As we begin the bonus season with great anticipation, expectations are high, but…What happens when you are not satisfied?
It’s a question you have to ask yourself: how long is too long when you are not satisfied with what you receive? How long is too long to stay at a position when the writing is on the wall? How long is too long when you’re not getting the resources you need to do your job effectively?
Have You Ever Thought This?
I am already receiving phone calls asking these types of questions. They usually start off the same way with, “I’ve been at my company for so many years, my production has either leveled or has headed downward, and I’m not getting the support that I really need to do the numbers I know I should be doing. Can you average out my last couple of years and present me to a new firm? I have the contacts, I just don’t have the origination dollars that I used to have.” What are the warnings if the trend in your revenue has been going downward?
A Word Of Warning With The Trend In Your Revenue
These are great questions, but they do present a problem. Clients are only looking ahead, not back. If you have a great three years revenue number but the last couple of years are not as strong, clients are not going to be as impressed with you. They want to see an upward trend in your revenue, and reasons why it’s not are not going to be accepted as readily as it was when the pandemic caused a significant drop in everyone’s revenue.
Be Proactive
So, where is this all heading? Let’s head towards getting you to be proactive instead of reactive. What should you do if you see you are not getting the support you need or the credit committee is not getting you the approvals that you are expecting? Waiting around if you are starting to see a downward trend in your revenue due to those factors may not be the best advice. Don’t wait around too long to make the decision to start looking for other avenues that you can thrive at. Asking yourself, “How long is too long?” is crucial for your career. Don’t become a statistic and find out that your skills are not as marketable as they once were. Isolate why your revenue is heading in the wrong direction; and if it’s not you and it’s not the economy, then what exactly is it? More importantly, can it be fixed by changing firms? If it can be, make the move now before it’s too long and you cannot come back from a down year or two.
What If…?
On the converse, if you are killing it with the trend in your revenue going upwards and your bonus is not what you are expecting, don’t wait around another year hoping the bank or the firm will make it better the next year. This is also when you must ask yourself, “How long is too long to stick around when your bonus is not to your liking?” Firms are waiting for you and are willing to meet your expectations. Sometimes you just have to make a move.
Conclusion
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About Harlan Friedman, JD & Founding Member, H. Friedman Search LLC. Harlan is a thirty-year veteran Public Finance Banker turned recruiter who specializes in the placement of all levels Public Finance Bankers, Healthcare Bankers, Municipal Advisors, Compliance Officers, Issuers, and Bond Counsels.