Getting to that corner office may not be as lucrative and filled with perks as the recent past.
Executive pay, benefits and perks in 2009 are not what they were in 2007, or even 2008.
It’s not surprising to see the level of change in executive compensation after the souring of financial markets in 2008, the failures of AIG, the bankruptcy of Lehman Brothers and struggles of countless other banking, insurance, housing and credit markets. But it’s still worth noting where compensation packages are lagging.
From the ERE blog, which is written by a network of recruiters, sourcing a report from ExecuNet that surveyed 476 executives:
Compensation Data For Executive Hires (2008-2009)
Element Packages 2009 Packages 2008
Performance Bonus 71% 80%
Review Within First Six Months 42% 56%
Non-compete Agreement 38% 65%
Guaranteed Severance 34% 44%
Stock Options/Equity 32% 51%
Sign-on Bonus 29% 36%
ExecuNet in April released its annual report “Executive Job Market Intelligence,” which looks at a host of issues in executive job searching, including information on the job market outlook, job satisfaction, executive compensation, turnover, candidate sourcing and job-search strategies.
One of the most significant factors reported is in the area of how executives get jobs. The report says: “Networking accounts for almost three-in-four (73 percent) job opportunities uncovered by executives — trumping job websites and other forms of advertising.”
If you’re an out-of-work executive, you’ll want to keep your networking skills up to date, consistently expand your network and be active in professional social networks.
Networking not your strong suit? Here are some pointers from the article “Five Networking Lessons I Wish I Learned in High School“:
- Eat lunch at a different table each day (Reach out to new people all the time).
- Touch the “untouchables” (Don’t be afraid to talk to people at higher or lower levels than you).
- Stop thinking that everything is about you.
- Interact with people who are not just like you. (Connect with those in different job functions).
- Have a life outside of high school (Have a network that isn’t only where you work now).
[Image by green308 via Flickr CC 2.0]
More networking advice:
- I Attended a Networking Event. Now What?
- Is Your Status Update Still “Looking for Work”?
- Are You a Hunter or a Farmer?
A very excellent comparison of 2008 with 2009. I really like the way it is presented as providing exact figures to support the words said.