The economic tsunami has left hundreds of thousands of senior executives stranded in its wake. Feeling displaced and facing harsh new realities, these unemployed professionals have been reassessing their values, careers and life goals. Sound familiar? You're not alone. In this extreme and volatile economic climate, judging your worth as a professional may feel more difficult than ever. You may find it hard to know how to negotiate for a new job.

Complicating matters, companies are more discerning than ever about prospective candidates' qualifications and fit, and they're paying closer attention to the information they gather up front. They want to be very sure, as early as possible, that a candidate's skills and requirements match their needs. As a result, negotiations start well before an official offer is ever extended.

First, remember that from the moment you meet a recruiter or prospective employer, your mindset and presentation will be sending subliminal messages about both your value and your values. From the start you need to be thinking about the monetary and nonmonetary considerations that matter most to you. And make sure you are very clear about the unique attributes you can bring to a new employer that will make you valuable--and make sure the employer gets that picture.

Also understand that determining fair compensation and reward has become increasingly difficult on all sides. In an effort to streamline the process, some organizations will present you with an outline offer--a cookie-cutter template for executives at a similar level--to get your initial reaction and set expectations all around. Assuming you're interested in the job and keen to move forward, use that opening bid as a chance to confirm your needs and help your potential employer be creative. The key is to be both flexible and well informed.

The effect of the downturn on compensation levels has varied by industry and even geography, so research your sector and specialty to know what the current state of play is. Of course you'd like to match your most recent earnings, but remember that a career is a marathon, not a sprint, and what's important is where you finish. Think about whether your last compensation package was among those that were highly inflated and unsustainable in the overheated economy that preceded the downturn, and whether your financial situation is such that you need to take a job quickly even at a lower salary.

Finding the appropriate balance between cash and equity compensation when so many equity plans are underwater is a challenging equation to solve for companies and candidates alike. Again, flexibility and common sense are essential. You should also consider questions of work-life balance, such as vacation time, flextime and working from home, especially if you feel you're compromising in terms of cash or other financial rewards.

Also don't hesitate to ask for clarity on matters such as advancement opportunities, board-level visibility, autonomy and whatever are the keys for success in the position, as well as on location, long-term incentive plans, possibilities for offsetting any losses you may have to incur (for instance from selling your home), termination clauses and transition periods.

The most common mistake both companies and candidates make while negotiating is moving too slowly. Most executives view silence from a company as an indication that it operates ineffectively or doesn't care much about its people. Likewise if people at the hiring organization don't hear back from you, they will question your interest. Be transparent, and outline your decision-making process and time frame up front. You can either ask for a deadline or offer a specific date by which you'll reach your decision, as long as you're sure that date falls within their timeline.

As long as you form a bond during an honest and open negotiations process, finalizing the details should be easy. After carefully reviewing the offer letter, take a personal approach to accepting it by calling the search consultant, head of human resources and/or the hiring manager and thanking them for the opportunity. Clarify your next steps, and let them know when and how you will return a signed copy of the offer and confirm a start date. Ideally, during the bargaining phase both you and your future employer kept as much focus on your new relationship as on the details of the contract itself. That should allow for a smooth transition and the start of a long, productive partnership.

Scott Kingdom is a senior client partner and global managing director of the executive search firm Korn/Ferry International. He is based in Chicago.

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