by Solange Lopes | Mar 18, 2015 | Career, Make More Money
Photo credit: http://www.entrepreneurialwoman.ca
It’s bonus day! You’ve asked and negotiated to get the best you deserve, and now, as you happily log into your bank account with much anticipation, you notice it’s finally here! As plans start accumulating in your head, you begin to envision new shoes, gleaming purses, spa days and relaxing vacations by the beach…Or if you are the more reasonable type, you may find yourself dreaming of becoming debt-free and reducing your monthly cash flow.
If you’re one of the few fortunate enough to get a yearly bonus, there are many theories out there about what you should spend your bonus on, how you should invest it, turn it around, and make it last a lifetime! Yet, as far as I can remember, for the longest time I have received bonuses and..do not remember what I did with them! And when I did remember, I’d rather not list some of the splurges I’ve made here. So in the interest of not repeating the same mistakes twice (or three, four or five times), here are 5 things not to do with your bonus:
- Make on a big ticket purchase that is not urgent or really necessary: Unless you’re buying your significant other or family member the gift of a lifetime, or helping them out of a serious (read life-threatening) jam, blowing all your bonus money on that Rolex watch all at once may not be your best bet…
- Not saving any of it…at all! Treat your bonus as any amount of money coming in. Unless you really have unexpected emergencies, you should save some for the rainy days, or any day for that matter.
- Treating it as it it were your regular pay: Bonuses are infrequent in nature. As such, don’t use it in the same way as you would your regular paycheck. Whether you decide to pay down debt, invest or save some of it, choose to use at least some of it to set you ahead!
- Go on a splurge campaign! Just because you have the money now does not mean you’ll have it forever. Avoid over-spending and splurging on more items than you need to.
- Do nothing fun with it! On the flip side, not enjoying your bonus money at all can backfire on you, usually in the form of excessive shoe-shopping as a form of retaliation. Enjoy some of your money, and use the rest for wiser, long-term goals!
What advice do you have on what not to do with your bonus money?
The Corporate Sis.
by Solange Lopes | Mar 17, 2015 | Career, Make More Money |
Photo credit: madamenoire.com
So you’ve just had your annual performance review meeting with your manager, and s/he just told you you got yourself some extra spending (or saving) money in the form of a pretty generous bonus. Ka-ching! Can you say good news, especially since you’ve been eyeing that Michael Kors bag for months? Now, do you share the awesome news with your colleagues, or should you keep your good financial fortune to yourself? Is there a “sharing etiquette” when it comes to bonuses at work?
My $0.05: While it’s totally understandable (and even recommended by fellow professional shoe addicts) to call your bestie and schedule your shoe-shopping calendar post-bonus, blabbing how much extra money you got (or didn’t get) as a bonus is a more delicate topic to discuss at work. Keep in mind bonuses are performance-based, and as such imply a certain level of ranking between colleagues, which can lead to unhealthy comparisons.
There’s no rule forbidding you, or anyone else, to divulge your bonus amount. However, for the sake of your own reputation and in the interest of team harmony, you may want to err on the side of caution! When in doubt, just smile!
What are your thoughts? Would you divulge your bonus amount at work?
The Corporate Sister.
by Solange Lopes | Mar 17, 2015 | Career
Trench wrap dress – $139 – Photo credit: anntaylor.com
This trench wrap dress makes a rare fashion statement combining the classic trench shape with the iconic wrap dress silhouette! Loving the flattering V-neck with crossover front, and the angled pockets, making for a ladylike yet practical silhouette. This dress is $139 at Ann Taylor!
I’d pair this flattering dress with these elegant peeptoe shooties, for an in-between season look perfect for work and after-hours!
The Corporate Sister.
by Solange Lopes | Mar 17, 2015 | Career, Make More Money |
bonuses – Photo credit: http://www.unmarriedamerica.org
You may be able to buy more shoes this year, as you cash in that bonus check…According to a report from New York State Comptroller Thomas DiNapoli, the average bonus in Wall Street rose 15% to $172,860 in 2014. Not too bad huh? Especially since this is about three times more than the median US household income.
For the rest of us who are not privileged enough to be on the Street, a recent Aon survey found a record 12.7% payroll share was spent on performance-based bonuses in 2014. Judging by the rate at which variable pay structures are becoming the “It” thing at work, being able to negotiate for yourself the bonus you rightfully deserve (and some more) may just be your smartest bet going forward.
While many bonus decisions carry their weight of subjectivity (and resulting bias), there are a few tips and tricks out there to help you maximize your performance-based rewards (and increase your shoe collection in the process):
1. Help set your performance goals! When it comes to determining the criteria you will be judged on to be awarded a bonus, you want to be in on the conversation. As you initially discuss your yearly goals with your manager, or write your own self-performance review, be clear on your goals for the upcoming year. Don’t sell yourself short, but be careful not to bite more than you can chew too!
2. Keep in constant touch with your managers! In other words, don’t leave the bonus talk until the last minute! Keep in touch with your manager, make your bonus case all year long by keeping him/her aware of your accomplishments throughout the year. Think of it as a year-long self-promotion campaign!
