by Solange Lopes | Mar 17, 2015 | Career, Make More Money |
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.
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by Solange Lopes | Mar 6, 2015 | Career, Start Your Business |
Hillary Clinton – Photo credit: time.com
Hillary Clinton’s violation of State Department policy with the use of her personal email, has been all over the news lately. It’s also raised concerns about whether mixing personal and business is ever OK, when it comes to email. So really, can you mix personal and business in your email communications?
My $0.05: With the advent of smartphones and tech stuff everywhere, it’s now more than ever important to delineate personal and business. Here are a few quick tips:
1. Read your employer’s technology and Bring Your Own Device (BYOD) policies! Find them, read them, and apply them!
2. Don’t email work documents to your personal accounts. This could be considered stealing confidential documents. Just don’t do it!
3. Beware of checking personal email on your work computer. Anything you access on your computer at work can be used against you. If you really have to check your personal email, use your own device.
4. Watch personal communications at work. That includes emails, instant messages, and even phone conversations. Keep personal emails to a minimum and very “kosher”. Avoid chain mails for security reasons, and if you think your boss shouldn’t see it, don’t send it out!
Basically, when at work, do your work! And if you must communicate on a more personal level, bring your own device!
Any tips on staying out of email trouble at work?
The Corporate Sis.
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by Solange Lopes | Jan 5, 2015 | Career, Start Your Business
Photo: realizeyourpeak.com
There’s a new balancing act out there, and it’s no longer the perennial, beaten to death by the media, work-life balance. For many millenials of our generation, among all those born with an enterprising spirit, juggling day job and side hustle has become the new normal. And while it takes quite a bit of motivation to do both, we can all agree it can also be quite a challenge.
According to research by the Young Entrepreneur Council, 1 out of 3 millenials juggle their day job with a side hustle. For those who are under-employed, or even worse, unemployed, it’s not only a reality, but in many cases sheer necessity. So how does one balance day job and side hustle, without losing your mind or your current job?
1. Learn to appreciate your day job!This may sound counter-intuitive, but in order to balance day job and side hustle, you need to grow more grateful for what you currently have. Instead of begrudging everything about your day job, remind yourself it pays the bills, somewhat funds your side hustle, and allows you time to dedicate to your side endeavors without subjecting you to the ramen noodle diet of your college years. Not to mention being grateful will help you feel less miserable when pulling late hours working on your dream…
2. Don’t quit just yet! Even better, stop obsessing about quitting your job. Instead, consider all the positives about your day job, especially the skills you’re acquiring, financial stability you’re building, and security you’re preserving. Being an entrepreneur is hard work and requires a solid foundation. Keep your day job, build your foundation, stand strong before you make the leap and quit!
3. Ease your transition! Transitioning to full-time self-employment is challenging. Instead of abruptly making the leap, ease yourself into it. Take a few days off or a leave of absence to dedicate yourself full-time to your side hustle. Use this time off to evaluate what’s working and what’s not. Also consider going part-time if you can sustain yourself financially. Take it easy..
How do you balance your job and side hustle?
The Corporate Sis
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by Solange Lopes | Sep 11, 2014 | Career, Start Your Business |
Photo credit: praiseindy.com
I wrote earlier about the new hustle economy we live in, in which many of us are hustlers, or moonlighters, or however you want to call it. Bottom line: we have a full-time gig, and we hustle on the side, for passion, money or both.
Considering we all have 24 hours in the day (even Beyonce does), is it ok to use lunch time and breaks during the workday to hustle on the side?
My $0.05: Lunch time is technically your personal time at work, and there should be no issues with dedicating this time to your side hustle.
Caveat 1: I would refrain from using company resources when working on your side gig. Browsing websites is OK, making a secondary income using company resources, not so much!
Caveat 2: If the work demands and office culture implicitly require you to work through lunch on occasions, remember work is priority!
What do you think?
The Corporate Sis.
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by Solange Lopes | Sep 11, 2014 | Career, Start Your Business |
The Hustle Economy – Photo credit: http://andreayokley-jessup.blogspot.com
Happy Thursday! I’ve always had a side gig, whether it was while studying for the grueling CPA exam, babysitting on the side, or writing on the side for my alma mater’s newspaper. Some of my friends would jokingly call me “Jamaican” (no stereotype intended here), because I was always running from class to side gig, and later from job to even more side gigs. “How many jobs you’ve got, girl”? As many as I can handle, a girl gotta hustle, ok…
Well, as it turns out, this allegedly African-American term and concept to describe “a tiny, independent venture you do during your free time when you’re not at your full-time job“, has become quite the norm nowadays.
