Waiting for your bonus? Presenting another perspective
I'll let you in on a secret in the industry: we hear many talented financial services professionals say they won't change jobs until after bonus season. This is a short-sighted view as there is less competition and a higher chance of getting your dream job with great pay in the winter, rather than waiting until spring. Changing jobs before bonus season is a smart move in the long-term.
We see a dramatic reduction in resume flow this time of the year. Business must go on despite the illiquid labor market, which means that recruiters have fewer options. As for your dream job, you will have a higher chance of getting an interview if you are 1 in 10 applicants rather than 1 in 100. If you are a consultant looking to go perm you should be focused on your next step this time of year.
Worried about the money? Consider this: human psychology tells us that the fear of loss is a bigger motivator than potential gain. Savvy hiring teams will incentivize a move to their firm this time of year. They know the average bonus and we often see a higher base and sometimes signing bonuses this time of the year. If you are waiting on a $50,000 bonus, and a bank across the street will give you a $20,000 raise, which is the best long-term decision? Considering that you will be in the bonus pool next year, down the line you will have a much higher payout by moving.
No matter what time of year it is, you are in charge of your own career. There are arguably more opportunities this time of year for those who want a long-term payoff. Get in touch with us for more senior positions with our clients.
by Timothy Trahan, Consultant, TradeWinds Consulting
On LinkedIn: http://jp.linkedin.com/in/timothytwc