3. Don’t be so individualistic! In today’s team environment, don’t just focus on yourself when presenting your case for a bonus. Remember, it’s about the team! What have you helped others accomplish? How have you led the team to success? Think, and speak, of your bonus in a context of “team spirit”!
4. Be subtle! Self promotion is far from being easy. Unless you own the art of bragging about yourself, you have to be smart about it. Pay careful attention to your manager’s personality, and tailor your approach to it. This is especially (and unfortunately) true for women in the workplace, who tend to be perceived as aggressive more easily than men.
5. Anticipate your future performance! Keep in mind bonuses are also used to keep top performers around, based on anticipated future performance. So don’t be afraid to get a bit ahead of yourself, and talk about your future contributions to the team and Company! You’ll be perceived as more valuable and more prone to get a larger bonus!
Any additional tips on maximizing your bonus?
The Corporate Sis.
by Solange Lopes | Mar 15, 2015 | Career |
Photo credit: https://pratnala.wordpress.com
I had a pretty heated discussion with a friend of mine last Sunday. When I sent her my usual “Happy Women’s Day” emphatic message, the cold response I got left me stunned. “I don’t celebrate Women’s Day”, she coldly replied. “It’s a myth, just another way to to victimize ourselves and celebrate the fact we have so much left to do.” Huh? She wasn’t the only one either, a few of the women in our group joined in unison, declaring this whole gender equality thing to be just a myth, another way to play the gender card and feel forever victimized.
As an outspoken feminist and women’s rights advocate, I was stunned. One because I could never imagine anyone thinking of gender equality as a myth, with all the progress accomplished so far for and by women int he last 20 years. Second, because this was my friend. A woman I grew up with, with whom we discussed our own mothers’ struggles, our respective fathers not keeping up their promises and being strong presences in our lives, and the resulting effects this is still having on us. How could you not wholeheartedly, fully support this?
Once I got past the initial shock, came the anger, then the dismissal. Could gender equality be a myth? Should we stop associating the concepts of sex and equality? Should we just consider work to be work, regardless of the sex of the worker? Is pop star Beyonce right in her essay entitled “Gender Equality is a Myth“?
We left it alone for a while, and I hope someday soon we can pick up the conversation where we left it off. For now, I can’t help but wonder:
Have we been missing the mark somewhere all along?
The Corporate Sis.
by Solange Lopes | Mar 15, 2015 | Career |
Happy Sunday everyone!
It’s been a rainy week-end on this side of the blogosphere, yet we can smell Spring, so no complaints. As our snowbanks are melting and we can finally see the grass, here are the news that also melted our hearts, tucked at our minds and made us smile (or seriously frown) this week:
- March is National Women’s History Month, and Mashable shows us in figures and pictures what 20 years of gender quality really look like;
- In beautiful news, CNN writes about this amazing 10 year old math genius who’s enrolled in college and plans to open her own bank (please have your kids read this);
- In other heart-melting news, Essence introduces us to gymnast Simone Biles, who just set a new record for women’s gymnastics;
- In other inspiring news, HuffPost Women shows us a woman’s work can be just about anything, with 39 stunning images of women at work all over the world;
- Fortune magazine writes about how one lawyer pledged to change the tech world’s gender imbalance;
- Business Women Experts tips us off on how women can find the right mentor to guide them to success;
- Speaking of working women, the Pew Research Center proves despite progress, women are still more likely to experience family-related career interruptions;
- In hopeful news, Inc. reveals ride-sharing company Uber promises to create 1 million new jobs for women by 2020;
- In not-so-hopeful news, the Telegraph pertinently asks if women’s careers are over at 45;
- Buzzfeed looks at your favorite women Supreme Court justices in Lego form (yes, Lego);
- In the same vein, Fast Company gives us an exclusive first look at Marvel’s newest women-driven comic;
- Metro asks if you think a woman should be on the 20$ bill;
- Last but not least, The Root introduces 10 black women who are changing the face of tech!
Happy Sunday!
The Corporate Sis.
by Solange Lopes | Mar 13, 2015 | Career |
Should we admit to not being self-confident at work – Photo credit: huffingtonpost.com
We’ve all heard about the confidence gap for women. Whether because of stereotypes, pre-conceived ideas, or just due to the elusive character of confidence itself, the reality is women tend to feel less confident than men in general. Despite all the proven (and unproven) strategies to close the confidence gap, we may still have quite some ways to go. Yet, as much as we’re trying to lean in, empower ourselves and others around us, and make headway in the workplace, should we ever admit to not being self-confident at work?
My $0.05: As much as I am all for honesty and transparency in the workplace, when it comes to self-confidence, especially for women, my advice is to “fake it ’til you make it”! Know your limitations when it comes to your own self-confidence, seek mentorship and constructive criticism, and improve yourself as much as you can. Yet don’t give anyone the noose to hang you…You’re a work in progress, and you’re pretty awesome…
Would you admit to not being self-confident at work?
The Corporate Sis.
