REMUNERATION – HOW TO NEGOTIATE THE PERFECT PAY PACKAGE

David Greenhalgh, Employment Law Partner at Joelson 

Background: Recent research has shown that 48 per cent of people in the UK are not happy with their level of pay, with almost a third saying they were thinking of switching jobs in the next two years to improve their pay.

Wage stagnation has hit a number of sectors in the UK and affects all levels within a company from those on minimum wage up to those on much higher salaries.

Driven by a weakened pound, higher costs and poor economic performance, many businesses are finding it hard to raise wages across their company, leading many skilled employees to look elsewhere.

As a result, many businesses are claiming that Britain is seeing a growing skills gap, which has seen many people re-asses the value of their skills and the level of remuneration they expect as a result.

Most discussions about pay begin with the initial negotiation, which often occurs during the interview stage.

It is critical that employees spell out their expectations at this stage and negotiate a package that works for them and their employers, but it is clear that for some this remains a difficult task, complicated by fears of not getting the job.

So how can employees and in particular senior executives negotiate a pay package that meets their needs?

Pitch: This article, prepared by Joelson’s highly ranked employment team, will look to explore what senior executives can do get the right package for them, this can be presented as a Q&A style feature, a listicle or straight feature depending on your publications requirements.

It could also explore how businesses can make the most of negotiations to secure the skills they need, including how alternative forms of remuneration can be worked into a package, be it a company vehicle, flexible working or other incentives.

It will also look at what provisions an employee should fight hard against when offered a new contract to protect their own interests and reputation.

Joelson’s expert settlement agreement solicitors have an excellent track record in negotiating increases in the value of packages offered to senior executives, which has seen them ranked amongst the best lawyers in the UK in the latest Legal 500 guide.

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