Bonus 20% less than peers, should I bring it up?
Bonuses came out recently for my bank and was in discussion with my manager (analyst-2)..............
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Based on the most helpful WSO content, it's a tricky situation, but here’s how you might approach it:
Assess the Risk vs. Reward: Bringing up the bonus discrepancy could sour your relationship with your manager, especially if the decision was out of their hands. However, if you feel strongly about the unfairness and believe it could impact your future compensation trajectory, it might be worth addressing.
Frame the Conversation Carefully: Instead of expressing frustration or directly comparing yourself to peers, approach it as a learning opportunity. For example, you could say, "I noticed some differences in bonuses within the team and wanted to understand if there’s anything I could improve or focus on to align better with expectations." This keeps the tone professional and non-confrontational.
Consider Timing: If you decide to bring it up, wait until emotions have cooled and you can discuss it calmly. Avoid doing it immediately after receiving the bonus, as it might come across as impulsive or overly emotional.
Think Long-Term: If you plan to stay at the firm, it might be better to let this go and focus on building a strong reputation for future bonuses or promotions. However, if you’re considering leaving, this could be a moment to gauge how management values you.
Learn from Others' Experiences: As seen in WSO threads, many professionals have faced similar situations. Some chose to address it diplomatically, while others decided to focus on their exit strategy. For instance, one user mentioned that complaining about pay directly often leaves a "sour taste" in management's mouth, even in a money-driven industry.
Ultimately, weigh the importance of the $20k against your career trajectory and relationship with your manager. If you do bring it up, keep it professional, constructive, and focused on growth.
Sources: Dealing with a terrible bonus?, Analyst Troubles, Strategy& Compensation Updates, The Work Always Gets Done, Fired as 1st year analyst?
Sales and trading management and the performance review process are a huge joke. They pretty much use a mad lib type template and fill in the blanks slightly different. So everybody gets the same rating and then management pays who they like best. Not much you can do besides keep working and try to get on the good side for next year.
Unfortunately, you are speaking the hard truth. Found out numbers were decided by the MD, who does have their favorites. The review was given by my manager, so he was just the messenger.
So I'm assuming based on this, I shouldn't bother asking the MD the reason why and just quietly lateral out?
I’d avoid asking the MD directly but now that you know who signs the checks figure out how to get that MD to like you. This entire business is convincing the person who signs the checks that you are doing a good job. Numbers, reviews, etc don’t matter all that much.
In terms of lateraling you should always be on the lookout for a better opportunity, you are only worth what somebody else will pay you.
Don’t appeal to fairness, instead base it on value. For some reason the manager thought you did worse than the others. Could be for a good reason or not. Best approach is to prove to them that you did really well for x, y, z business reason. Don’t just say that others got paid more so you feel like you were left out. That makes you seem petty, gossipy, and ignorant of the reason that they gave you less in the first place.
Yes, I approached from a logical stand point. Explained that I consistently worked more hours than my peers and took on double the responsibility. All of which, was agreed and acknowledged, but they couldn't do anything since numbers came from the MD. It now becomes an issue of whether I should escalate and speak to the MD.
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