Turns out I'm getting underpaid relative to my peers because I was off-cycle?
Joined a job in early March at a UMM/MF and while they paid out a portion of the bonus I would've gotten in July (basically about 75k), and are paying me for the full-year ($300k TC), I will be getting underpaid relative to my peers who all make $350k. I'm okay to take the L this year (mainly because they did pay the 75k) but I want to make sure I get paid in-line next year, which is $375k or 400k but have a feeling I will now be stepped up to $350k. Anyone have luck renegotiating this type of thing?
Oh, the off-cycle conundrum! It's a tricky situation, but not an impossible one to navigate. Based on the most helpful WSO content, here's what I suggest:
Open Communication: Start by having an open conversation with your superiors about your concerns. Make sure to express your value and contributions to the team, and how you believe your compensation should reflect that.
Market Research: Do your homework. Gather as much information as you can about the industry standard for your role and experience. This will give you a solid ground to stand on during your negotiation.
Be Prepared: Be ready to discuss your achievements and how you've contributed to the firm's success. This will help justify your request for a pay increase.
Timing: Timing is crucial. It's best to bring up this conversation well before bonus season or during your performance review.
Remember, it's not just about the money, but also about feeling valued and recognized for your hard work. If they value your contributions, they should be willing to discuss your compensation. If not, it might be time to consider other options. Good luck!
Sources: Likely Getting Pushed Out at End of 2 Years (LMM Buyout), Didn't get paid a bonus as a PE Associate..., Am I being underpaid?
bump
Bump
just to clarify - are you saying your offer itself is lower than your peers? or just that you're currently underpaid b/c you joined later than others? if you joined later I assume they'll catch you up relatively in step, but if it's a long gap (i.e. everyone else started july, you started march), I would expect you'd stay behind at least for a year or so. that's a material difference in experience/etc. 350 to 375 isn't a jump that you should cause that much trouble about IMO
offer was lower than peers. partially to do with getting paid out of my bonus that would've been in july of this year. i think my offer for 2023 was fine, a bit annoyed about 2024 if i get lowballed.
I say make a big deal about it. Who could ever think to survive off 350k? Best case scenario you see a 10% bump. Worst case you get fired. Seems like a good risk reward skew
what a stupid comment man. why would i get fired over asking to get comped in-line with peers?
I don't disagree with the above - especially since you say they had to buy out a big bonus. I really would not make a fuss here over $350 vs $375 given that, you might be out of step for another year but will reset if you stay for senior aso. In your review you can ask what their plan is but you don't have any leverage so not sure how you'd plan to negotiate.
I don’t know if it’s really worth the risk with the info given. Are you certain these people are your exact peers? Is there anything else that could have resulted in their higher comp? Maybe they had other offers and they got offered higher to get them on board?
Management is probably viewing this as inconsequential- “we’re paying him $300k, that should be good, right?” Maybe they’re planning on a raise soon. Idk
Have you tried just asking what the plan is? You don’t have to go in negotiating and arguing. Just as what they’re thinking of doing and then decide next step
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