Any other firm do "Bank Your Bonus" for new seniors? Or any other tactics to try and retain seniors?

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We have bang your bonus in EY Netherlands. You just take your normal senior raise and spend it on the red light district. Doesn’t help retention but everyone is happier

likefunnyhelpful

oh I thought there was another option in the Netherlands called bong your bonus that you can choose instead. you can go to any coffeeshop (not Starbucks) to enjoy it.

likefunny

Whatever they can come up with won’t work, people are still leaving. Instead of coming up with weird strategies like banking the bonus, they should either hire enough people to reduce the workload or simply pay us better.

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D1 and EY1, that’s probably why they did that rather than spreading it out. They probably did an economic analysis, knowing some people would still leave despite choosing to bank the bonus, meaning they pay you less regardless.

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PwC doesn’t have a bank your bonus, but they do have a manager promotion bonus that’s 20% of your new manager pay in addition to your pbb. Acts the same way as bank your bonus at EY except seniors don’t have the option to not bank.

likehelpful

I think every firm has something similar and totally agree with EY1.

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I will never understand the whining about bank your bonus. It’s free money (or at least a moderate way of paying you better over senior years) and puts you on parity with PWCs significant manager bonus that thousands of people above you missed out on. It’s not meant to retain everyone and the firm doesn’t really want to retain entire start classes through manager - but it’s a great reward for those that do stay

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^always have always will - previously justified by richer pension for all levels but that isn’t the case since we went cash balance (rough analogue for pwcs wealth builder plan)

I'm seeing a tactic called "Actually Getting a Bonus and a Decent Pay Raise". With a good office environment, it's... more effective than it sounds.

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I haven’t heard of this for Deloitte in the tax group

What is that?

When you make senior you can either get $5k or Bank it and in 3 years if you're still with the firm you get $25k

They used to have one in KPMG that you can either invest 1, 2 or 3 years for a payout of 8000, 16000 or 24000 respectively, which is very sweet if you stay until manager. They got rid of that 2 years ago, now only if you stay for 3 years, you get 8000, significantly worse. No wonder people have zero incentive to stay right after getting the senior title.

That’s bullshit. No wonder no one wants to stay.

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What happens if you are fired or laid off during the period where your bonus is locked up?

You get zero if you leave before the 3 years

Hate to tell you but the jobs still get done so other than bitching there isn’t any real leverage here.

That said, there wasn’t anything like this at GT when I was a senior

I don't understand why big 4 don't have some kind of equity bonus/payment that's released over a 3 year period. Bonus return will depend in value at inception and value based on the firm's performance.

^because they don’t have to? There’s a large supply of people who would take your job in a heartbeat

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