Bad Time to Ask for Promotion Timeline?
Monkeys,
I have been crushing it in my position at a mid-sized operator on a very small team. I was told during my December review that promotion early to mid-year was a possibility if I kept it up.
Should I still feel comfortable asking to sit down and reflect on the value I've been able to add?
I wouldn't. The principals are probably taking mighty salary cuts themselves right now.
I agree not a great time to ask for a raise/promotion, but I'd look askance at a principal who wouldn't pay me my worth because they were taking haircuts. That's the risk of being a principal, and it's for taking that risk that they make a ton more money than even the most highly paid employee.
People are taking forced paycuts or at risk of being laid off. Business owners are worried about keeping their business afloat or the cash flow of their properties. Ask for a promotion and the corresponding raise at your own peril.
People remember how others act in a crisis.
We are in the middle of a legitimate crisis, speak nothing of the upcoming recession.
Give it a few weeks to settle down...
It is something that I have been mulling over.
What I am going to plan on doing is ask for a bump in title with a higher percentage of salary tied to the revenue I bring in. But was feeling out saying "we can discuss compensation at a better time" I'm in a unique spot, but I directly take work off the CEO, COO, and CFO's hands. Even in this market I'm taking interviews for 40k over what I'm being paid now, but would rather not leave a year after I've been there.
Yeah that’s not happening. Sorry, not to sound like a dick, but these are economic times where people are saying are worse than post 9/11.
Since it's a small team, I would adopt the attitude of "I'm in it for the long haul" and show them that you're fired up to weather this storm with them.
I like CRE's comment that, "People remember how others act in a crisis." Asking for a raise now could be seen as being profoundly out of touch with reality, especially if you're not the one bringing in the business.
The one caveat I can think of is if you were on some sort of trial salary that no longer covered your most basic cost of living.
Good viewpoints here, I'm really gunning for the title at this point even tho compensation should be a bit higher, understand the time we're in. Thoughts on title with a delayed salary increase?
Not in your industry, but similar boat since I was trying to an agile promo.
Our firm actually suspended all non-year-end promotion timelines.
So that answer would be: use caution and don't upset the brass
Do not ask for this right now. If I were the owner and someone asked me for a promotion I would be pissed and seriously question their judgment. The timing sucks for you, but this situation sucks for everybody. Also, you want to position this ask when the principals are in the best mood possible. Wait until the light reappears on the other side of the tunnel.
Pfft they just got that SBA bailout boy go get that pay raise!
:D
Sooo is now a good time?
I think it's more appropriate than it was in March, that's for sure, but it's still so situationally dependent. You need to know how your firm is doing, what your boss is thinking and worried about, what the future looks like for everyone involved, etc.
If you have a good relationship with your boss, it may be worth more of a conversation than an ask.
My firm is softly looking for an analyst right now. At the same time, the MD is retiring by year end, and the VP will take his place. My two Sr Assoc will probably move up, too, given that they’ve recently started to more formally source deals and maintain the deal pipeline. As the only analyst right now (2yrs of experience) I don’t want to be left behind. We’re a lean team so promotions and hiring aren’t on a cycle.
How do I ask whether this new analyst is going to be my direct report or my buddy without sounding petty or out of touch?
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