I'm about 6 months into a position at a small hedge fund that's been transitioning to a private investment/equity structure. My boss is confident in me/always has my back and says that I should ask for a raise as well as negotiate some sort of YE performance bonus in the next couple of weeks. While he can say any number of positive things about me, it is ultimately up to the two partners as they have total control over everything that happens (like I said, very small firm). One of them is pretty fair and genuine while the other typically tends to only looks out for himself. Any decision, even necessary or recommended business decisions, where any amount of money comes out of his pocket is typically a no go from him.
I'm a little uncertain on how to approach the situation because 1) I've never had to ask for a raise and 2) am relatively new to the industry since I came from a different line of work (Big 4 firm). The firm runs a pretty lean shop which means I have a lot of tasks that are definitely in my wheelhouse but would otherwise be given to someone else at a firm with even just 15-20people. I'm worried that the one partner, or both, are going to dismiss any thought of a raise due to my limited knowledge and time in the industry. In reality, they should be paying two people my current salary just to do the required day to day tasks because when something else comes up it is almost impossible to juggle both projects at once. I'm willing to work hard and grind through the busy times but I'd basically be making the same salary had I kept my public accounting job and would have about half the workload I have now.
Anyways, just looking for any advice or wisdom from someone who's been in a similar situation or even from the partner/managers point of view. I know I have to be confident when I'm in there but I guess I'm just looking for any suggestions or talking points/metrics I could use to my advantage so that I can better negotiate and don't walk out looking like a fool.
Stay gold,
Dirty Mike
DirtyMike, bummer your thread hasn't had a response yet. Maybe one of these threads could point you in the right direction:
Fingers crossed that one of those helps you.
Negotiate a raise after 6 months is unsual. If I were in your shoes I would say: I want to earn $x, what should I do or improve to get there? This way at least you get metrics to work with and on which you can show improvement. 6 or 12 months down the road you can show improvement on all metrics meaning you should get a raise. You could try to do the same with your job description when you were hired and show how you out-performed compared to that, but it's much more difficult.
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