What's a bonus?

[I_actuate™]

What are these so called "bonuses" that I'm seeing?

In the salary threads, people are putting that they get 2-40% bonuses. Are these mainly/only for consulting?

I get a 1-2% "bonus" for profit sharing put directly into my 401(k), but no straight bonus in cash from good work. I'm reminded of the movie Office Space...and I quote "I bust my a** and INNATECH ships a few more units, I don't see a dime. Where's the motivation in that? That makes me only work just hard enough not to get fired."

[Anonymous]

Bonuses are mainly a consulting thing, insurance companies are beginning to offer them to stay competitive but with few pure measures of performance most bonuses are linked to company or unit performance, for a company I recently talked with bonuses started around 4% for new hires working their way up to 20% for experienced actuaries. In consulting companies the bonus is a larger part of compensation with more senior bonuses related to revenue generated (sales) and more junior bonuses related primarily to billable hours. For a consulting company I talked with, for very driven students their bonues could be as much as 10-15% of salary, and the more senior staff had bonuses over 100% of salary, though it should be noted he was a very exceptional case. Basically the closer you get to directly generating revenue or results the closer you are to bigger bonuses.

[zapped]

I have worked here (insurance) for more than a decade and we have always had bonuses every year.......the amount depends on your job level. it is significant.

[Kitara]

Try working for the government. They've never heard the word "bonus"... They don't even pay for failed exam attempts!

[Alya]

On 2002-01-25 08:03, Kitara wrote:
Try working for the government. They've never heard the word "bonus"... They don't even pay for failed exam attempts!


So why anybody would want to work for the goverment? Less competition? Better hours?

[Kitara]

Better location... Great for getting study hours... As a student, great exposure to actuaries of all kinds... Great stability...

<font size=-1>[ This Message was edited by: Kitara on 2002-01-25 11:03 ]</font>

[Anonymous]

Also, though few believe it today, there is an element of nobility in taking a lower paying job to be in public service.

[Maine-iac]

The federal government has a really good health insurance plan, including good retiree health, and the odds of significant cuts in it after you retire are low, unlike private industry. The other employee benefits tend to be pretty good as well. And there is a certain amount of job stability.

Not necessarily number one priorities in a job search, but worth considering, particularly if health is an issue for you or a dependent. (Can you say "Adverse Selection"?)

[Guerilla poster]

Ask not what your country can do for you, but what you can do for your country.

Those were headier days. i do not think the recent patriotic fervor has done much to change this. For most, government worker is equated with lazy bum who cannot get a job anywhere else, not that i agree with this sentiment. But the right-o-crats have brainwashed the country on this point for so long that it is now accepted as the truth.

[E. Blackadder]

Apparently we've also duped the government into thinking the same thing.

[Ammie]

Also, though few believe it today, there is an element of nobility in taking a lower paying job to be in public service.

:lol: Sorry, but that was a good one!

I consider that a job as an actuary is one that requires protection of the public as one of our fundamental requirements. I love my job and don't need to take a lower paying job to get that feeling of nobility!

whoooooooooooooo

[Kitara]

I would argue that the sense of "nobility" is heightened as a regulator. Regulators have authority to help identify and stop Fraud, disallow inadequate rates, examine companies objectively, etc..

[Healey]

Back to bonuses:
I'm reminded of a Dilbert cartoon:
The whole gang is sitting at a table having a meeting when Wally says, "Since our bonuses are based on events and results beyond our control, can we just base them on the results of some other company?"
Next frame: "Gee, you make one comment and you're not considered a team player."
I've often wondered the same thing about bonuses.