What would you do if your company traditionally gave out bonuses and then, one week before bonuses were to be paid out (we're talking $10,000) you were told that the company didn't do well last year so there would be no bonuses, promotions, or raises for anyone? What about if the company meetings after the decision not to give out bonuses or merits focused almost ridiculously on how great the company was doing? Like, the CFO wearing green pants and saying stuff like, "I'm wearing green because it's the color of money and we're doing great!"
Assuming you were in a field with LOTS of opportunity and available jobs, and had recruiters contacting you via Linkedin pretty much every day. The job's benefits aren't great, no health care contribution so you pay out of pocket 100% for your health care ($700/month for BCBS PPO), no 401k matching, no holiday gifts, etc. Your base salary is average-to-good, you know you could get at least that, likely a little more, at another company. Yearly bonuses are traditional in the field. You get praise constantly from various departments about how great you are, and you are single-handedly holding up an arm of the company that brings in the most revenue and everybody knows it.
Would you start looking for a job elsewhere or just suck it up and sit in your meetings hearing about how great the company is doing while your co-workers exchange glances and mumbles wondering why they didn't even get a lousy 3% yearly raise or promotion, let alone their promised bonuses?
I should mention, because people seem to have a hard time understanding how a bonus could be expected: When you are given a promotion in this company, you get 3 things 1) a new title, 2) a raise, 3) an x% annual bonus. That is written, it's in your offer letter when you start, it's considered part of your annual compensation. However, because they call it a "bonus" they can get away with not paying it, though this is the first time they ever tried it.
I feel like what has happened is, as someone mentioned, the company kept bonuses and then marked them as profit. All of this little stuff adds up, and with the overly-enthusiastic talk about how great the company is doing (how can they stand there and say that to a room full of people who they JUST told won't be getting bonuses OR promotions/raises that they earned?!) I honestly have a fear that come payday, at some point, there will be a delay because the company doesn't have funds to pay the employees. We can't survive without a paycheck, it would snowball everything and we'd be in way over our heads, a 2 week delay means late payments. We're just now recovering from some serious financial stress and haven't gotten "ahead" yet.
This is my husband's job. He definitely sells himself short. His immediate manager went so far as to make him promise that if he was going to consider leaving he would notify his manager first, to me that screams "tell me so I can make it right and we won't lose you!" but that manager was denied his bonus and raise too, so my husband says "what could he even do?" However, the company just took off a hiring freeze and my husband has been interviewing people, so it seems to me that they could do SOMETHING. Even if it was just matching healthcare or something. It's just so frustrating to see people reaching out trying to steal my husband away from this job and have him look the other way and eat up whatever the company he works for dishes out KNOWING full well that he could get something else.
Sounds like the powers that be (TPTB) have some explaining to do. I'd ask them to explain the disconnect between the message, "We don't have enough money to pay bonuses or give raises" and the "We're doing such a great job I'm dressing like money." If they can't explain that to you, you really need to consider going elsewhere. Unless they have a VERY good explanation, it doesn't sound like TPTB have much integrity.
Welcome to the world of the US Government and contractors. No raises or anything for going on 3 years now, but good old Congress continues to give themselves raises. Interesting how that works.
Every industry is struggling in this economy, so it makes sense to me that bonuses have to be held off, even though that sucks. Last year we went through the whole review process to be told we would not get raises...it was pointless. I obtained an advanced degree and 3 more years of experience since my last raise. However, I love my job. So I'm staying and hoping things get better soon.
What would I do??? I'd be happy I still had a job. At least the company is being honest & decided to cut bonuses rather than doing lay-offs or firing its workers.
Neither.
Id do what my (now middle six figure) ex does:
Ask for a bonus.
9 times out of 10, they gave him one. The 'not handing out bonuses' really meant 'you have to be proactive about getting your bonus'.
The 10th time (this has happened 3 times)... He went out, collected job offers, and then presented the best offer to his current company.
- All 3 times they met or matched his offer
- Twice he stayed.
- One time, for want of a 7k bonus, he got a 40k raise & 15k in stock.
_________
I've come to believe that the reason why (mostly) men make more money than women, is that they advocate for themselves better than women.
I should add... In each of the times that he went to bat for himself, he did up a little presentation as to WHY he deserved a bonus. He did that, asked straight out -in an official 1:1-, if turned down or tables, handed over his reasoning (all of his projects, leadership roles, money he'd saved or earned for the company, etc.) so that his boss had evidence for the higher ups to go to bat for him.
