Pay offers from different employers were once fairly easy for candidates to compare. The compensation elements and terms were clear-cut, and you could match salary with salary, bonus with bonus.

Nowadays, complicated stock-option, stock-grant and short- and long-term performance incentive plans are standard compensation elements for executives. Vesting schedules for these plans are all over the ballpark. Perks are varied and widespread. Compensation packages are "clearly more complicated than they used to be because there are more pieces to think about," says Alan Johnson, managing director of Johnson Associates Inc., a New York compensation-consulting firm.

The trickiest part of negotiations, perhaps, is evaluating a new pay offer vs. the package left behind at a current employer. Most executives don't have a clue about the real dollar value of their current pay packages, says Mr. Johnson. Without knowing the value of each element, plus the total worth of what they're earning, they don't know how a new offer compares.

"If you ask most senior executives how much they earn, they couldn't tell you," says Paul Dorf, managing director of Compensation Resources Inc., a consulting firm based in Saddle River, N.J. "Typically, the higher they are up the food chain, the less they know what their compensation is."

Many senior executives ask financial experts to help them compare the value of their pay offers and then use lawyers to work out the details so they "remain whole" and don't lose financial ground by changing employers. If you're a typical executive, you won't have this advantage, but you can take steps to level the playing field during pay talks. These include doing research, preparing a simple spreadsheet to help you compare elements and knowing how to ask for what you want. First, though, some general advice about pay trends in the current environment:

An employer's hiring market and disappointing returns from stock options in recent years might be expected to dampen executives' pay demands. Not so, say compensation consultants. Executives want just as much equity as they did during the run-up in the stock market five years ago -- plus competitive annual cash compensation. Apparently companies are meeting their requests.

"Negotiating power has remained with top-level candidates even in the downturn," says Mark Edwards, chairman of Compensia, an executive-compensation consulting firm based in San Jose, Calif. "I still see executive candidates and technical staff acting as though it's a hot labor market. There has been little slackening in the degree of demand for the best package."

Due to proposed accounting rules requiring companies to treat stock options as an expense, employers are beginning to offer other stock-based vehicles in lieu of stock options as long-term incentives for executives. For example, executives might receive restricted stock grants, which are actual shares that vest after a certain period of time or if certain goals are achieved, or a certain number of stock appreciation rights (SARs), which is the stock-price gain over a period of time.

In 2003, 278 companies awarded stock options to CEOs compared to 295 in 2002, according to a study by Mercer Human Resource Consulting. Stock options accounted for 62% of the value of CEOs' long-term incentive packages in 2003, compared to 76% in 2002, while restricted stock climbed to 20% of the mix from 12%, Mercer reports.

"Stock-option use dropped precipitously between 2002 and 2003 and the use of restricted stock and other long-term programs went up," says Mr. Dorf. "But some executives say they still want options. If they haven't done their homework and don't understand the new elements, they are less willing to take an alternative."

In other words, it's essential to know the value of your current pay elements when you begin negotiating a job offer. You also should have an idea of what you want, what you're willing to accept and what would be a deal-breaker, says Mr. Dorf. "Without having a clear head and thinking through those things, an executive is more likely to get into trouble," he says.

Executives in the high-tech sector view equity as the most important part of their pay package, although cash compensation -- particularly base salary -- is increasingly important, says Mr. Edwards. Next highest on the list is their employment terms and conditions, such as severance and change in control provisions, followed by bonus and incentive plans, benefits and perquisites, he says.

The following tips from compensation experts may be useful in helping you strike the best deal when you next negotiate pay with an employer:

1. Determine what your current pay package is worth. By knowing the total value of your current pay, you'll know what you're leaving behind, what your new employer needs to match and whether a new pay offer equals or exceeds your current pay. This is essential if you're talking with several employers and must choose between two or three offers, says Mr. Johnson.

Write down the value of your annual salary and any cash bonuses you're due to receive. Know when your next salary increase is due and what you would earn after receiving it. Evaluate how much your benefits and perquisites are worth to you. Place a value on each item, such as your medical, dental, disability and other insurance plans, tuition reimbursement, company match of a 401(k) plan, other retirement plan and accrued vacation time. If you receive a company car, country-club membership or other perk, "put a value on it," says Mr. Johnson.

"You need to sit down with a calculator and spreadsheet and write down your free parking, medical benefits and whatever," he says. "This is a Sunday afternoon's work."

The value of some perks can be surprisingly high. For instance, among the 69% of companies providing cars for executives, the average annual car allowance is $11,700, according to Compensation Resources. A country-club membership is worth $7,000 on average, financial counseling is worth $7,300, and a cell phone is valued at $1,300, according to the firm. On average, companies cover about $3,600 a year in miscellaneous expenses on a company credit card.

If you have stock options at your current employer, put a value on them as well. For pre-public companies, this isn't usually possible. The best you can do is determine the current value based on the strike or exercise price and your best indicators of the company's future prospects. "It's all funny numbers," says Mr. Edwards. "We talk about what the expected value will be at the initial public offering if they execute the plan, then we discount that back to present value."

