A former investment banker explains how to do Wall Street bonus season
Fortunately, former investment banker Daniel Davies wrote a how-to guide in the FT on "the etiquette of accepting an objectively huge sum of money when it is not as much as you wanted."
Here are his pointers:
1. Language is key.
Davies was once told that the only words you should use are "That's," "Not," and "Enough."
Nobody needs a soliloquy about your talents and expertise, just be assertive about your own labor market value.
2. Be ready with a counteroffer.
"If you did not get as much as you think you are worth it means your boss does not think your market value is as high as you do," Davies wrote.
The best bonus negotiators are at it months in advance, threatening to leave in order to gauge their worth to the company. If you haven't done that, you should still come prepared with a solid estimate of what the number will be.
3. Don't tell your colleagues ANYTHING.
It's not cool to brag about higher-than-expected compensation. At the same time, if negotiations go worse than you'd hoped, and you don't have a better offer from another bank, you don't want to let that on either.
Regardless of the meeting's results, Davies says, there's only one thing to do afterward: "order the biggest bottle of champagne you can afford and sit there all afternoon, offering a glass to colleagues as they drift in. And if anyone asks you how you did, smile enigmatically and say 'more than I deserved, but less than I wanted.'"
Read the full story in the Financial Times>>
NOW WATCH: 7 Things Your Boss Should Never Say To You
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- Foreign tourist arrivals in India will cross pre-pandemic level in 2024
- Upcoming smartphones launching in India in May 2024
- Markets rebound in early trade amid global rally, buying in ICICI Bank and Reliance
- Women in Leadership
- Rupee declines 5 paise to 83.43 against US dollar in early trade
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market