Have you just applied for a job? You’ll be promised an interesting job and a good salary. Your boss offers you the opportunity to become an executive, which comes with its own privileges and drawbacks. Let’s take a look at what it means to be an executive today!
The difference between executive status
There is no legal definition of executive status, but the International Labor Organization suggests that a person can be considered an executive if they have a higher qualification or professional training. She may also have skills in one of the following areas: administration, technical work, science and intellectual work. The key to this classification is to exercise responsibilities at high levels compared to other employees in their company.
If you’re a self-starter, have a high decision-making potential or have attained a high level of education, you may be eligible for executive status. Your boss must then justify as such the reasons for appointing an employee to executive status. If you don’t fulfill any of these functions and you’re not qualified in any way, then try to take advantage of new investment opportunities by betting on the best broker while you wait for your compensation process to be completed.
How to become an executive?
If your level of education doesn’t qualify you for a management position, professional experience can help. To become a CEO or other high-level executive, you first need to develop skills and demonstrate them to your colleagues. You may be able to climb the career ladder internally, or change jobs – either solution is usually enough for employers.
A pay rise is a must, as executive salaries are higher than those of white-collar workers, averaging 50,000 euros a year in France. This will also depend on their sector of activity.
The advantages and disadvantages of executive status
- Executives no longer work by the hour, but rather by the day. This means shorter working hours or longer working days. Executives also benefit from a supplementary pension, which generally leads to a higher future pension and better social status in general. Being an executive has other advantages too, such as easier access to employment or to opportunities to buy and sell real estate.
- More responsibility means better pay, but there’s a 3-month notice period in the event of departure and a 4-month trial period. If you’re interested in the job and think this will give you enough time to get an idea of what it entails, it also extends the period during which you have no right to make mistakes.
- Earning more money is always tempting, but you have to be careful: social security charges are higher for executives. If you only just reach the salary threshold, the charges can reduce the net gain from the status.