Delivering Annual Bonuses for Maximum Employee Retention - Your Career Intel

Delivering Annual Bonuses for Maximum Employee zurckhalten - Your Career IntelFor many, draufgabees average 10-20% of their salary. And for those in areas of finance like hedge funds and investment banking, performance-based bonuses can account for as much as 90% of total compensation for the year.The stakes are as high for managers as they are for employees, especially when bonuses are lean. A happy employee almost guarantees retention while an unhappy employee is likely to consider employment elsewhere. As a recruiter in the accounting and finance industries, Ive seen plenty of employees come looking for new opportunities after receiving a bonus that they felt failed to adequately recognize their contributions. This is especially the case if the employees dont have reason to believe future years will be any different. In fact, many companies start actively recruiting in January, knowing that talent will be ripe for the picking.With the economy still recovering slowly, many managers will have difficult news to deliver. You may notlage be able to change the numbers but you can manage expectations and control the delivery.Heres how to deliver those bonus numbers while maximizing retention. Communicate Consistently and TransparentlyI advise my clients to communicate bonus structures to candidates even before they accept the job. Usually theres a formula that incorporates company performance, division/group performance, and individual performance. The first two are largely out of the employees hands so focus on the individual performance piece, which is under their control, and how that is assessed.Good managers continue to communicate this information throughout the year, consistently offering feedback on improvement areas that will impact their bonus and giving the opportunity to take control of the elements that they can. By the time bonuses roll around, your gruppe should already know where they stand and why. Dont Shrug it OffEven if you control your teams ex pectations, the outcome can still be disappointing. No manager wants to be the bad guy so its natural instinct to position the number as out of your hands and downplay the significance. Managers say some version of -Its been a tough year for the industry but everyones bonus took a hit so its not just you. What your employee hears is dont be disappointed, its not that big of a deal. Being told the lower bonus isnt a big deal only exacerbates the disappointment by marginalizing your employees emotions. Avoid this problem by being empathetic and validating any feelings of grasplatz or frustration. I know youre disappointed in this number. I would be disappointed too. If they need to vent, listen and sympathize. Then pivot and bring their focus to the positive. Emphasize PerformanceEmployees want to feel valued. Great managers tell their valuable employees they are valued all year long and now is the time to assure them their bonus reflects that even if it doesnt feel like it. Make sure your high performing employees know how they measured up to their peers both financially and in performance. While you may not be able to offer more money, sharing that they outperformed their peers is valuable in itself. Focus on the FutureNow its time to engage your employees in their future success and that of the company. This is critical for retention. If you had a bad year and thats an anomaly make it clear that the track record shows the numbers will rebound. Give them reasons to believe the future is bright if you can do so truthfully.Talk to them about their career growth over the next year new projects, new responsibilities, development opportunities, and potential promotions. Share what exciting developments they can expect from the company and the opportunities they may present. Let them know that you are their partner in helping them grow their career.Been through this process? Share your tips for a smooth bonus delivery below.

How To Buy A House An 8-Step Guide

How To Buy A House An 8-Step Guide Buying a house is a huge step forward. Being a first-time home buyer is super exciting, and purchasing property one of the fruchtwein terrifying decisions you can make in your adult life. But all it takes to make it the best investment for your future is a plan and a calculator and a glass of wine doesnt hurt.Heres a step-by-step guide on how to buy a house to get you from renting to a mortgage is no time.1. Its a good idea (read necessary) to get all of your finances in order.Now that youve decided to take on the title of home owner, you need to be honest with yourself about the state of your finances. You need to know your leistungspunkt score, how much you have in savings, the amount of debt you carry each month school loans, car payment, insurance, credit cards, and other mandatory monthly payments. These three factors will contribute to how much you can afford as a first-time buyer.2. Any potential buyer should set a (rough) budget. Once you have broken down how much your gross income is per month and the amount of debt you carry, you can departure looking at how much of a monthly mortgage payment you can afford. When buying real estate, keep in mind that your monthly mortgage payment includes the interest from your loan, the principle amount, homeowners insurance, and property taxes. There are mortgage calculators that can help you work out an estimate of what your monthly payment could be.3. Find a lender or broker. Both a lender and broker are there to help you secure a loan. The difference is that a lender is a financial institution that will directly set the loan up with you, whereas a broker is someone that will find you a lender for your loan. It can be a good idea to use a broker, especially as a first-time home buyer, because they may work with lots of lenders and could potentially secure you a better rate by shopping around. Another option is to find a real estate agent who you trust and have them recommend a broker or lender typically a real estate agent works with a handful of lenders.4. Get preapproved. After youve chosen who to work with, whether a real-estate agent, broker, lender, or some combination, the next step is getting preapproved. You will fill out an application sometimes there is a fee involved and the lender will take a hard long look at what youve got going on in your bank account. From there, he or she will give you a definitive amount of house that you can afford. Then comes the fun part.*It is important to make sure you are preapproved and not prequalified. Prequalified just means you have met with a lender who has taken a look at your finances and given you a general estimate on how much you can afford without a hard credit pull or close up view of your financial situation whereas preapproved means you have been okayed to purchase a house for X amount of money.5. Find your dream home. Once you have your preapproval, you can connect with a realtor and start fin ding homes that match your target mortgage and needs. It is possible to go it alone, but working with a realtor provides a lot of benefits, especially if youre a first-time buyer such as access to houses outside of open houses, someone who can guide you through the contract, and someone who has your back when it comes to negotiating and setting up the appraisals and inspections that are required once you have an offer that is accepted. And as a buyer, realtor fees are free, Keller Williams Realtor and Certified Investor Agent Specialist Gabrielle Lee says.6. Put in an offer. Unlike with a rental property, when youve found the home you want to start your life in, you and your realtor will put in an offer. There may be some back and forth with the seller depending on the purchase price. And if your offer is a little too low or there are multiple offers, you may be asked to come back to the seller with your highest and best. But, for the most part, this stage is a little hands off unt il your offer is accepted. 7. Set up your inspection. In California, you have 17 days to do all inspections, Lee says. Other states may be different, but your realtor will let you know what you need to have done. Typically, you need to set up an appraisal and any inspections like pest or roof within a certain amount of time for the deal to go through. Also, during this time youll need to provide an earnest money deposit upfront. This goes to the title company to show that you are serious and that you have funds in the bank. Its immediate and separate from your loan, which has 21 days to go through.Depending on what the appraisal and inspections pull up about the house, its very important to keep a contingency fund for any repairs that may need to be done before you move in. 8. Move in. Pay your closing costs and hire the movers. Congratulations, youre a home owner No more landlords telling you what to paint your walls or noisy neighbors knocking on your door at four in the morning for cups of sugar.But the most important of any of these is to start The best step is to do it, Lee says. There are so many programs like down payment assistance or credit help to help get you into a house of your dreams. I have been working with a couple with a year and a half and we just closed on a house for them. It might take a little time, but its so so worth it. You just have to start the process.--Alexandra Deabler is a writer and editor. She has published articles about California history, travel, lifestyle, personal essays, and short fiction. She lives in New York City and can be reached through her websitealexandradeabler.com.