With working spouses, kids who don't want to change schools, and e-mail, cell phones, and easy air transportation, our sense of where we need to do our work is triggering a massive shift, says A.T. Kearney Executive Search vice president Lauren E. Smith: "Many executives are saying they will take the job but won't relocate."
Who says a Tucson-based executive can't hold a job in Los Angeles? "Telecommuting is becoming a trend," says Smith. "You'd be surprised how many senior executives now live thousands of miles from their jobs."
7 Honoring Thy Parents
More executives are asking for and getting help with taking care of their elderly parents. Lee says some recruits even turn down offers because they won't move away from a parent who needs them. Perhaps they should read "Or Take the Virtual Me," above.
Don't be shy; ask to see the dollars. "Pay increases of 10 to 20 percent over present salaries are common for recruited executives," says Smith. And recruits now scorn Monopoly dollars. "Cash is king," says Smith. "There is much less interest in options."
But don't take that too literally. New hires are negotiating lucrative pay-for-performance bonus deals, says New York recruiter Thomas Fuller. Some hard-nosed negotiators are winning pay packages that will double or even triple their base salaries if specified performance targets are reached. So, if a company won't budge from its salary offer, ask for a "win-win" deal that sweetens your take when the company gets the performance it wants. Many previously reluctant companies are giving the nod to propositions such as that.
9 Sign Me Up
After a long drought in 2003 and 2004, signing bonuses are making a return. Now, cash bonuses of up to 10 percent of salary aren't unheard of for new hires, says Career Journal.com's Tony Lee. Some particularly attractive candidates can negotiate as much as a 100 percent bonus. But if you don't ask for it, you won't get it.
10 Want To Keep Me?
Your current employer just might realize how worthwhile you are when you have another offer in hand. "We are seeing many more candidates receiving counteroffers," says Chuck Wardell, managing director of leading recruiter Korn/Ferry International's New York office.
Some companies still follow a rigid policy of never countering, but many other businesses are learning that it’s better to go an extra step to keep top talent. If they can’t match another company’s offer, they’ll at least sweeten an employee’s current pay package.