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I am working in a field that is related to my previous one ... I got out since work was drying up. This new field uses a lot of information I learned in the previous field but I also have had to learn new information and procedures. I have been with my company for almost a year.
Awhile back I was informed that I would be receiving a "substantial" bonus this year... my salary is 39,000 and under the median for my position which is around 55,000 to 60,000. I accepted it because I wanted to break into the field. I was also told I would be getting a healthy raise at my 1 year.
I've never held a position before that offered bonuses as I was mostly in a blue collar field. Now, being in an office environment, things are different. So with the help of all you guys, I am trying to figure out this language (as Christmas is coming!)
What would you consider a subtantial bonus for the above circumstance?
When do companies typically give out year-end or Christmas bonuses? Early December, mid December, right before Christmas, after new year?
What chance do I have getting near my median salary for my field at my 1 year? How close should I aim to shoot for and still be satisfied? (I am performing my job at 100% of my coworkers' capacities at this point and management is extremely happy with me).
Thanks for any insight -- this is all new to me. I was used to working hourly and just collecting a pay check.
I seriously doubt at around 40K, you're gonna get anything substantial.
Maybe a $1500 gift card or check at the most, but you're salary is too low for something substantial.
Also, I would wait another year to ask for a raise, be happy to have a good job and wait until things look better economically. You need needs of experience to move up to your co-workers. I'm in a similar boat, only been at my job since June, others are making way more, but they've been here for years and years.
What would you consider a substantial bonus for the above circumstance?
-A: depends on how well you work with your supervisor. Strong possibility if you become his right hand man. I'd take salary over bonus every day.
When do companies typically give out year-end or Christmas bonuses? Early December, mid December, right before Christmas, after new year?
-A: what do you mean "Christmas bonus"? There's no such thing as "Christmas bonus." Some companies do; others don't. So better ask around in your company.
What chance do I have getting near my median salary for my field at my 1 year? How close should I aim to shoot for and still be satisfied? (I am performing my job at 100% of my coworkers' capacities at this point and management is extremely happy with me).
-A: again, depends how well you work with your supervisor. My personal experience? I got more raise than that quite a few times. :-)
It varies on the performance of the company. Each company has a different formula.
In 2006, we averaged a bonus of 80% of salary.
In 2007, we averaged a bonus of 24% of salary.
In 2008, we averaged a bonus of 6% of salary.
In 2009, we averaged a bonus of 103% of salary.
In 2010, we averaged a bonus of 74% of salary.
Due to some financial restructuring, my guess is 2011 will be really low, and 2012 will be fairly high.
When I was making 40k long ago, I recall my Christmas bonus being $2000. After the 40% tax on bonuses (yes 40%!), it didn't amount to much.
I'm guessing your raise will be around 10% or maybe rounded up to $5000-$6000. I doubt they'll give you more than that. What field are you in anyway? Judging from your post, I'd say construction industry.
The best way to get your salary up is to leave for another job, after you get experience (2-3 years).
The talk of bonuses/raises by whomever is bs and really won't amount to much.
For a $39k position,you won't get a $15k bonus, or a significant raise, to reach the median number you have in mind. You'll get a 3-5% raise standard to what everyone else gets, and maybe a $2k bonus.
The best bonuses are seen in small service-based companies. Under 20 employees.
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