🤑 What Annual Bonus Is Everyone Getting?
Sep 16, 2024
Bonuses are rarely discussed.
Why?
Because your company is probably giving out very different amounts across the teams and it would create chaos if shared.
I’ve facilitated many bonus schemes and here’s what I know…
There are a $@*! tonne of less qualified people getting more than you.
Companies are often aware of it but still, “the gap” continues to be there - and it grows. .
It’s actually quite embarrassing.
Do you know if you’re being ripped off? And what should you do about it?
Let’s get into it!
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Today's Topics
- That’s Interesting: Bonus let down
- Monday Mindset: Pay-rise baby
- Dream Job Offers: Free Workshop with me THIS Wednesday - click here to join
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Bonus let down.
Companies often dangle the carrot of bonuses to boost performance, believing it will supercharge their teams (or attract better talent), but…
…when those bonuses don’t materialise, doesn’t it feel like they’re pulling the rug out from under your feet?
I’ve worked at companies that have not paid out on promised bonuses (for whatever reason, valid or not) and what it caused was a lack of trust in leadership and a huge dive in engagement.
It would have been better overall if the bonus scheme didn’t even exist!
Add on top of that an unfair dispersion of bonus payments and it’s all on!
In my HR role, I’ve seen stuff.
Two people doing the same role but being rewarded with bonuses vastly differently…
Leaders doing the ‘blanket approach’ and just giving everyone the same amount – even when the effort and output were so different…
Employees' performance reviews ‘pulled down’ a notch (even when they’re overachieving) so the company doesn’t have to pay out extra.
Has that happened to you?
It feels totally crap.
So, even if you are getting bonuses, how much should you be getting?
In short: It depends on your industry.
In Australia, the average bonus as a percentage of base salary can vary heaps depending on the industry and the role.
For example, in the financial services sector, bonuses can range from 10% to 50% of base salary, whereas in other industries like retail, bonuses are typically lower, ranging from 5% to 15%.
From what I’ve seen, employee roles are getting on average 7.5% - 10% and leadership roles up to 15-20%.
But here’s the thing…
Should you even care about bonuses?
This might not be a popular opinion, but I wouldn’t choose a role solely based on a bonus scheme.
Yes, take the bonuses when they’re available, but here’s where I would focus instead:
- Be in a role that aligns with your primary drivers and motivators, and;
- Negotiate a higher base salary.
Being in a purpose-driven role that aligns with your values brings so much more satisfaction every single day than a bonus will once per year.
Then, when it is bonus time – it really is a bonus! Yay! Time to celebrate and take that holiday!
But before you go on that holiday, negotiate a higher base salary.
You’ll generally only get a bonus once per year, and it can fluctuate (or not eventuate at all), but increasing your take-home pay every single month will have a year-on-year benefit for years to come.
It improves your confidence. You feel valued. You pay off your mortgage quicker. You can ask for even more when you change roles.
That’s the smart thing to focus on.
If you’re feeling underpaid and undervalued and you want something different for yourself, come and join me this Wednesday for a Free DREAM JOB OFFERS Workshop.
This is your chance to learn the exact steps to land a job you love, one that pays you what you're worth and recognises your true value.
Don't miss out on this opportunity to take control of your career and start your journey to getting the dream job you deserve!
Click here to secure your spot now!
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Too many women I have worked with came to me earning WAY less than what they deserve for their skills and experience. Enough is enough ladies! Print this and keep at your desk this week.
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3-Step Action Plan To Get A Job You Love
If you’re in a mid to senior level role and you're wanting a 3-step action plan to discover your perfect job, confidently go for it, and get it (in the next 90 days) - watch this 2 minute video:
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Cheers & Claps: Our Success Stories
Nothing better than seeing lovely ladies killing it inside the Career Accelerator Program. Just last week I took a screen shot of this ladies journey - 2 weeks into the program...
Sometimes all it takes is ONE conversation to change the trajectory of your whole career.
Wrapping up another fantastic week! A huge thank you for subscribing and diving into our newsletter. 
We trust it sparked some inspiration, motivation, or perhaps offered a delightful distraction.
Em & the PY Team
P.S. Whenever you’re ready... here are 2 ways I can help you accelerate your career:
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