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Executive perks to consider requesting in your next contract

On Behalf of | May 22, 2023 | Executive Employment

Those who work hard to achieve success as an executive usually expect to enjoy a few perquisites or perks. At one time, companies lured executive talent to the fold with the promise of luxurious employment perks. Today, these perks are a bit less grand and somewhat harder to come by in most situations.

Executives should negotiate for job perks instead of assuming they have carte blanche to enjoy company privileges and property. This approach keeps employees and employers on the same page and reduces the risk of employment disputes.

Here are some perks many 21st-century executives are requesting in their employment contracts.

Sabbatical leave

A sabbatical allows you to pursue a specific purpose (write a book, explore theology, etc.), often while receiving pay and benefits. Another difference is that sabbaticals can last weeks or months longer than a vacation, enabling you to recharge and bring fresh energy back to your workplace.

Wardrobe allowance

Business attire is expensive. If projecting a professional appearance is part of your work requirements, maybe your boss will foot the bill for your wardrobe. Many new executives are asking for and getting a wardrobe allowance during their contract negotiations.

Paid memberships

Does your boss expect you to wine and dine potential clients? Why should you have to pay for the entertainment of corporate associates? Company golf clubs and other memberships can allow you to please your employer and gain access to recreation and entertainment at no cost.

Executive perks should not replace critical components like severance pay or stock options. When successfully negotiated, these perks could be yours on top of your other benefits without leading to a dispute with your boss.

Someone knowledgeable about employment trends and laws may give you an edge when negotiating your next executive contract.