How to Negotiate Salary as an Executive Assistant or Chief of Staff
There are many variables and variations in today’s market for Executive Assistant compensation. Your total compensation may consist of a combination of annual salary or hourly wage, bonuses, employee cost of benefits, for profit vs non-profit, overtime pay, paid holidays, PTO days, weekly hours worked, and 401K contribution, to name a few basics. The city and region you work in also have a substantial impact on your potential income.
When discussing salary with a candidate, I find it shocking and upsetting to hear, “I know I am at the top of the pay range, so I am willing to take a pay cut for the right opportunity.” Then, after disclosing their annual salary, learning they are not even in the midpoint for their position and experience.
When disclosed, this information is surprising, and enlightening to them, as they now realize what the future could hold for them, at least in a monetary sense. There is a new beginning, and a feeling that the world will now offer them the freedom to grow financially.
A few words of advice on salaries for Executive Assistants:
Research compensation in your area for your position, and learn what the medium and midpoints are. You can look on salary.com as an example. There are also reports provided by the department of labor. I find talking to others with similar experience, in a similar role, in a similar company is the best source of information if you don’t have access to a recruiter who specializes in your industry.
Know that on an annual basis, you deserve a salary increase of at minimum COLA, the increased national annual cost of living, which typically runs between 3-5%. If you don’t receive this increase, you are actually making less money every year. There are certain situations where employees need to bypass their annual increases due to the economy, or for some loyal employees, to save the company for financial reasons.
Know that when you get an offer for a new position, it is your given right to negotiate for a higher salary, unless a company states this is the best offer we are able to give. However, if that is not stated, this is your time to jump in and ask for what you want, without blowing them out of the water. At minimum, you should negotiate $1K more than they offered. Usually, I don’t see more than $5K for bargaining power for the average Executive Assistant. At this point of the interview process, the right questions have hopefully been asked around compensation. Chiefs of Staff who are at a higher level have more bargaining power, maybe up to the $10K range. At this stage of the game, you and the employer have invested a lot of time and effort into the interview process. They don’t want to lose you, and you don’t want to lose the opportunity. Unless…they are completely out of line by lowballing your compensation. I have heard of employers offering $40-50K less in salary than what a candidate has made at their last position. This is a wish and a prayer that the employer wowed you over with their amazing company, that you of course would take a huge cut in pay to join them. Likely not the case, unless under desperate measures and times, which are temporary.
Know that with both a new job offer and an annual increase notification with your current company, you have the right to take 24 hours to accept the offer. I could offer an entire course on salary negotiation, but, if you are well educated on the economy, your position, experience and job market, you have the information necessary to negotiate on your behalf.
Some things to consider:
Think about your first job out of college, and if you had negotiated an additional $2K. Annually, over your work history, you would have made thousands more in salary as your new role builds on your last compensation. Your 401K contribution match is based on your salary, your bonus could be a percentage of your annual salary. See where we are going? In this case, it’s more important where you start, not where you end as it will set you up for the future as you grow.
Statistically, women are less likely to negotiate their salaries vs. men. Men expect to negotiate, women tend to be happy with the job opportunity and settle... Women, be strong!! Everyone deserves the right to ask for what they want and deserve, and to be able to move closer to financial independence.
Do your homework, know your value, and be strong. If you’re not going to control your financial destiny, then who will? Go for it!
