Head Hunted By wealthy company - How to work out your value / Pay ??

Question

Our friend - MR X :) - has been head hunted by a very wealthy well known global firm. They recently promoted a new product set to make the company multi-millions and Mr X assisted in the promotion as a favour to one of the employees. The bosses of the company visited one day and loved by Mr X---they have approached him and said the want him for the sole job of promoting this wonder product across europe - The job would include some travelling across europe to meet potential customers etc but it is not your usual 'rep' work....customers would deal with him direct and he would bring in new clients . MR X is already a self employed succesful business man ( & Mr Personality ) he has a background in media ..

Q. what does he ask for as pay? He has never done this specific work before though it would be a doddle....They have asked him what it would cost to "secure him" & "make this happen" ( their words ) . How does he estimate his value.

Ill print this all off and show him later :) I appreciate this info...he will be very grateful as its a tough call!

Answer 1

I think, more important is to sit down with this company to get a very clear understanding of what they are specifically asking him to do. What will be his key deliverables and how will his performance be measured? How much responsibility will he have? Who will he be reporting to, both what group and what person? How long to they plan to actively promote this product for? What will be his affiliation with the company after that time? Will he be hired as a full-time employee or as a contractor?

Once these questions are answered then you can get a better sense of what they truly want and how much that might be worth for them. Then compare that to how much folks with similar responsibilities in sales and marketing are compensated. If your friend's skillset is truly unique they may be able to ask for a premium.

Depending on what they are looking for, it might make sense to give them a number that's hourly, daily, weekly, or over the whole project. Also it might make sense to negotiate a bonus if expectations are substantially exceeded.

I can't give you any numbers without knowing the industry and the skills your friend has but I hope this helps.

Answer 2

At this level you ask for a "Remuneration Package" - this typically includes Company Car, Private Medical and other non-money rewards.

For basic salary, check the Times newspaper Job pages for Marketing / Sales Directer.

He should also get a Commission (percentage of contract revenue) on all the Business he brings in (this can be wroth more than Salary).

Also worth asking for are Share Options and (non-contributory) final salary Pension.

Finally, ask for an (annual) Bonus based on Company profits.

Answer 3

The best way to find out his worth is for him to conduct a market survey. He has to find out what similar reputed companies pay for the similar position. Just one company won’t do, because they might be under paying or over paying. So several company’s should be used and the average amount should be calculated. Them Mr. X should evaluate whether it is profitable given his success in the existing job. Other factors Mr. X should consider except for this base pay are the benefits and other compensation which will be provided etc.

Answer 4

Do what Ash said, check the market, look at what you can be expected to earn.

Then add some more onto it! If they want him enough they will pay.

They are always willing to negotiate on pay and have a maximum idea in mind for renumeration so bear that in mind.

Also, maybe call some head hunting agencies, they will know the market, there will be specialist ones in media.

Answer 5

Look at job ads for similar roles and add some! Good luck

Answer 6

Just go for gold when they say how much do you want ask them how much they will pay for you remember they head hunted you.