Obviously a lot of variables here, but just curious if anyone has navigated end of the year interviews/offers when they were expecting a decent bonus in January or February of the next year.
As of this post, it's now October 2. Let's say you're ready to jump and you have one foot out the door but you get a bonus in February of the following year. That's 4 months away from now. Do you just passively wait until the bonus hits your bank account? For arguments sake, lets say its a sizable bonus (at least ~$20-$40K) and something you wouldn't want to pass up. But, what if a slam dunk private equity role comes across and they want to interview you and it's starting to make its way through to an offer stage. How do you negotiate, or navigate, the fact that you're supposed to receive a sizable bonus within 4 months, but a new company might not wait that long to hire you or pay you a signing bonus?
You may not be able to do this at a more junior level or with massive firms with set recruiting schedules, but I tell recruiters/HR/hiring managers directly "I will not be making a change until after X month." If they want to know, I will happily say for financial reasons, but it's not really any of their business, so most don't ask.
Something to remember as you get older in this industry is that job hunting becomes much less of a one-sided ordeal and is far more of a negotiation between two equal parties. I'm not sitting around with my fingers crossed hoping someone likes me. If they genuinely want you for the role, but that means they're going to have to wait a few months for you to start, then that's just part of the decision process that they have to make. Most would be flexible for the right candidate.
If they're hiring a whole class of analysts and training starts on X date and you can't miss it, then maybe the timing doesn't work, in which case you need to decide if you value the new position more than the bonus or vice versa. Or, as you alluded to, if you're far enough along, explain to the new company that your opportunity cost for taking the job on THEIR schedule is giving up your bonus and that you'll need a higher base or a signing bonus to make up the difference.
Be calm, rational, respectful, and direct in all of this. Sometimes it'll work out, sometimes it won't, but I've always found it better to be upfront.
Fair points. Guess I should have prefaced the variables better by saying I'm more in between the junior level (where they can hire a warm body to fill the seat) and upper level (where someone might be courted for months until the opportunity is right). So I think that plays into it.
I guess I should raise the stakes too and say, since everyone on this forum has wet dreams about PE acquisitions, if that's your end goal and that opportunity comes knocking while you're currently in a BO/MO role, do you pass it up?
I think your response answers those questions for the most part, but just wanted to clarify any presumed gray area in the OP.
So much of the decision is personal though that it would be hard for someone here to definitely answer. How solid is your current role? How much do you enjoy coming to work every day? How transformative to your life/carer would the new role be?
If you're in a back office role and a private equity position comes open, and private equity is what you've wanted to do for years, what is the bonus amount you'd theoretically be giving up if none of your negotiations work? If this a lot of money to you personally? Is this bonus even guaranteed? What is the delta between that bonus and what I'm assuming would be a salary and potential bonus increase in the new role?
We could give guidance like "Forget $10,000 and think longer term. It sounds like a lot now, but the new role will more than make up for it" - but beyond light wisdom like that there are so many variables, many of which are simply opinions, that a hypothetical is just very difficult.
Great advice here. I think, as a mid-level person, you should expect to receive a signing bonus. It likely won't make you whole on your bonus, but you should definitely be negotiating on this (will get respect for doing so). I'd approach it tactfully (i.e. when they've made you an offer), and say something along the lines of "I really appreciate the offer, and I am inclined to accept it, but I will be leaving $xxk in bonuses on the table by joining before xx/xx/2020. Let's discuss a way to help bridge that gap." You'll likely wind up around 50% of your bonus, but I'd also use it as leverage to push for higher comp, a higher bonus %, or perhaps some sort of mid-year bonus (helps them spread it out on their corporate P&L). What you're willing to accept and live with is totally up to you, but that's how'd I have always approached this... it won't be unexpected or off-base when you bring up the issue to the hiring manager.
thats what sign-in bonus is for, new company can cover your bonus
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