Well not to his face, but I did pretty much call him out for being a liar in my resignation letter. I also had copied payroll files I wasn't suppose to have access to on a flash drive that showed proof he was paying illegal immigrants under the table, I could have went in there and blackmailed him for a raise, but thats not really my style.
Interesting, I'll have to look into that. My company started a new system this year similar to what Enron used to do (yikes!). Everyone is ranked on a 5-point scale, with the top 5% designated "superior" and the bottom 15% labeled "needs improvement." In between are "excellent" (30%), "strong" (30%) and "satisfactory" (20%). It's commonly referred to as the "rank and yank" system. This year, I got "excellent" so I am in the top 35% of everyone in the company, which is pretty amazing when you look at my post count on this website.... Just one? PFFT... How do you keep from getting bored?
Bonuses are withheld at a high rate. It used to be the highest marginal rate available, but I think companies only are required to withhold at 25% or 28% now on bonuses. It is only withholding, however. When you calculate your return at the end of the year, you will be refunded accordingly based upon your actual tax bracket for your total income.
Most larger companies have a system like this. They just have too many people to individually review, so they introduce ranking systems with various matrices that decide what kind of raise (if any) you get depending on your rank and where you are in your pay band, etc. Usually the bottom 5-15% are at risk for discipline, reassignment, or termination. It is actually the original system introduced by Jack Welch to GE. Scrape off the bottom 10% or so every year and reload from the market on the top while rewarding your higher ranked people with more money/perks.
sold my soul and went contract in Dec for a nice 60% bump. haven't negotiated anything since the switch
Great respect for you...even if its temporary. I know a stay at home dad for about 15 years and there are times I truly envy him. What I envy really are his projects...his latest was to take his drum set completely apart, change the color/pattern, added all knew metal and skins. GOD its a sweet set now. Anyway, kudos to you.
Bonuses are still ordinary income so its taxed at the same percentage as your normal salary. They just withhold a little more than your usual salary for a cushion. You get whatever the difference is back when you file your return.
I went from contract to perm but didn't take a hit compensation wise. It was just different in that instead of straight up cash I had to consider 401k matching, stocks, and other benefits. But then I came out ahead because the company ended up cutting contract rates 10% across the board for everyone.
it was a good deal in that the contract company offered better benefits and the same 401k matching as my previous company, so it was all gravy outside of the new commute into downtown
Clutchfans I recently graduated with my BS in healthcare administration and I have had no luck finding a job. Any ops out there? Moe
raise vs bonus They give it to you this way because a bonus is a one time thing. A raise is with you forever, it's like a guarantee bonus every year.
No, but I will be starting a new job in a few months with a 150% raise. Though it will come with close to 100% more work.
