First, sorry for over explaining but I think THE BELOW IS IMPORTANT! (For the TL;DR version, feel free to skip to my last paragraph. For the haters that want to blame the company or manager, read it all and understand that being middle management isn't easy!!).
Definitely point out your contributions. Definitely point out the promotions you noticed around you. You can mention how you feel, but down dwell on it or it'll sound whiny or you're frustrated and angry.
One thing that is SUPER IMPORTANT TO BE AWARE OF but that others haven't mentioned. Perhaps, your manager either didn't know or didn't have a choice on the compensation package you're provided after a positive performance review.
Here's the thing when I was a manager. A manager got to choose, on behalf of the employee, the type of "bonus" they got.
When my employees hit the top of their salary band, I couldn't give anything more than cost-of-living increases. The rest was paid out as a bonus IF our department had the budget. Or if we didn't have the budget, they'd get extra paid time off. Or a combination or mix of a measly COLA, plus more time off, plus a one-time bonus.
Another thing is that the budget "pie" was divided amongst a department. So if we had 3/3 employees exceeding expectations, we'd still only have a limited budget and then everyone has to share the pie. If I was given $10,000 to hand out, I might not be able to make a strong enough business case that I want $20,000 because all of my team are superstars. Why is this sometimes a lost cause? Because our executives have the big picture of all high performers across the company, and I only have the point of view of my team and if my departments goals were game-changing.
So in this case, it could play out like:
- promote our junior exceptional employees at $3000/annum extra (to reach intermediate)
- promote our intermediate exceptional employee at $4000/annum extra (to reach senior)
- give a $3000 bonus to our senior exceptional employee with no promotion (because they are at the top of the salary ladder, based on market)
It also sounds like your manager may not really have control of the decisions. If she went to bat for you HOPING to get you a promo, but failed, then she got trumped by an executive who shut her down.
As a manager, I had also experienced this. Every annual compensation decision I made was subject to changes based on an executive overruling the decision. Please know that as a manager in my previous company, when we submit compensation increases, it gets reviewed by my Director, then gets reviewed by my VP, then the General Manager can have the final say. And yes, I had decisions supported up to the VP level, then reduced by the GM.
I know this isn't 100% your case. You mention you are paid below salary for your role in the industry--well I will tell you that the company I worked for was well-known to pay 20% below market, but they had great culture and other perks (WFH fully remote, awesome parties, gift card contests). But given the promotions around your team, they're probably not poor AF, as mine was.
The other case is that perhaps you've reached the top of your salary band. Well, this might also not true as your manager were gunning for your promotion. So that seems to indicate you haven't reached your salary band maximum (?) or your manager was misinformed--didn't know, got denied, and didn't tell you because you didn't bring it up when you accepted the bonus.
Regardless. Please take some time to consider a soft approach, choose to be inquisitive rather than defensive. Perhaps: (1) Your manager made a silly mistake and thought you'd prefer a bonus instead of a promotion; and you were happy so she never knew she oops'ed (2) you reached the top of your salary band, and she failed to tell you (3) your department/company had no more budget (4) your manager can't fully control the promotion decisions and she keeps mum.
Know that no manager will ever tell their employee "well I tried but my boss said no" cause that's just unprofessional. But a smart and experienced manager would also ask for feedback from their boss ( or boss's boss, or whoever) what the employee needs to do to be promoted, and hopefully that manager will be able to give you feedback should you ask why you didn't get promoted. So for this reason, I suspect this is where your signals were mixed. You asked for a promotion, your boss brought it up and got voted down. They suggested to her "give her a bonus instead, for her hard work during the mat leave". Your boss said, "Ok, that seems reasonable". When presented with the bonus, you were happy. In all respects, that was case closed for your boss. Now you feel inequity as you see the results of the rest of your team.
Have that conversation. Be kind. Goodluck.
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