My ex is many things (awful), but one thing he is GREAT at is securing funds via self promotion.
you J. said your underpaid and do an awesome job and have no bennefits and you could go somewhere else easily to get paid more and get healthy. I think you answered your own question. what is the dilemma? you didnt mention any pros and reasons why you're torn and want to stay.
now if you said i'm underpaid BUT i love my job and the peopl;e i work with and the company then i could see why you're asking, but you only stated how you could male more somewhere else and get health which equals 8400 per year for you. if i was you i'd start looking!
eta
compaines will never talk about how bad they are doing. that wont motivate anyone. the higher up boss may not know you didnt get your raises and thats why he didnt act a little more sensitive. whoever helps with his speaches or info is the stupid one
After everything you laid out in your post, I'd be accepting some of those recruiters' inquiries for interviews. What have you to lose? Nothing.
Why would you even consider staying?
I'd be just annoying enough to point out that I wasn't doing so well and what color of pants should I wear to signify that I was counting on that bonus to pay my bills.
I would point blank ask, when he specifically says the company is doing great, why then were we denied our bonuses, that we had earned. That's why the company is in the green, they are using your money as profit and making it look like they had huge profit margins. If they paid you your money they would look like they did average or poorly.
That's where your money is. Listed as profit.
Unfortunately, bonuses are discretionary unless you have it in writing. You know what sucks - you can guarantee that CFO got HIS bonus!
I'd look at the pros and cons. Are you happy there? Do you LOVE your job? Are they flexible?
It won't hurt to look around to see what you are worth. Plus $700 a month in medical - ugh!
Start talking to the headhunters and see what they have for you and at what salary. You'll feel a lot better if you can move to a new company and get the 10k in salary with a bonus on top of it. Not to mention, paid benefits and 401k that has some sort of match.
Good luck!
I'd be looking for the job with the better benefits plan and a reasonable market-rate salary. Sounds like the CFO is out of touch with reality or has no filter or is trying to sell everyone on the idea of 'staying on board' and is pushing the 'things are better, stick around' message.
Sorry, but it sounds a lot like my husband's former job... lots of reassurance from the higher-ups and 'we've got loads of potential'... and then they were all escorted from the building two days before Christmas because the company went belly-up and everyone was given two hours notice. He's at a much better job now. It's worth stretching your wings-- corporations can harp on employee loyalty all they want-- ultimately, they can't do without you until they can, and then you're the one left in a lurch.
If I didn't like my job at this place, I'd look for other opportunities. I would not hinge my decision solely on the lack of a bonus. Look at the big picture. All jobs have things we don't like about them and you would be trading what you don't like about this company for what you'll potentially dislike at the next one. Would moving to another company make me happy because I'm unhappy at this place?
Hey if you got people beating down your door see what their real offer is.
Ditto Riley. She's exactly right.
Go get your offers. Show your company how valuable you are and get your bonus/raise.
Interview... it couldn't hurt.
Having said that, the grass is often greener on the other side of the fence. We did not get a raise for two consecutive years and my husband's raise was 1.5%, so please don't complain about a "lousy 3%" raise!
My company loyalty would be gone, and I would find a new job. There is no reason to stay.
Lesson here. Do t spend it until you have it in your hands. In today's economy, nothing is guaranteed. Not happy, I guess a job search is in order.
Duh. I would apply for a job with a better company which pays more, offers better benefits, and treats their employees like people.
Have your hubby call the Suze Orman Show. She'll set him straight ;-)
By the way, remind your husband that his company loyalty might cause him to go down with a sinking ship. That's no way to provide for his family.
Well my husband works in finance, for a major brokerage house, and he has seen nothing for the last several years but cutbacks (both in bonuses and new hires, and many, many people have been laid off.) AND he has lost any and all perks, in terms of trips and gifts, which were "traditionally" given to people in his position.
My BFF works for a similar firm, in an administrative position. She hasn't had more than a 1.5% increase in over FIVE years. Her (direct) bosses pay her a monthly "overage" out of their own pockets to keep her paycheck in line with what they think she is worth.
Honestly if you can leave the company and find some thing better then,
WHY DON'T YOU?*
Though, I wonder if you realize that the average (professional) job opening these days generates 80 to 100 applications on average, sometimes more, depending on where you live.
*ETA: meaning why doesn't YOUR HUSBAND leave, not you
It depends where the truth lies. Did the company or did the company not meet its financial goals? I've never heard of "Promised Bonuses" no matter what. Bonuses are generally based on meeting and exceeding set goals. What is the bonus structure? Do you even know, or do you expect it because you had one in years previous? Did your co. meet is set goals, or did it not? Sounds like a lot of pep talk and not a lot of real results.