According to the Harvard Business Review, 34% of the American workforce is freelancing. And out of the 53 million freelancers surveyed by the Freelancers Union and the Elance-oDesk, 14.3 million are side hustlers, more politically correctly known as moonlighters or people with full-time gigs doing the side hustle on a part-time basis. That’s 27% of all freelancers who have a full-time job and in many cases, full-fledged careers, and still hustle on the side. Now that’s not a fad, a trend, or some Jamaican-biased joke…
As a matter of fact, the freelance or hustle economy as I like to call it (let’s be real), is booming so much the IRS is urged to seriously start considering the resulting new types of incomes. And not only is all this hustling radically changing the way we work, it is also becoming the great equalizer at work, amidst all the heated talks about pay equality and gender parity. Yet while we hear mostly about turning your side gig into the job of your dreams, or leaving your boring, grueling 9-to-5 for the glamour of independent work, not much is being said about how your side hustle may be saving your career. Hustling on the side was never easy, but without it, I wouldn’t appreciate and strive more at my day job. Contradictory? Maybe, but so is reality…
1. A side hustle will free some mental space otherwise filled with job worries. Most people will freelance or moonlight in areas they really enjoy working in. I love writing, that’s what I do. Whenever I’m running my pen on paper or frantically keying away, it’s one more opportunity I have not to worry about work….And the less I worry, the better I can perform…
2. A side hustle forces you to think on your feet. Yes, we all have the same 24 hours as Beyonce does. Yet in my 24 hours, no assistant shows up and my laundry doesn’t fold itself. Chances are, your full time job takes the bulk of your time, and so do your kids, chores, and dirty laundry (I know, I’m traumatized with laundry). So in order to fit in any side anything (other than side fries or desserts), you need to act and think fast. And it’s the same fast techniques you learn in the process that make you perform better at work…
3. A side hustle makes you dream, and dreaming is the stuff of successful folks. You know you’ve acted out being on Oprah’s couch, talking about your latest book (and movie adaptation, and new shoe line) countless times in front of the bathroom mirror. Stop frontin’…That’s what your side hustle does, it makes you dream, imagine possibilities, create scenarios. And that’s the stuff that makes you successful, at work and in life. That’s how you can envision a new product enhancement or an original presentation at work…
4. A side hustle will get you some skill. Blogging on the side? You’re now equipped to create a newsletter for your department. Doing some visual art on nights and week-ends? Why not transfer all that know-how to create outstanding presentations at work? A side hustle will get you some skills, among other cool stuff…
5. A side hustle will keep you motivated.Motivation is the engine of success. Knowing you have goals, even if they are not related to your day job, will keep you pumped up and on the go. And that is the stuff of outstanding people like you…
Are you hustling yet?
The Corporate Sis.
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by Solange Lopes | Aug 21, 2014 | Make More Money |
Should you invest in your 401K – Photo credit: beyondblackwhite.com
Duh. Yeah. Many of us find it obvious to invest in our 401Ks as a source of retirement income, and even as a savings pool. And rightfully so, considering the perks a 401K plan can offer to employees including, but not limited to, employer matching, ability to borrow against it to purchase a home or pay for your child’s education, and the sheer fact that your money is growing tax-deferred.
Well, this is all fine and dandy, but because I like to keep my snack and money options open, I’ve always wondered…
1. If your employer’s plan is really not the cat’s meow: if your contributions are not matched at all, and the plan is frankly antiquated, think about setting up an Individual Retirement Account (IRA). Some good companies for this include Schwab, Vanguard or Fidelity.
2. If your debt is higher than your heels (i.e. You’re drowning in debt): if high-interest consumer debt is keeping you up at night, PAY YOUR DEBTS FIRST! If you can live with the moderate interest or can write off some of your debt (such as mortgage), your 401k may be a good option.
3. If your 401k is costing you your first born child (read: outrageous fees and costly funds): Scour the market for decent cost, deductible IRAs. You may get a better deal (and get to keep your first-born too)…
The Corporate Sis.
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by Solange Lopes | Aug 8, 2014 | Make More Money
how to manage your money at work – essence.com
One of the managers who interviewed me once asked me how good I was at budgeting. Ok, I had my standard three strengths and weaknesses prepared, some of my best work experience to date, and this guy was asking me about my budgeting skills. Sure, I kept a flimsy spreadsheet with a tally of my basic living expenses (climbing ever higher), but what did that have to do with me getting the job?
Fast forward a few years, and budgets are everywhere! Time budgets, departmental budgets, hiring budgets, various allocation budgets to keep track of while still achieving under budget results. From the accounting to the legal profession, through engineering and pretty much any discipline one can end up practicing, the King Budget reigns supreme! And not learning to develop budgeting skills effectively can stand in the way of a successful career:
1. Start at home! As technical as some professional budgets may sound, they are all based on the basic allocation of limited resources to a particular endeavor. Like your last $20 to lunch for the rest of the week! Or your entire shopping budget needing to fit into your increasingly smaller discretionary expense pool! Develop basic budgeting skills at home, and transfer what you know to the office!
2. Build a system! Whether you’re using the latest state-of-the-art budgeting software, or you’re still attached to your manual spreadsheets, you’ve got to have a system in place! Some basic tenets of effective budgeting, including maintaining evidence of resource allocation or reviewing the budget frequently, should be part of the way you manage your budgets at work.
3. Communication is key! One of the biggest culprits of effective budget management is lack of communication. While you may have the skills to build and maintain a time or resource budget, failing to effectively communicate expectations to your team or management may render the whole process ineffective. Speak to your manager or team about the budgeting process, get everyone involved and make it a team effort!
Do you think budgeting skills are crucial to your career? Mind sharing some tips?
The Corporate Sis.
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