Hey guys,
The story is: we had a great year last year and got "far exceed expectations' in my performance review. However, my bonus got fucked up due to someone's stupid mistake (thinking about 50% less), and the number could not be changed due to the company's policy. (don't ask me why. It's the most stupid reason I have ever heard).
So my boss knows I am pissed, and he promises he would try his best to get me promoted to a VP this year (NOTHING is gauranteed). I have been with the firm for about one year and a half as an Associate and working on the acquisitions. Typically you will get promoted after being an associate for three years. So I guess they will put me on a fast track.
I am thinking about looking for new jobs. The thing is I don't want to be an Associate at another firm for another couple of years. But I know it will be tough for me to find a VP job since 1) companies tend to promote their own Associates to VPs 2) Companies are slowing down in hiring especially on the acquisition side
Any suggestions? Thank you for your help. Feeling like I am going to explode....
If they acknowledge that a mistake was made in paying out your bonus and refuse to correct the mistake, that would seem to be a pretty big red flag. As far as promotions go, I'd feel better if they said you were getting fast tracked purely because of your performance rather than because of an error in the payroll department.
I would see what else is out there and then make a decision.
Agreed 100%. That excuse is complete bullshit and a promise to "try his best to get you promoted to VP" is nice, but ultimately meaningless.
Start reaching out to the network. You might be able to find a "promotion" that way, but another year or two at an associate level won't matter as much as you think it might now. Working for a competent firm alone is benefit enough.
Sounds fishy man. I don't buy that story from them for 1 second.
That's the stupidest thing I've ever heard. If they can't fix your bonus than they should offer you a raise to make up for that lost money. They don't have to promote you to raise your salary. The worst part is they acknowledged the fact that someone messed up and refuse to fix the problem.
Get a paper trail, start finding a new job
Can you define what you mean by "someone else's stupid mistake", (asking), like an accounting error, or someone fat fingered a number? That's fucked up as stated, but I'm saying if they know they actually messed it up (like moved a comma), it should be remedied.
That company policy thing sounds like someone found a prior loop hole, and now everyone has to pay the price.
Also, if your boss can't get the bonus changed, makes me thing how much favor/how hard he'll try to get you the promotion.
Bottom line, companies have to take care of people, sorry this happened.
This matters a lot in determining next steps. Did the company acknowledge that you should have received a bonus of $X and instead got $Y, but they refuse to fix it? Or did your boss try to give you a bonus of $X and foolishly told you that number before he discovered that, in fact, he could not pay you that much?
Just my $0.02, but if I were you I would request a meeting with your boss and let him know it's about this issue so he can prepare for it (people don't like being blindsided, it puts them on the defensive). Stay cool in that meeting. Tell him this is a significant problem and specifically ask how he is proposing to rectify the situation. It's totally fair to point to the fact that you are standing up to your obligations as evidenced by a very good performance review and the company is not. Toe this line carefully, make it clear you are very unhappy with the situation not getting resolved but don't get say anything about leaving or looking for new jobs, that's a threat.
PS, that excuse is total bullshit and I think it's fair to point it out as such.
Well said Ricky Rosay this is solid advice. sounds like you've been in this position before? or on the other end of the table perhaps?
OP sasamiss813 the excuse is BS. If your boss has already acknowledged that your number was short by 50% then you need to go get yo well earnt paper my g.
Ricky Rosay is a known bonus thief.
He needs something to throw out the roof of his Maybach while shouting "muthafuck the break pads"
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