How To Get an Amazing Year-End Bonus

It doesn’t get much better than receiving an amazing bonus after you’ve worked hard all year. However, bonus season can be fraught with anxiety. But it doesn’t have to be that way and in fact, it should not be that way. Here are some sure fire ways to plan ahead in the New Year ensure that you get the amazing bonus that you deserve next time around.

1. Set critical objectives early – January at the latest
   Write down your three top priorities for 2008 and review it with your manager. Make sure the two of you are on the same page because nothing brings in the bonus dollars like clarity and transparency. Try to set aside an hour for this discussion, but no less than half an hour. Many of us let the urgent crowd out the important, but there is no better time spent in January than ensuring that your list of objectives is understood and approved by your manager. Give this a lot of thought BEFORE the meeting. Make no mistake about it, your good work is a direct reflection on your manager, who by the way, really cares about his or her bonus as well!
2. Set deadlines for accomplishing these objectives
   You should put specific deadlines on paper for your quarterly, mid-year and year-end goals. Everyone wants to do more strategic work rather than focus on day-to-day responsibilities. What better strategy is there than to use these goals to build upon each other towards an outcome that will benefit you, your manager, and your company? Ensure that these deadlines are realistic and do not over-promise. Under-promise and over-deliver and those bonus dollars should fly to you at year-end!
3. Schedule a mid-year discussion with your manager
   Only Santa checks his list twice … you need to check it every quarter to ensure you are on track. And let your manager know what you are doing, which will impress upon him or her how serious and committed you are. Schedule a mid-year review of your objectives and your accomplishments to date. Remember, there are many things you can’t control (the economy, your CEO’s decisions, etc.) so control what you can and you’ll be in a much better place. Stay close to your objectives and make the necessary adjustments to ensure you complete what you need to.
4. Set aside some time each month to brainstorm about what you can do better
   Few of us do this and many of us can benefit from this investment of time and energy. When you are home, turn off your Blackberry and set aside some time to think about how you can improve your work. Perhaps you can think about a better way to format a report, or an easy way to ensure your work is shared with people that will benefit from it. Perhaps your department can better leverage the work done by another group. Think about how to do things better and write your ideas down.
5. Ensure you have a mentor that can help you throughout the year
   There are many benefits to having mentors in your field or in another field:

• You learn from other’s mistakes and you don’t waste time reinventing the wheel.
• If your mentor is in your company, you can adapt quicker to your company’s culture.
• You can share your thoughts in a safe environment and test your ideas before you roll them out.
• In tough economic times, your mentor can advise you on how this might impact your firm and your career.

Mentors can help you navigate your career and they can also be guardian angels when you need someone to watch your back. Cultivating this type of relationship can pay off down the line, both in terms of your bonuses and non-monetary compensation.

Now its time to schedule a year-end discussion with your manager. If you’ve followed steps 1-5, your year-end meeting will be filled with positive feedback, and will lead to the desired outcome in terms of bonuses. Your bonus should be a good one because you’ve planned well, you’ve constantly innovated, and you’ve gotten exceptional advice along the way. You are now in the best possible position to receive an amazing year-end bonus. Enjoy it because you’ve earned it!

All information is copyright © SixFigureStart 2007. Caroline Ceniza-Levine and Connie Thanasoulis are two founding coaches of SixFigureStart, a career coaching firm for people in six-figure careers (www.sixfigurestart.com). Ask a question or give us your feedback at 212-501-2234 or at info@sixfigurestart.com.