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.