.
We also had her complete the 10x Ascend’s proprietary Lifestyle Calculator, filling out a detailed spreadsheet on various criteria, beyond just compensation and title, getting into work/life balance, travel, reporting structure, flex time and more, assigning priorities to each variable. Additionally, we had her think about a “perfect world minimum salary”: A salary that, if all other needs were met, would stand as the lowest compensation she’d consider.
The client noted that she was surprised to discover the level of importance she assigned in the Lifestyle Calculator to working from home, flex-time, professional development and room for growth. With this information in hand, we were able to provide customized, targeted advice throughout the process.
Her prospective new employer started the negotiation process with an attractive offer, including flexible workplace locations and the opportunity to meet face-to-face to help “design the perfect role.” As it pertained to the latter, we advised strongly against it, preferring to handle these discussions via email. The rationale was that email leveled the playing field, providing the client and 10x Ascend the opportunity to digest new information and react on their own time, rather than in-person and on the spot.
By better understanding her wants and needs, we were able to help the client negotiate a better package than she could have accomplished on her own, ultimately landing a package that exceeded her initially stated best case scenario from when she began the process.
Case Study Q&A:
How did the minimum offer exercise affect your perspective of negotiating this offer?
I think that alone was really important. It helped me compare my current opportunity and job versus a lowest acceptable offer in a perfect world.
How did stepping back from the role itself to look at what makes you happy help during the negotiation process?
It helped drive a better outcome with the new job and gave me more confidence that this was what I wanted.
Without the help of 10x Ascend, would you have negotiated differently?
Had 10x Ascend not counseled me against it, I would have handled the negotiations in person or over the phone. Email provided me the opportunity to strategize with 10x Ascend and the time I needed to respond in a professional and thoughtful manner.
10x Ascend was always in my corner. They would often say, ‘We think you’re not giving yourself enough credit.’ Ultimately they gave me a bigger voice.
Did you feel 10x Ascend had your best interests as their top priority throughout the process?
You work with them and you feel like you’re not alone. They really are on your team. They’re so passionate and involved, you really feel like you have people by your side that know what they’re doing.
Would you recommend 10x Ascend to other colleagues and friends?
Absolutely, the 10x Ascend service was excellent. I found the process so fascinating. They’re phenomenal at what they do and they care about their clients and root for them.