Hi fellow monkeys,I'm due for a ~$150k cash bonus come March.
I've come to realize that I am currently under comped (base) by 35-45k/ yr.
Should I ask for a raise now, or wait until I collect my juicy dollars in March and then ask for my raise?
Only problem with waiting until I get paid is that I will likely accept a new job with higher pay for start n March instead of hoping they just bring me up to market.
I guess I'm worried that if I ask for a raise, albeit respectively, it could negatively effect my standing with my boss.
That being said, I can't believe I'm such a puss. However, $150k is a lot for me right now.I appreciate your advice.
Wait until you get paid, they have leverage over you now
Only problem with waiting until I get paid is that I will likely accept a new job with higher pay for start n March instead of hoping they just bring me up to market.
Candidly, you won’t get a bonus if you indicate you have better comp elsewhere as they will expect you to jump ship - assuming this is the type of shop that will pay you that much under for base without being open to bumping it up.
I would accept the new offer and push for a larger bonus without mentioning your new offer. 150k bonus for Aso 1 is not bad at all. Remember that most bankers are probs not getting a large bonus this year so you may be closer to market than you think this year.
More than that, you will have optionality to stay or go. Best of luck!
Something to consider is if they weren’t paying you enough already, do you think they would continue to lag behind market if you stay? Best case scenario they match your outside offer, but now they know you were looking elsewhere. Probably better to lock in whatever bonus at your current job and jump to the new opportunity.
Focus on lining up options so that you can leave upon receipt of the bonus. No need to risk upsetting the apple cart until then.
It's such a stupid system. If this process was transparent and of integrity it would be so beneficial for both parties. I unfortunately agree. That being said, what if my current firm gives me a crazy counter? I would hate to reneg on somebody who was nice enough to wait for me to get my bonus.
Edit:
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I understand the desire to be upfront and hope for the best outcome, but once you show your cards, you can’t take it back. If you indicate that you would consider leaving, you’ll be second place for all things pertaining to upward mobility and your firm is likely not going to pay you bonus and may even try and replace you - that’s irregardless of whether they go with the raise in the short term.
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Candidly, they were also nice enough to underpay in the first place. If bringing up another offer is the only way they pay you properly, is this really a place you want to stay in?
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