Track your market worth — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
Only 38 percent of executives say they track compensation data to monitor their worth in the job market. That means 62 percent aren’t taking advantage of the best way to conduct salary negotiations—using accurate data to make their case—says Dave Opton, CEO of Internet career center ExecuNet, Inc.
One reason: Executives are divided as to what has the most influence on salary negotiations, according to a new ExecuNet survey. While 39 percent of those surveyed believe a competitive offer has the most impact, 31 percent say their accomplishments are most influential. The remaining 30 percent chose “functional/industry specific compensation data.”
“In this market, companies are finding it’s less expensive to match a rival offer than to recruit new executive talent,” says Opton. But using a counteroffer as leverage is dangerous, even if it’s becoming more common, he warns.