I don't know why you're expending so much time and energy ranting about this company.
Bonuses and raises aren't happening for anyone I know, why do you think it should be different for you?
It sounds like who you should REALLY be frustrated with is your husband.
You say he can go work anywhere else for more, so
why doesn't he?
Isn't that the REAL issue?
Maybe you should get a job too. Then you may have an understanding of what it's really like out there.
ETA: after reading your SWH - you are spending money and counting on money you don't have. Big time NO-NO. We are getting a tax refund...we aren't spending the money until it's in our account. You are/were counting on something that is NOT guaranteed...and that was wrong on your part. If your husband is getting these opportunities presented? Then he needs to look at them seriously and make a decision...stay or go. DO NOT burn bridges...that would be bad.
------------------------------------------------------
A bonus is just that - A BONUS. it is NOT expected and it SHOULD NOT be expected. They may be "Traditional" but they should NEVER be expected. Any company that writes an employment contract and guarantees them is crazy.
If you are receiving calls, e-mails and notifications from prospective employers via LinkedIn, Monster, CareerBuilder, etc. then you need to start talking to the other people and see what they have to offer.
I can tell you, as a recruiter, that the grass is not always greener. So you need to think long and hard before you jump ship.
If you are single-handledly keeping the company afloat? then you need to go talk to the CEO AND CFO and get your raise or tell them you will take your revenues and and rolodex to another company...now keep in mind...if you give this "ultimatum" be prepared for them to force your hand and call your bluff...
Good luck!
I think this is the universe screaming at you that it's time to do something and see what's out there. The message couldn't really be clearer, could it?
BTW, our company announced in December that we met our goals and that our bonus pool would be funded at 100%. Then the CEO of our bigger company, who came on board last year, decided that he was going to change the way he measured our operating company's performance, that we met our goals but still weren't profitable enough, so we were funded at 60%. Definitely not the same as getting nothing at all, but still a punch in the stomach.
I'm curious - at the post-no-bonus company meetings did the employees ask senior management about the disconnect between the positive message and the money and make them accountable to the staff?
I'd say it doesn't hurt to look around and interview elsewhere. I find that once morale starts to drop in a company, it's hard to get it back unless the company proactively changes things up.
But, I would be careful with the recruiters. In my experience, recruiters don't necessarily care if it's a great fit as they are paid to fill positions. It is worth checking out what they have but just make sure it's something that is really a match. You could also actively look for other companies in your field that have a good reputation that you might want to work for and apply for a position directly. It sounds like the benefits aren't that great where you are so if you found a place that was appealing with better pay/benefits, then it's worth checking out. Yes, it's nice to be loyal to your company and in hard times, employees may put up with a lot more than usual, but if you are in a field where jobs are plentiful, then it's worth looking around.
I worked at a small company where I felt a few of us (me included) did a majority of the work in the group I was in. The company got bought and the worker bees got a terrible retention package. Three of us tried to ask for something more significant because we had done a majority of the work but they wouldn't go for it. So I found a job elsewhere. When I told them I was leaving, they tried to offer me more then and I basically decided that if they didn't value me until I was going to leave, then why stay? They would just under value me again later.
I agree with another post that it is worth asking someone (your boss?) about the discrepancy between the company doing well and the lack of bonuses or raises. And it is worth selling yourself to your boss and asking for a bonus anyway. It could be that they want to privately give out some bonuses but not to everyone. I have been in the situation where my boss gave me a bonus and pointed out that not everyone got one.
In my line of work, we don't rely on bonuses. Some companies frequently give out end of project bonuses, but the amount can vary both on how much is available in the bonus pool and based on the role you had in the project. Unless the bonus is written into the employment offer, I would suggest not relying on that as it's not a guarantee. However, when another company asks how much you made at your current company, you can give your salary and say that you typically get a 10K bonus so your total compensation is really higher. It may help you get a salary offer that is better.
If it is not part of your base salary, then it's not guaranteed until the money is in your bank account.
It would seriously piss me off too. I would ask about the discrepancy between having such a great year and being denied raises/bonuses.
However, I would consider other opportunities. What is really keeping him at this job? If he is truly as marketable and in-demand as you say, then I would start to serious look for another job.
you seem really ungrateful....my company cut salaries by 20% across the board to stay in business two year ago and this year i will be thrilled to get a 2% raise.
