What To Do About A Disappointing Year-End Bonus

When it comes to bonuses, the expectation doesn’t always meet reality for the recipient. A bonus carries both a monetary value and sentimental value in that it represents a turning point in one’s career. And professionals often feel blindsided by their employer if bonuses do not accurately reflect their hard work and dedication to the company.

While most professionals expect to be generously compensated year after year, that is not always the outcome. Bonuses are often based on general trends in the market, industry-specific changes and overall job performance.

In order to secure a more appealing bonus, professionals should consider four leading insights that can be applied to any workplace setting.

Recognize and Reassess Work Performance

Whether at a senior-, mid- or entry-level position, one should be cognizant of their own personal development, work strategy and career goals. It is important to evaluate personal performance compared to the job’s expectations, and that requires the ability to also reassess shortcomings and address any issues in performance.

The most effective way to unbiasedly address one’s performance is by getting feedback from senior management and working to improve one’s work ethic. Feedback is important for growth and strengthening efficiency in practice.

Be Adaptable to Company Growth

Companies need to grow their own business by taking from a larger talent pool, which will help the businesses’ overall success. But that sometimes comes at a cost. For example, hedge fund and asset management firms are expected to increase bonuses for their employees by an average of 7 percent, but they also plan on cutting senior-level employees in favor of tech-savvy juniors. These companies are trying to prepare for a new era of data analytics and quantitative finance amid pressure on fees and a need to aggressively cut costs.

In order to best prepare for changes within a given industry, one should make themselves as adaptable as possible.

Explore Extra Perks Instead

A disappointing bonus is not always attributed to performance-based assessment and can sometimes be awarded through perks and extra benefits. If this is the case, remain confident and be prepared to address these issues with senior management. There may be other opportunities for one’s work hard work and dedication to be rewarded.

Daily Activities Feeling Monotonous? Break Out the Resume

There are 365 days in a year. If more than half of them are spent in the office, one should feel excited about their career. This is important for both further advancing within your industry and surpassing career goals. Professionals that carry a lackluster performance and underperform in their position are usually projecting, and it may be time to start looking for a new job.

Try to pinpoint exactly what areas are the most affected, address and work towards fixing them. But if this seems undesirable, it may ultimately be smart to consider moving on.

Oliver Cooke is the Executive Director and Head of North America at Selby Jennings, which specializes in financial recruiting.