| |||
| Back to Blogs | FAQ | Search | Today's Posts | Mark Forums Read |
| Personal Finance Credit cards, investments, career, consumer affairs, retirement and general financial issues. | ||||||
![]() |
| | Thread Tools | Display Modes |
| | #11 |
| Member Join Date: Dec 2007
Posts: 51
Reputation: | Thank you for the great advice Julie. I especially like the performance bonus idea! This way I can make it sound like I want to do more to earn more. I can't wait to try it out. |
| | |
|
We share ad revenue with members. Learn more. | |
| | #12 |
| Junior Member Join Date: Jan 2008
Posts: 1
Reputation: | I work for a family business also (I work for my father-in-law, but my brother-in-law and I run the place day-to-day). Basically, my brother-in-law started working for his dad's business straight out of high school (approx. 10 years ago) and has experience at the ground level (working in the shop, installing our product on the equipment in the field, etc). I started working here just under 2 years ago, but have a college degree in an unrelated field with 5 years work experience before coming here and now co-run this manufacturing business, but am currently getting my MBA from one of the top 20 business schools. That's the background to "set the stage"...I was told when I got hired that I would be doing the same job as my brother in law and everything would be equal (pay, etc). I soon found out that was not the case because my father-in-law thought that he should make more since he has been working there for so long, but that eventually I would get the same amount. This was never told to me, but I heard it through the grapevine (and is definitely true as we both are aware what the other makes...he makes $6000 more in base salary). Also, he has been getting bigger bonuses than me (>$5,000 last year). Business was okay last year, and this year is expected to be pretty good. Finally to my questions.... 1. My brother-in-law and I are considering asking for profit-sharing (5% of profit each paid quarterly) rather than "bonuses" which we get now...we never know what bonus amounts will be because it depends on what kind of mood my father-in-law is in. This would potentially be beneficial to us as long as we grow the business...so it is a win-win....what do you all think? We don't like the bonuses because it is based a little bit on how the company does, but more about what mood my father-in-law is in. 2. Regardless of #1 above, I want the pay to be even...in other words, I guess you could say I want a $6,000 a year base increase (to match my brother-in-law's). I do the same job as him and would say that his field knowledge is worth something and my bachelor's degree and prior work history with other companies is also worth something...so I consider those 2 a wash. Am I right in being bothered that I am making less than him? (trust me, I work harder!) Also, how do I address this without making it sound like I have been spying on my brother-in-law's pay? |
| | |
|
We share ad revenue with members. Learn more. | |