The only thing I'll mention here is part of your SWH. Your husband needs to stop being a pushover. He needs to go out and get a new job. And he has no business giving his manager a heads-up. They don't deserve that after taking away his bonus.
LM, demand that your husband go to marriage counseling with you. If he has people coming to him trying to get him to work for them, then he is in demand. Your marriage is going to suffer if you two don't start to understand each other. And he needs to understand himself. There's no reason to stay with a company that does this kind of stuff.
I have to disagree with the comment that bonuses and raises aren't happening. They are. What has most likely happened at your husband's company is that the guy with the green pants got his bonus, as well as the upper level people. They just don't talk about that part. Your husband needs to come to an understanding about this stuff, and you need to help him. Ranting at him won't work - go to a counselor and deal with it there. The counselor will also try to help him understand his value and acknowledge it.
um, no brainer... the only thing that would keep you at a place like you described is job security, but they just basically cut your pay 10K... not too secure really. Go for the new job, you don't have to quit this one until you get a new one after all. When they cut all those things yet the top guy doesn't even really know it, the company is going down hill - so jump ship now!
You just described my last job.
I'd still be there if they hadn't off-shored my job to India last month and I'm looking for work right now.
We didn't get any raises for 5 years.
During that time the CEO's total compensation went from 3 million per year to 15 million per year.
For all the pinching the economy caused, it clearly was a windfall for HIS bottom line.
The thing is - the same thing is happening in companies all over the place.
You can hop from one job to another, but it's pretty much the same deal where ever you go.
I think it's a side effect of globalization.
Salaries, bonuses and benefits are almost in free fall (unless you happen to be a CEO - THEY"RE parachutes are golden all the way).
As you know yourself by now -- by labeling this money a "bonus" rather than having it as part of the base compensation, the employer can just say, ooops, we can't afford your bonus so you get zip. It's legal. You can do nothing except (1) not factor that money into your family budget because you could see it vanish in a second, or (2) get your husband another job.
Which brings me to what might be the real issue here: You write this at the VERY end of the SWH:
"It's just so frustrating to see people reaching out trying to steal my husband away from this job and have him look the other way and eat up whatever the company he works for dishes out KNOWING full well that he could get something else."
You make a long case for how he could easily get another job that pays more, but you then bury at the end the fact that he will "look the other way" and "eat up whatever the company...dishes out" while he is being actively headhunted by others.
Is there an issue here with his attitude about the job and the fact that maybe while you want him to ditch this job for one where there is more money and it's safer money (i.e. not a "bonus" that can vanish), HE does not want to look for a new job?
It sounds like possibly you and he are not on the same page at all regarding his job and his career. He gets a ton of praise, and could be hired iinstantly, according to you; so what is keeping him from finding these other, easily available, more lucrative jobs? And how mad at him are you over his tendency to just not want to think about changing jobs? Does he feel that your view of his job prospects outside his current job are too rosy and not realistic? Or does he worry that if he leaves this job, any new job might fall apart? Is it possible he fears trying for a new job because (much as he's been told he's fantastic and indispensible at his current job) he secretly worries he might not do well, OR his new employer might screw him, or any of a hundred other worries that might be keeping him where he is rather than out looking for that better-paying job you feel he could have immediately?
What I'm suggesting is...you and he might not be communicating as much as you think you are about this current job, why he remains in it, and what he sees as his prospects if he leaves. He might need some convincing that he could make it in another job; he might need assurance that another employer wouldn't fold under him (I know folks who took great-sounding jobs and the new employers closed within months, so they felt burned forever); he might know things you don't know about his field that worry him and he hasn't shared them with you.
Maybe not. But that last statement about how he is "looking the other way" the earlier statement of yours about how he will "suck it up and sit in...meetings" while just enduring this treatment -- indicate you're mad at him for not getting out there and getting another job. What are you and he going to do to discuss this and find out why you want him out there job-hunting and he doesn't want to do it?
For what it's worth, I'd want my husband out job-hunting in the same situation but I'd want to know what was going on in his head, or in his career field, that was keeping him from doing so.
I'd be interviewing, just to see what's out there. I never took a bonus for granted. It was nice when it was received, but it wasn't a guarantee. Ever. And if you're feeling entirely under appreciated and undercompensated, at least looking around will give you data to work with. Bear in mind, though, that the economy rather stinks at the moment. While I wouldn't want to work in a toxic environment and a lot of talk about how good things were without seeing it in my pocket would annoy me, my family is facing furlough days. And I know a lot of people who haven't gotten a raise in about 5 years. Bottom line might be leaving this corporate environment for another opportunity if it doesn't sit right with you.
