Author Topic: How long do wait for your annual profit sharing?  (Read 1796 times)

FIRE me

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How long do wait for your annual profit sharing?
« on: July 12, 2015, 01:01:43 PM »
My company is on a calendar year (Jan. 1st through Dec. 31st). We used to get out profit sharing for the previous year in March. Of course, that is assuming there is any to be had in any particular year.

I've been with the company for over 10 years, and the amounts have varied from zero (the recession years), to a few hundred dollars to a few thousand dollars.

Last year, they didn't get around to communicating the amount until early July, and the deposit came in mid July. Now, here it is mid July and still no communication of any kind about profit sharing.

It seems to me that this just reeks of contempt. And cheating, since what they are probably doing is waiting to see how this year is shaping up before deciding  how much if any to pay for last year.

How long do wait for your profit sharing? Is it ridiculous to have to wait so long to even be told if there will be any? Or am I being too tetchy?

CommonCents

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Re: How long do wait for your annual profit sharing?
« Reply #1 on: July 12, 2015, 01:13:43 PM »
Can't speak on profit sharing (never having that joy), but my husband's office does annual reviews in December - for raises released in June retroactive back to January...  It's pretty ridiculous.  I assume is one part incompetency and delays (the CEO micromanages and looks over way more of these reviews than she ought to) and one part strategic (to entice people to stay to wait for it / avoid paying out for people who leave in the first part of the year).

mschaus

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Re: How long do wait for your annual profit sharing?
« Reply #2 on: July 14, 2015, 07:28:43 AM »
Absolutely this type of behavior makes the management sound like jerks, but you are probably a bit too tetchy. I agree that 3 months after the end of the fiscal year is pretty common and totally reasonable, but remember that this is a bonus, and they don't owe the employees anything (besides wages for hours actually worked). But with this jerk behavior they will probably have the retention rate to match. Good companies treat the employees well. A mustachian would never count on a bonus to pay the bills, but everyone else could be easily irked by such a thing.