Should you stay in your current job to wait for a bonus payout?

With the end of the financial year approaching fast, we ask – should you stay in your current job to wait for a bonus payout?

If you are considering a move but are tied into a bonus, it’s important to weigh up the pros and cons of delaying based on your financial situation, career goals, and job satisfaction.

Financial reward is fundamental to why we work so if you are expecting a significant bonus, it can be an extremely compelling reason to stay. However, as with most things in life, timing is everything and it’s important to consider that delaying your move could mean missing out on a great opportunity in a growing sector/company, and most importantly, at the right time! Such opportunities may not be available again and not moving could end up costing you a lot more in the long term.

If you also have a long notice period, combining that with waiting for a bonus payout can delay your career progression and, in fluctuating market conditions, may be detrimental to your long term growth.

Something you have to ask yourself is why you started to think about making a move in the first place? Whether you are actively looking or simply dipping your toe in the market, there’s obviously something missing in your current role. Could delaying a career move end up amplifying your frustrations, even if these are only minor at this stage, or could it have a negative impact on your productivity or, in some cases, impact your mental health or lead to burnout? It may seem dramatic if you’re not desperate to move but these are key questions you need to ask yourself!

There is also always the possibility that the bonus may be smaller than anticipated or even withheld due to company performance. Is it going to be worth waiting for and is there a retention or release clause in your contract that could delay payout even further? Make sure you know exactly what to expect.

If, however, you don’t know exactly where, or what, you want your next move to be, then waiting could be sensible. Those extra couple of months can give you time to assess and understand what’s really important to you. Waiting for a final bonus number can also provide you a certain amount of leverage in package negotiations with a prospective employer.

Finally, always remember that whichever way you look at it, your bonus is going to be compromised one way or another. Whether that be this year, in your current role, or next year’s bonus in your new position which, at best, will need to be pro rata as a result of you joining late.

In conclusion, it’s not black and white and you need to look at your situation at the time. It bottles down to you but remember that the financial upside of waiting isn’t always what it may seem so make sure you give due consideration to your reasons for wanting to look for a new job in the first place!