Feeling confused after my reviews
Today on my reviews my boss did/said something that ended up leaving me really confused and outright played.
When I joined the firm 1,5 years ago I negotiated that bonus would be up to 6 months (they first offered 3 months). He approved the 6 months then and during my first reviews I got the full 6 months prorata to having worked there half a year. Today DURING my reviews he says that I am too expensive and that 6 months is too much. That they are lowering the policy in my employment contract to 4 months and that my performance would be based on how much I would get out of 4 months. This really pissed me off because why did you not tell me this earlier, like a year ago? Maybe I don’t like the new policy and would rather leave? Not fair to announce this change on the day of my review. Or am I crazy in feeling that way?
He also goes on and completely exaggerates how much money I would make from carry in the future literally saying I’m gonna get a number almost 10x higher than what I would actually get assuming 3x performance. “I’m sure you don’t care about your bonus when we’re gonna make you so rich in the future?” This was insulting because it’s so far from the truth. The carry is definitely not going to make me “rich” or be close to the number he suggested. Does he think I’m an idiot believing it? I confirmed with 4 people in the industry that his calculation was off 10x from the truth.
Before today I liked my job but today I am left feeling extremely played. I have worked so hard this whole year only to be lied to in my face. He didn’t just do this to me he did it with everyone else (there are only 2 more non-partners at my firm and both are feeling the same way).
My boss already has a reputation in the industry for being greedy and very difficult to work with but I never thought he would end up treating his own employees like this!
I’m confused by your 3 month and 6 month comment, are you saying your bonus was up to 6 months for pay (I.e. 50% of your base?) or something else?
Also did you have a contract saying this and they changed it the day of payout?
Either way, sounds like a shitty agreement and not a firm I would be a part of. You can’t both say that company economics are great and that carry is going to make you rich AND then skimp on the bonus. Why be so cheap if there is so much money to go around?
Don’t believe people that make promises down the road, especially when they have already broken a promise, they are generally full of shit.
Yes exactly - it was up to 50% of my pay and they lowered it on the day they gave me my review as they thought it was “too expensive”
I would have a problem with that, of course if your pay is well above street then maybe too expensive, but it doesn’t sound like it (just from the way you are talking about it). It is one thing to lower your bonus because you didn’t perform well, but to adjust the pay like that is a crappy move. Personally that wouldn’t sit well with me and I’d be looking for another opportunity.
Any time you don’t get a full bonus, I’d start evaluating strategic alternatives... either you’re not performing well, the fund can’t manage its expenses, or the partners think so little of junior personnel that they’re willing to fuck you over what should be a pretty meaningless amount (to them)
You’re right. I’m aware we have a tight budget which he should’ve said but he rather talked about how expensive it gets for them if my bonus is based on up to 6 months (50%) of my base so he changed the policy on the day of payout / reviews ... not okay. Should’ve told me before and allowed me to consider if I wanted to stay after the change.
Highly recommend reaching out to recruiters, friends in PE about joining another firm that values their employees. Look out for yourself because your boss clearly isn't.
Echo other sentiments, time to start looking elsewhere. Hard to listen to and trust a guy who just screwed you, talking about how rich you're going to be in the future if you stay. Also, that bonus reduction just went straight into his pocket.
Exactly, straight to his pocket! HOW can he literally announce on the day of reviews / near payout that he’s going to change the bonus policy in my employment contract. Ridiculous.
Agree with above and hands down the biggest red flag is the “we’re going to make you so rich”. I heard this once and the firm went under. Not saying your firm is going to go under but that’s what every con-man ever has said. Definitely start looking else where and then they’ll see how “expensive” you are once you’re gone.
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