For people who have profit sharing what have your experiences been? Ours is every March but it is a variable number based on how we do the prior year (duh obviously) but also only my boss gets to decide and he gives no criteria on why he chooses what he does. Don’t get me wrong I am super thankful to be in a location with great PS opportunity and upside but it is so hard to plan my life out not knowing what my income will be that year. Also there’s no way to know how my bonus compares to my peer

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As an add on he values loyalty a lot but I can’t fix how long I’ve been there, in terms of the value I bring I can’t see how I am not #2-3 in terms of my peers and in terms of which accounts I manage. The other two have been there almost 6 years and I’m in year 2 so they have grinded out the not so lucrative years and have helped build the business to the power house it is today. Again the company isn’t keen on sharing bonus info but I’ve gathered they may have gotten in the 75-100k range last year and we have already passed the profit from last year in 8 months. We added people to the team but mostly warehouse workers (hard working great guys but don’t typically get a lot of PS) and some new inside sales/account managers. I have a GF of 7 years who wants a ring and owe want to move in together so this march may be a deciding factor if I can stay. Not asking for the world but would like to see a number that fairly compares to where I am on the totem pole. Love the job and the people but I can’t wait 5 years to see my bonus jump

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I had profit sharing at a previous company when I was in sales. There were some metrics that were super specific and others were totally up to how much your manager was willing to fight for you and get approved by the board and exec team. Check your comp plan because 100% of my profit sharing went into my 401K. Sounds fine but I left the company before my money was fully vested which cost me that whole bonus

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So my company is similar to a franchise so my boss runs out branch separately from anyone in the country which is awesome we have a ton of freedom at my location and are fortunate to be pretty successful. But the con being he is in charge fully of who gets what. At the end of the day he is a great guy but it’s hard for me to not know what I’m tracking for and how it compares. And you can opt to take 401k out or not which is nice. Sucks that because it’s a bonus it gets taxed at a higher clip

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So is it a bonus or ps? In my role I get base, commission monthly, a bonus when I reach a gate. Annual ps. Ps is based on a % the company sets, correlates to my annual wage/ # of yrs vested. It always goes to my 401k and I would have to be on hard times to take the penalty/tax to move it. My spouse on the other hand gets a bi annual clinic bonus that is a bonus check. I’m in a state that taxes all comm/bonuses by almost 40%. 15 yrs ago it was about 10k-20/2x but the manager gets the lump and determines who gets it. It’s a source of contention bc it sometimes depends on who is in favor at the time. OR how much he chooses to share- he keeps what’s left. It’s dwindled over the yrs significantly. For most to 1/10th the original. Tough when the managers complete remodel projects or buy new cars and others get new coats for the family.
Bottom line for me ps/401k should be my retirement not vacations and rings with the amount of tax loss taken. Save your salary and get her the ring, it’s a symbol of your love and commitment, not a house that provides anything back to you. ~ Congratulations ~

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Appreciate your reply thank you. So break down essentially in our world is at the end of the year they take (profit - overhead)x24% = the PS pool. Now I know my boss is only allowed at max a certain % then it’s divided Amongst those who worked that year pro rated accordingly if you were there a full year. It’s taxed at that 40% rate as well which succkkks haha. Outside sales guys get salary and commission and don’t get PS (I don’t believe it’s the first year with commission so not 100% sure) and the rest of the company gets hourly + OT and then the bonus/PS in March. Hourly is only like $20/hr (~$45k) and with OT I should get 50-55k. Not great but also not my fave after getting a MBA. Last year I was in a management program which would track me to become like my boss and run a location down the road. But looking at the writing on the wall there weren’t any locations locally that had openings and in this program you got a flat $5k bonus instead of PS. Now that’s good if you work in a newer less profitable location but my spot was cranking so I decided to drop and stay full time at my current spot. So even though I technically was there for a fully year my bosses boss didn’t like that I left his program and mitigated what I should have received. Please don’t get me wrong $25k (16k of taxes) is awesome but not what I was worth comparatively to my peers. So this year with a full year under my belt full time at this location and handling more work load/responsibility I hope to see that number change drastically.

PS 3 months salary is a marketing ploy, enforced by women who compete with other women. I have a beautiful fairly modest ring (and some great anniversary jewelry) married over 30 yrs while many siblings bought 20-30k rings and left them with the Ex’s when they split. That $$ would be sweet retirement/investment today.

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Good for you!

I would try to talk to coworkers and see how the values compare as well. This sounds kind of sus as there is no way to know if the values are correct based on how the company is doing. Overall, I would try to talk to others and see if you can figure out what value everyone is typically getting based on profit and that would help you budget.

Yeah it’s tough to do the ratio because last year was my first year and my accounts were different than this year, so even though I know what some people made last year no one knows what to expect this year in a record year so it’s a guessing game. Exciting for sure but also the not knowing is brutal for the nerves

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