Hi guys, posting on a throwaway account.
I started my job at a boutique focusing on the MM in January. Currently sitting in a restructuring/generalist style team. I just found out about something concerning my contract last week and I feel totally screwed. Let’s rewind a couple of months why that is:
Last November I got 3 job offers. This was for a first FT job in Europe. The first offer from Firm A was solid. It offered a max bonus of 80%. Firm B offered me a basically nonexistent bonus but did pay overtime. This firm however was a lower ranked MM, while Firm A was a couple of notched (still MM) above that. Firm C was an even smaller firm with a contract with similar base and no overtime.
In the end HR (who knew that I had 2 other offers from those firms) convinced me to pick Firm A. The large bonus potential was what made me pick the firm, as I liked the people at Firm B a bit better. Fast forward a couple of months, and in the 4th month on the job I found out that the bonus structure at my firm was completely revamped, now being closer to Firm B (10-15% max). This happened a month before I signed my contract and before HR told me there was a max bonus of 80%. Seems like HR lied to me (or is really incompetent).
Feeling totally screwed, because if it hadn’t been for that bonus I would have picked Firm B. So currently I’m not really sure what I should do: - Confront my MD. I don’t really feel there is a lot of upside here though; - Confront HR: same as the first. This would probably be reported to my MD and won’t make me look good; or - Start looking for a new job. I feel this is too early however to lateral (especially without a lot of good experience under my belt, having been here for 4 months – and this is my first FT position). Also, how would I explain a move to a different firm when I do so in the first 6-7 months?
I was hoping WSO had some advice for me here. Would be really appreciated!
Agree with your assessment for the first two points (re: confronting the MD / HR). As much as you'd like to get this issue off your chest, there is no upside for you. I would spend 18-24 months there before lateralling.
I’d start looking to lateral after 6 months
agree
Don't confront...no upside...only downside.
As soon as you hit the 6 month mark, start looking to lateral.
Sounds like pay would have been the same, so suck it up. There is no reason that you still couldn't get the high bonus, and if that is the case you can express your frustration after the fact. No point bringing it up now and consuming yourself by something that may or may not happen.
Don't confront, but ask questions.
Go to HR and ask (not argue) if the bonus structure that was initially laid out to you is still in play for you. See if you can negotiate a grandfathered in clause. Even if it doesn't work out, I would still try it. Hopefully, down the road, you will have to ask an employer for a lot of money or negotiate a higher contract and I wouldn't want that to be the first time you have to do that.
Seems like this would be sorta pointless in this case though since bonuses are discretionary and at best the grandfathered clause would say something like “bonus up to 80%” which if everybody else is capping out at 10-15 is totally meaningless unless op is really adding unique value (which is super unlikely as a recent grad).
This is was my thought exactly. As bonusses are discretionary anyways I can only screw up my position even more.
You should confront, get your pay bump, and then lateral. To be honest, things change and you don’t owe them anything. Doesn’t sound like a place that could chase you and ruin your career after you left ..
Happens in sales all the time. The once lucrative comp plan changes and you look elsewhere.
Only option is to move on. Start looking ASAP. Maybe recontact old firms.
Thanks for all the input so far. I also feel like lateraling is the best move. Having said that, it is going to be hard without having a solid skillset or project/deal experience behind my belt. I'll look around a bit after the summer, but not sure if that is too early to try and lateral.
Sorry to hear. I probably wouldn't "confront" them, but it doesn't hurt to ask HR for clarification regarding the disconnect. The upside is that, as you mentioned, firm A is a higher ranked. Hopefully that'll make lateralling a bit easier than it otherwise might've been
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