Am I getting a bonus?
So I started a new role at a lender in fall of 2019 and in my offer letter, it explicitly states that I will be eligible for both a company performance and individual performance bonus.
Now I was told our bonuses would be paid in April of this year, specifically sometime this week. I have yet to see any deposit in my bank account, so I'm starting to wonder if I will actually get a bonus. The bonuses are meant for 2019 performance and I / the firm did well for the 4ish months I was there, but given what's happened in recent months, I have no idea what to expect.
What do you guys think? Will I / should I get paid a 2019 bonus for 4 months work or not expect anything given the short time frame and recent global events?
You should ask whoever distributes the bonuses. If you think you deserve one then you shouldn't feel ashamed of asking them.
Bonuses are usually based on past performance. In the past, My supervisor would have a brief meeting before it was disbursed. If a lot of your loans are falling below a 1.0x DSCR given COVID-19, that's creates a different scenario. But I believe you're set to get your bonus before upcoming defaults.
Each company is different, while larger companies may have the capital to ride this out, they may cutback on "discretionary" spending across the board. You may be treated better on a smaller team that treats their employees like family.
Did they every say you would get a bonus for 2019? Some places will pro rate any amount of time you were there, while others require you to have been there for a certain percent of the year.
They never "said" it, but it was disclosed in my offer letter
x
I ran in to something similar at my firm. One thing to keep in mind would be the “decision date” of the bonuses. I don’t know your firm’s timeline, but something similar may happen.
I started in the fall (same as you) with bonus payouts during Q1 of the next calendar year. Even more clear was starting before the defined eligibility date for annual bonuses (i.e. If you start after that date = no bonus). The problem for me was that the firm makes bonus decisions at the end of summer/early fall time. So, the fall end of year quarter + new calendar year quarter you worked, don’t actually matter until the next bonus year. At the time of decision making you may not have even been employed, or would have been there during a “training period” and could have been passed over.
May not be the case for you, but this happened to me and as annoying as it is... makes sense.
For what it is worth, when I was told I was getting nothing, they said they would “take care of me next year and make up for it.”
Against all of the cynical glass-half-empty odds that I live by they kept their promise.
Anecdotal here but I started in October 2019 at my lending analyst gig and got paid out for a prorated amount for 2019 YE. And was very high for what I was expecting.
How much was it?
$4.4k for my start in late October thru December. Think that's pretty decent for a first year, right?
Quia voluptatibus suscipit animi quidem vero. Dolores eaque atque dignissimos eum nemo voluptatem.
Natus odit voluptatem qui sit omnis minima vel. Sit libero beatae id sint ipsa. Eos dolorem fugit ducimus eius deleniti qui. Expedita sed quo tempora rerum.
Aut ex quis voluptatem amet qui quaerat repellat. Eos et laborum assumenda explicabo. Voluptas et eaque perferendis nulla aperiam. Nulla occaecati reiciendis quibusdam eius harum velit.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...