Hi All,
So this morning after a month long interview process, I was offered a job with a tech startup in London (UK) - hooray. I was hoping they would offer and I would like to accept ideally but I have some questions I am hoping for some help on.
Some context is probably helpful here - I am an ex-MBB strategy consultant where I spent 5 years and have just returned to the UK having spent a the last 6 months as a Senior Strategy Manager in one of the big banks in Canada.
As two very large and well grounded businesses, they both have a set of structured benefits and perks which I know how to negotiate well on but the startup world is new to me.
The offer to me was thus:
- Senior Manager / Director level role - as anticipated
- £X salary per annum (no material change from the last role in Canada)
- £X in stock options (less than equivalent bonus in prior companies, also not specified at a % of company ownership)
- Very basic benefits - 4% matched pension contribution (401k for US equivalent lingo) vs 12% matched with another business I am interviewing with and anticipating an offer
- No other tangible benefits such as financial bonus as a % of salary, healthcare package, gym subsidy etc
The offer is fair salary wise but in terms of a total package, a lot is left to be desired.
Financially, I am probably losing around an additional 20-30% of the base salary a year in benefits that would be guaranteed elsewhere (ie bonus, additional pension contribution, healthcare etc), some of which I'll now need to pay out of pocket if I want to continue saving the same amount for retirement or receiving the same level of insurance.
As a startup, cash is a premium so negotiations re salary and inclusion of a bonus won't be something worth raising but what else can I negotiate on to increase the total package and what information should I learn before opening dialogue?
Some Q's for consideration:
- Is there anything around negotiating stock options - outside of simply increasing the £ value that I should know? Vesting periods etc?
- Should I ask what the timeline for the company exit/sale is? How many more rounds of funding are anticipated and consequent dilution of equity? Current and anticipated valuation?
- Can compensation increases be linked to future successful funding rounds? - ie ask to be paid more relative to future growth in the business - outside of normal performance review cycles
- How do you grow your stock holding - can you ask for yearly increases or is this typically fixed?
- Are there other things I should be considering?!
Apologies for the essay - really look forward to your replies and suggestions.
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