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I have recently joined EY SaT group as senior consultant recently in Netherlands. I’m tripple masters in MS economics, MBA and MS business analytics. Have 4 YOE in different industries but no M&A experience specifically. Any ideas what company should be offering me? I’ll be working as expert on commercial due diligence, FDD and valuation teams and doing automation alongside. is it wise to demand higher salary or promotion soon after I have proven that I can work and do it better than most?EY
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Chief
Well, they are honest about your personal performance. So they agree with your assessment of how you are doing.
How practice is doing will always have an impact on promotions. So that is basic knowledge, you cannot do anything about it if your practice doesn’t have budget to promote you. You can show your displeasure, but I’m not quite sure what else to say here. You can move out to another company / practice or hope that a position will open up next time
Yup. Missed promotion to manager because of that. I was very unhappy. Fast forward and I made partner. It all works out if you stay focused.
Chief
That's how it goes at Big4. You have to anticipate it and roll with it.
When told this information, respond positively, assure them you will continue your work at the same level, and look forward to hearing when there is a project you can move to that will absorb a promotion.
You are not the only one that will hear this, but your response will make an impression and determine if you are top of mind when a spot opens.
Normal course of business across a career that there will be moments of feeling screwed.
Life isn’t always fair.
If you believe in the work you are doing, in the long run, a “delayed” promotion here or there won’t matter.
On the flip side, it’s important to recognize when you are on a sinking ship and manage your career accordingly.
YMMV
Chief
My response was that it was a “them” problem that they needed to deal with. If they couldn’t figure it out I would find my own solution.
Chief
It’s not spiteful or a juvenile tantrum. It’s an honest question of “what would you do?” to the person saying this. They have a choice of who to prioritize for promotion and fight for. The question is where am I on that list and how hard do they want to fight? If the only thing keeping me from progression is motivation or internal political considerations then that truly isn’t my problem. I believe promotion follows ability and responsibility so I’m already operating at the next level. If they want to continue to benefit from my work at that level then they will compensate me for it. I will reciprocate what patience, care, and loyalty I am shown. But, I won’t go against my best interests for the sake of laziness.
Every step of the road for the past 30 years. There was a point, where I just looked left and right and realized everyone at that first company was just content to worker bee and just wait for a promotion.
Instead, I posted out for my next role - and I cited the flat org structure and difficult advancement as my reasons for exploring the new opportunity. I could show that I overstayed my time there and that it was clear I had been operating at a higher level. Every subsequent job hop showed the same thing.
Then I landed my current job and merited up into a new role twice, including once about a month and a half ago. I like my new role. I like my work. I like my colleagues.
I am still in the second round of interviews for a C-suite seat today. Liking your job doesn't change the need to be restless and go after what you want. If you can't get it in your company, you have to know what's available, what skills you need, and how to interview - even in a downturned economy.
I’ve been here as an employee and have had to coach team members that have also been in this position. I always encourage them to decouple their readiness from business need because timing on both might not always align. When business need shows up, I need them to be ready. Otherwise I have to go external to fill the role and never want to be in a position to have to do that vs promote from within. That doesn’t mean I’ve made them operate above their level without compensating them for it, just that they’ve demonstrated they are able to through finite bursts of effort or project opportunities and I’m confident that they can consistently do it when promotion opportunity is there for them. The ones who are patient, respond well and trust me show they have the professional maturity to advance to the next level which gives me confidence I’m making the right decision investing in their advancement.
The business need argument often masks a management failure of not forcing out those blocking the pipeline. If you can outperform someone who is already at the next level, it is short sighted not to promote you and separate the low performer. More likely than not, your promoted compensation would still be lower than someone who has spent time at the next level. The only time the full seats argument makes sense is if everyone at the next level is already performing, and there is literally no room for that group to advance.
I moved to McKinsey. Heard that crap when I was at IBM - so I changed orgs to make sure I wasn’t limited by org politics, but more so by my own pace of growth and delivery.
Can confirm that it’s happening at KPMG, too. Promotions happen based on Business Need and candidate readiness.
Tell them they should try to drive some revenue growth. Ask them if they thought of that
Yes it happened and it was frustrating at the time. However, I don't think there's any career path where the business's needs don't determine promotion opportunities.
probably considering firing some tops, if they get that pay and can be replaced by the younger talents, it's a very good way to stay resilient
Rising Star
Malicious compliance. No seats? Ok! I’ll go back to operating at my level. You have to let everything drop.
Yes for 2 years. The backlog to promotion is real.
With your feet….if you know what you’re worth - then go and get it
Yup. Currently dealing with that now 😩
Happened to me. I had to just weigh it up long term. I can just exit and find something random. Or wait for another 6 mths, and keep both good exit and promo open. Id say, it all comes down to what you're after in your career path. I know for many MBB roles, once you hit a certain tenure, waiting for another year may not make much of a difference with exits.
Yes, it has happened to me at KPMG multiple times. At some point, you have to be honest with yourself and admit that you’re being lied to and taken advantage of. The only real option is to find another job and move on.
BAU at LEK