Proprety Launch Singapore
Quote:
Originally Posted by Unregistered
Hi are u AVP or associate? Just to share last year I got 4.5 mths bonus. Local bank. Average performer, so I'm sure those in top 20% got even more.
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I'm an Associate. 4.5 months is very good for average performer. Which function are you in? I'm in Business Finance (back office).
My team is very hierarchical. I had no increment at all.
My Direct report
MD (Back Office Div Business Finance supporting div country head)
VP (Back Office Country Business Finance supporting biz country head)
AVP (Back Office Product Group Business Finance supporting grp prod head)
Assoc (Me - Products Business Finance supporting product heads)
Too many layers will mean nothing much trickle down to me. Bonus is centrally budgeted at super high level and they typically go to the 1 downs and for an average performer like me, I dont get much as I'm at the bottom of the food chain.
There's mis alignment in recognition and who i work for and support (primarly product/business heads and not my boss). The product heads that I support cannot determine my bonus as I do not report to them.
In my 1st job in another local bank my team structure is different and is very flat and I got the most increment. There's only 1 SVP and everyone reports to 1 boss regardless of rank and title. I get recognized by my boss if I work hard as everyone has equal opportunity. However, promotion is hard to come by as local banks keeps a tight control on promotion.
SVP (Back Office Group Finance)
VP AVP MGR AM (Me) Analyst (Back Office Group Finance)
I heard that in another local bank an average performer got 6 months. Their team structure is as follows.
SVP (Front office Private Banking sales)
AVP (Back Office Business Finance)
The Business Finance person got 6 months basically due to the flat structure and is able to tap into the bonus paid to the front office.
An average performer in the 3 scenarios can get different increment/bonuses. It would be ideal if the person you support determines your bonus/increment however it's not always the case.
My preference is to work in smaller teams or teams with flat hierarchy or direct reporting to the business manager that i support.
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