Rich People’s Problems: How to get a bigger bonus

If you don’t like the vulgar debate about cash, look away now. The bonus season has arrived. If you work for a financial services company, it’s time to fill your boots.

There is a prediction of Record-breaking loot This year will be offered thanks to increased trading volume and a post-pandemic War for talentDue to some forecast bonuses at US investment banks, it could increase by 35% compared to last year.

Before joining Morgan Stanley in London, I was asked what the bonus was for the previous year. I was proud of 65% of my base salary.

“As you know, our future boss said,” Our bonus is a multiple of salary, not a percentage. “

It’s been decades since I worked there, but the system remains the same. But money doesn’t just fall on your lap. If you didn’t work to secure your bonuses and promotions all year long, you would miss.

The model adopted by investment banks and private equity firms is to keep staff salaries relatively low and variable salaries high. Those who succeed and manage well will be paid a good bonus. Asking for an increase after a closed-door rationing discussion is similar to Oliver Twist saying, “Please, teacher, I want a little more.”

The master’s unfavorable reaction will be adopted by the banking elite (at best, jams will be offered tomorrow).

So it’s time to sharpen your elbows and not learn your manners. In the financial world, you can’t get it without asking. And what do you guess? Life is not fair, not a bonus or promotion.

Podcast: How to Ask for a Pay Raise

Claire Barrett and the guest discuss the tricky problem of how to get the salary increase you deserve. Listen here

It is important to understand how the system works. At the end of the year, large organizations are paralyzed by staff evaluations. This seems to be a process designed to maintain the employment of personnel personnel. If you work for a US investment bank, it’s a 360 degree review. Management assesses how you’ve done well by asking colleagues, teams, and bosses. They determine a score equal to your share of the pot assigned to your seniority system.

While that’s all happening, the boss is also reviewed. Queue a one-on-one lunch to create a positive review. They know how the system works. However, the system is flawed.

How many fees were created from transactions that went through the door for franchises rather than individuals? Did the senior relationship people really help, or did they show a seagull-like management style? That is, jump in, crouch a lot, leave mess everywhere, fly away again until the next fish load arrives, and cross the line with a “groan”. That’s why promotions are just as important as bonuses.

Meanwhile, you should also talk to the competition. If you answer those calls and offer them to buy you from Golden Hello, rank up, guaranteed bonuses, or even the bonuses you expect to get, it may be time to move on. .. Forget loyalty. It became obsolete along with boot-cut jeans.

I may not appreciate this advice, but if you’re arguing whether to ask more, this can calm the suspicious voice in your head.

“No one likes to show off”
who cares? Bonuses are not a popular contest. Set goals and collect evidence early in the fiscal year. Everything you did in every transaction you participated in. Everyone you introduced, every night late at night or early in the morning, your input made a difference.Make sure the person in charge knows All You have achieved. And that means getting face time. Management is a skill. Those who brag in the right way will be rewarded. Be handsome.

“Enter the queue”
The British have one of the most frustrating aspects of overseas trip The local cannot be properly queued. It’s been a while since I was able to experience a ski lift crash. There, it is a daily occurrence to crash toward the front. It’s like cutting the nose of cheese at a buffet — very rude, but if you don’t do it, someone else will. Similarly, politeness is what you do when you are super rich. If you’re not ready to lead the bonus queue, expect to treat only the crumbs left over.

“Don’t talk about money”
Your contract tells you that you are not allowed to discuss what you are being paid for. Everyone knows that this is banned. But everyone does it. How can I negotiate or secure a decent wedge if you are completely in the dark? Colleagues at different levels, or even better, competitors are excellent sources of information. Speak in code and cover your truck. Who has an idea of ​​what will be paid to establish your value, and your boss needs to know your expectations. So how does Father Christmas know what to bring without a list?

“Style rather than substance”
If you are a high performer and bring income, you will of course get the bonus you deserve. When you do the donkey work for everyone else, you get overlooked. Successful operators focus on prizes (visibility and self-promotion) while offloading grunt work. Perception is reality.

“Loyalty is honesty”
Honesty with your work is essential. However, it is your employer’s job to calculate the amount (or small amount) you will have to pay to stay. They may not care so much whether you stay or go anyway, and will drop you like a hot potato if you don’t carry your weight. Similarly, colleagues will trample you to move on. Just like choosing a family, when it comes to money, behavior changes. If they don’t give you what you deserve, be prepared to leave.

If the results are clear and prominent, you will win the bonus stakes over those with good manners.

Yes, I drew a picture of a festival that grabs vulgarity. And it’s a private jet, without discussing the purchase of prime properties, Luxury watch, Jewelry, holidays, cars. It’s worth the dirty feeling when a 7-digit after-tax payment falls into your bank account.

Now you can book yourself a spectacular Caribbean Christmas holiday and decide which one Aston Martin You are going to buy in Secure a second home You feel you need it. the most important? To charge the battery and plan a follow-up robbery — next year’s bonuses and promotions!

James Max is a radio presenter and real estate expert. The expressed views are personal. twitter: @thejamesmax

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