US
It’s the time of year when analysts (unless they’re at Goldman) are being informed of their bonuses.
As ever, banks have a tendency to pay low and medium performers little or nothing in the hope that they might disappear of their own volition, saving the expense of a redundancy payment.
In his series on MarketWatch, ex-Morgan Stanley banker Todd Minyan describes how he quit the bank after receiving a $50k bonus instead of an anticipated $1m.
Minyan quickly found a new role with a hedge fund, but in the current market storming out in a huff may be a bad idea. Are you better off pretending that a small bonus never happened?
Would be interesting to hear what is happening in PE where in work?
If you stay where you are after receiving a small or zero bonus you can safely expect never to get paid again. Once you’ve been humiliated, and taken it, the process will certainly be repeated. Get out.
small (ish) bonus = they all want you out and hope you go soon as.
We are salaried mercenaries and in this age and time in the financial markets, loyalty is non-existence and not appreciated. Period.
It’s the signal to start looking ASAP but you have to have somewhere else to go.
The writers name is Todd Harrison and not Minyan
what if you are a first year junior at a start up? should you leave then?
Depends on whether the bonus payment is contractual which is usually not advised (because it becomes binding irrespective of lack of profits or affordability) or if it is discretionary bonus payments and what the agreed terms are. If the bonus is short of what has been agreed, the employee should ask for explanations/reasons why it’ s been reduced in order to make a sound judgement & decision. If unjustified, the option is to leave and if justified, employee should stay. It’s not all about money always.
stay and fight on…duke it out until they pay you to leave, unless of course a far better opportunity comes your way that you cannot miss out on.