Any insights on what to do with a conflicting annual review?
Had my annual review this week and I am very conflicted and looking for advice. Performance grading was top marks across the board however base increase of 10% (base was already below market) and bonus of 5% felt like a slap in the face. Analyst at a Family office so I wear a lot of hats ranging from operational finance/accounting work to more asset management on existing projects or supporting new investments. The disconnect between my performance grading and overall comp changes have me reconsidering everything despite the fact that I have truly enjoyed the past year and the exposure I have had to a little bit of everything.Prior to my review I was hopefully for the long haul but now I feel like that outlook is bleak given the numbers after a great year. Would appreciate any insight!
5% bonus sucks but can be the nature of a family office, a lot of family offices are cheap on bonus but will pay well in terms of salary.
A 10% raise isn’t bad if it wasn’t for the inflationary environment, but given you’re already below market on salary I think it merits a discussion with your boss. Just make sure you have something to back up your request (I.e I’ve been in touch with recruiters not because I want to leave but to get a sense of what my role commands these days and I came to discover I’m underpaid. Given my performance review I’d like to reassess my salary)
Appreciate the insight, toughest part is through some other standard reporting I do I know the average bonus is 15-30% and just that I was told I did great while a 5% bonus doesn’t reflect “Great” performance in my mind.
tbh, unless you give actual comp dollars and market, not sure anyone can offer a lot of insight. This is probably how the firm operates, and may be in the range of fair given WLB and/or stability factors. 10% up is a lot any other year. The bonus does seem low, was range not discussed when taking the job? Again, without context, hard to say, but analyst getting bonuses of 10%-30% is probably a normal range, sometimes higher.
Understandable, to put it out there base year 1 was 50 so tack in 5% bonus that puts me at 52.5 gross. WLB is pretty solid and does allow for a lot of flexibility, hours roughly 50/week. Located in a large southeast city to add context.
Eh, even for southeast.. that's low, like very low (at least my gut feel). I'd venture to guess UG's starting at major accounting firms make that and more (not comparing, but that to me is always a good "base" for fin/acct type jobs for which CRE should benchmark off of, as you should do quite a bit better all things equal).
Not sure your long term desires, but I sure wouldn't blame you for jumping ship sooner than later for better pay/gig.
That’s what I’m struggling with, when I took the position it was February of 21 when the market for juniors really hadn’t picked up much from early Covid and the opportunity was good but numbers weren’t there. I do enjoy what I am doing however the market here is rolling and the firm had its best year ever and numbers didn’t make me feel like they appreciated the work and initiative I have put forward. The numbers for general finance/accounting analyst in my market are all 60-70 base with atleast 10% bonus and after that review I feel slighted and just makes seeing the long term foggy.
Tbh, you may want to consider having an honest conversation with your manager, and explain what's going on in the market and that you want to stay, but feel like you could be missing out on better pay. If they really like/want you, they may do a "reconsideration" in your favor. Small shops (like i'd guess a family office is) may be clueless about the reality of salaries in 2022, if they lose you and have to pay next person like $65-70k, and they liked you, it would be dumb not to adjust you up.
I don't think this is a crazy idea if you do so respectfully, have data/comps (you can "cite" WSO I guess lol), and make a good case. The risk of getting "fired" or even looked down on for doing such is really minimal. And if they took offense or worse... this was not a place worth staying!
We just hired an analyst in a major southeast city. 80k + 10% I believe. Zero experience outside of internships.
I will say that there's a chance your family office simply doesn't know what market is right now. My company's owner was shocked at market comp.
Still, it's not 50k. If you were at $70k or something I'd probably tell you to forget it, as that difference is kind of negligible, but there is a massive difference between 52.5k and 88k...
If I were you, I'd start looking around and taking advantage of a hot job market (esp for juniors).
No matter which way you look at it, 52.5k is super low. At 50 hrs a week which you referenced above, you're making $20 an hour. That's like fast food worker territory.
How big is the family office for them to pay this low? Portfolio and headcount-wise.
ur a 1st year analyst so unless you have options and can actually get a better job that pays better too then I'd just keep working and bounce after another year or so
I was in the same boat when I graduated in 2017. Making $45k base but bigger bonus than you (prob 55k all-in). I left within a year for a job that paid $130k, 3 years later I was making 2x that.
Back then it was an extremely hot job market, similar to now. Go out there and get that $100k+ job - there are tons of them for recent grads with decent experience. If I could do it in 2018 it will be much easier in 2022.
Also keep in mind, that there is an exactly 0% chance your family office brings you up to market pay. Theyre not gonna go from paying $60k to $145k. They just won’t. Ever.
So freshen up your resume and start sending apps. Be open to relocating cities if you care about maximizing pay
I got paid more then a 5% bonus when I worked in back office, the heck type of torture chamber are you in
Some family office's just suck....I'd say a majority.
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