Bankers can expect bonuses to be a tricky issue this year. The earnings have been sub-standard, and some parts of the industry have been subjected to hefty fines. American banks located in London and European banks located around the world have been affected by the EU cap on bonuses. Furthermore, huge bonuses for senior banking staff in London are likely long gone. That said, some banks appear to be paying more this year. However, this bonus will only be available to those staff members with exceptional performance. If you’re not one of them, you’ll go home empty handed.
Think Like a Team Player
Bonuses used to be decided on an individual basis, but that’s no longer the case. These days, bonuses are given to a team, so it’s essential to consider your bonus from that point of view. You can’t get the best possible bonus on your own, and if you attempt it, it’s not going to last.
Get a Head Start
As the saying goes, “the early bird gets the worm.” This is especially true of your bonus. You shouldn’t put off your efforts until the scheduled bonus meeting. It’s something that needs to be sustained throughout the year. In most cases, bank managers start deciding on bonuses in September, so if you begin campaigning in October, you’ve missed the boat.
Save the Best for Last
Managers tend to pay more attention to achievements in the last two quarters of the year than the first two. What you’ve done in the mid and end-year will consistently shine when your boss is thinking of how much money to give you.
Don’t Rely on Reverse Psychology
It’s a common practice for people to threaten to quit in order to negotiate a larger bonus. Unfortunately, with more banks attempting to get rid of high-cost staff, this is riskier than ever. They’d be happy for these employees to walk out willingly, so don’t threaten to quit unless you’re certain that you’re essential to them.
Make Yourself Known Later in the Year
Many experts recommend dropping by your bank’s head office once the third quarter rolls around, but before bonuses are decided. This increases your visibility to the company, improving your odds of receiving a bonus.
Don’t Be a Commodity
Like most jobs today, more bankers are being viewed as commodities. The companies tend to see their employees as disposable and replaceable. The key to obtaining the bonus you deserve in this environment is to make yourself an exception. It’s important to put in additional effort each day in order to distinguish yourself from the rest of the staff.
Plan for the Future
Bonuses are given for more than just your previous work. They’re also a method of keeping you on board when managers look forward to your future efforts. Let them know of how you plan to contribute to the company’s revenue in the coming year. This makes you stand out as a valuable and indispensable member of the staff.
Promoting yourself can be risky business. If you come on too strongly, you may be viewed as arrogant and overly bold. These traits are particularly frowned upon in female staff. You want your boss to understand your value to the company without coming across as aggressive or pushy. For this reason, it’s important to consider your boss’ personality and style of communication when making your case.
Create a Better Image
If you want to get that bonus, you need to create a better image of yourself in your managers’ minds. Take, for instance, the story of an analyst who wore a tie when no other analysts did. He claimed that because if it, his bonus was consistently ten percent larger than his co-workers’. He believed that the higher-ups thought it meant that he held meetings with a lot of clients, which meant that he was particularly good at his job.