2. Determine how well you're paid relative to others in your field. The Internet is a wealth of information on compensation for executives. Many sites, including this one, provide data on pay in various functions and industries. Start by reviewing the salary tables organized by industry and job function on CareerJournal.com. For more pay data, contact your professional association or review pay surveys published by trade journals in your field.

Executive pay varies by company size, geographic location and other differentials. Some sites, including CareerJournal.com, provide a salary calculator that allows you to plug in geographic differentials so you can determine how you might be paid in, say, California vs. New York. By learning your typical salary, you can decide if you're underpaid relative to the market and try to resolve such a discrepancy at your next employer. When demand is strong, marketing executives recruited for new jobs might receive a 20% increase in pay to change jobs, says Ms. Cushman.

3. Learn what typical option grants are for executives at your level. If you're being offered equity in your new employer, you should know the size of typical grants. The size of an award depends on the size of the company, whether it's public or private and your position. A pre-IPO company might award more options than a large established public company because the risk is greater that the stock won't appreciate. Typically, the more critical you are to the company, the more ownership you receive.

In 2004, public companies with less than $250,000 in annual revenues reported they awarded CEOs an average of 160,000 options a year and senior vice presidents, 60,000 to 70,000 options a year, says Ted Buyniski, a principal and national high-tech compensation practice leader with Mellon Human Resources and Investor Solutions. The average stock price for companies of this size was $11.

Companies with revenues greater than $3 billion awarded CEOs 500,000 options annually and senior vice presidents, 197,000 options annually. The median stock price at companies of this size was $15, says Mr. Buyniski.

"Generally speaking, the bigger the organization, the smaller the percentage of equity is as a percentage of your total pay package and as a percentage of the company's stock, although dollarwise your grant may be larger than at a small company," he says.

Although stock options are falling out of favor, those being awarded now are potentially more lucrative than those offered when stock-market valuations were higher because current option grants have lower exercise prices, says Mr. Johnson. At lower exercise prices, there's greater potential to realize significant gains as the stock market rebounds.

"Today's valuations are a lot better than they were a year ago," says Mr. Johnson. "If you're changing jobs, this is your chance to get a better deal than you would have last year. Your friends will tell you to go for a bigger base and bonus and that options aren't any good, but if you get options at $12 a share, instead of $35, this may be how you get rich."

4. Compare like pay elements. The only way to make a meaningful comparison of different pay packages is by evaluating each element against the same element at the new company, says Mr. Edwards. "Break it into discrete parts," he says. "Look at salary vs. salary, cash incentive vs. cash incentive and stock vs. stock."

That said, a new pay package might differ from your current program, with some elements worth less and others worth more. However, the total package may be designed to make the job offer attractive and compensate for what you're leaving behind. For instance, if the new company can't raise your base salary because of limits due to an internal salary structure, it may offer you more stock or a hiring bonus to make up the difference. "It may be impossible to get another $10,000 in salary, but perhaps you can get more options," says Mr. Johnson.

"When a package comes through, you must look at it in its totality," says Mr. Dorf. A typical example might be a company that offers a $100,000 base salary instead of the $125,000 you want, but then adds a target bonus worth 15% of your salary plus a cash-based long-term incentive worth 25% of your salary starting at the third year.

Mr. Dorf says he helped an executive negotiate pay for a new job as CEO at an Internet-based consumer-products company in New York. Stock options and restricted stock that weren't in the company's original offer were added to the package. However, she still wouldn't accept the job because she didn't want to commute into New York. After the company agreed to hire a limousine to drive her to and from work and pay her additional parking costs, she accepted the job.

One way to evaluate long-range elements that don't pay out for four or five years is by asking yourself what the likelihood is that you'll still be with the company at that time, says Mr. Johnson. "With vesting schedules and things that don't happen for five years, you have to ask yourself, 'What are the odds I'll be there in five years?' " he says. "If there's only a 50-50 chance, you have to put a big discount on the stuff that comes later."

5. Be firm, fair and flexible -- then trust your gut. Employers will usually try to be fair with candidates they're anxious to hire. No one wants a new executive to be unhappy from the outset. Likewise, you don't want a new employer to think you're difficult. Explain how you're paid and what you're concerned about leaving behind, and wait to see what the company offers. This process might take several discussions.

You can ask an employer for "almost anything if you do it professionally and with a smile," says Mr. Johnson. "Many people don't get what they should because they don't ask." Mr. Dorf notes that he's never heard of a company rescinding an offer because an executive asked for additional pay when negotiating.

Ultimately, candidates should accept jobs they feel will be satisfying and challenging, and not necessarily because they pay the most. This means taking "the stomach test" when a final offer is on the table, says Mr. Edwards.

"You have to ask what your gut feels like," he says. "Do you like the company, its prospects, the offer, the people there and its vision for the future, and are you ready to ride the bucking bronco?"