When you're in this private service game for the long haul, compensation negotiations will be critical to getting the respect of your future employer, proving to them you can have hard conversations and showing them how you'll represent the principal's interest with the same amount of business fairness.
THEY WILL ONLY NEGOTIATE IF THEY VALUE YOU AND YOUR EXPERTISE
KNOW EXACTLY WHAT YOU’RE DEALING WITH AND WHERE YOU’LL FIT IN
BE THE ONLY ONE THEY ARE CONSIDERING.
THEY MUST BELIEVE YOU ARE THE BEST AND ONLY FIT.
To understand your worth to this family, you’ll need to know why you were selected, where you fit into their organization, who you’ll report to, and who you’ll manage. Map out an organizational chart to help you determine your position and worth.
Know why the last estate manager left (the real reason).
What unique qualities do you possess that make you a perfect fit for this role? You won’t have leverage in salary negotiations if you don’t know this or if other candidates fit the bill.
2. DON’T OVER-COMMIT; REQUEST A TRIAL PERIOD(S)
Since the big “unknown” is the number of hours you’ll work each week. Negotiate hourly pay through the first year of employment and adopt a time-tracking app. If you get accused of having an “hourly mindset,” tell them you only want a fair wage for your time and efforts.
Suggest a short-term trial contract (10 days) with the option of extending it to 90 days. See if both parties are satisfied. Extend for another 90 days until both parties feel confident about long-term employment. Then negotiate salary after this time.
NEGOTIATE BONUSES BASED ON PERFORMANCE Outline perimeters for success and determine.
3. KNOW WHAT THE INDUSTRY IS PAYING (AND ASK FOR MORE)
Get a recruiter's opinion on the family/business and industry rates. Ask for advice based on your experience and the industry standard.
Let the principal make the first offer.
Don’t settle for the first offer; ask for $10K+ more than they offer if it is within your range.
Consider salary as only one part of the equation. Health insurance, personal time, and working remotely have value, goal-centered bonuses, and benefits. ASK FOR a retirement fund.
Make sure you are the highest-paid hourly employee on the property in alignment with the org chart.
4. GET IT IN WRITING
IF THERE ARE GRAY AREAS If you feel something is risky, not clearly defined or understood, or might cause problems for you in the future, stipulate it in this agreement.
Outline expected work hours, compensation, bonuses, and other milestone events.
Add an Exit Strategy with a Letter of Recommendation if either party wants to terminate the relationship.
5. IF THEY WON’T NEGOTIATE AT ALL, MOVE ALONG.
You haven’t proven your worth, and they don’t value you. You’ll never have any power in this relationship - and we all know how that feels.
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