Compensation

Been at KPMG for 10+ years. High performing director. Paid at below average. What gives. No compensation for loyalty? Must I move to get more money to make this lifestyle worth it? - Frustrated

likeuplifting
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OP, I’m ex-KPMG MC too and all I can say is...you need to leave if they’re not going to pay you fairly. I loved KPMG, but the refusal of leadership to pay market value salaries despite me raising the issue multiple times and them acknowledging it but not acting forced me to search elsewhere. I wasn’t as senior as you, but as an associate my pay moved < 4% over the course of two years, despite all glowing reviews and over 100% utilization. I eventually had enough and after speaking with some of my KPMG mentors who I still keep in touch with, decided it was time to dip. From 2nd year associate in a Tier 1 city at 78K...to senior at EY at 130K after negotiations (in the same city and equivalent practice). Sure, I still miss KPMG and I miss the people. But at some point, as someone on fishbowl wisely said - if they’re not paying market value, they’re having you for a discount. And you and I aren’t clearance rack items, especially in this economy. Our levels are different and I’m not sure what I can offer you, but feel free to PM me if you wish as I too came from KPMG MC. Best of luck!

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likehelpful
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Sure thing! Just DM me and provide a bit of info about your level/group/etc and I can also provide some input on if you’ll be better off here. If it seems you will I’m happy to make the referral.

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Loyalty? LMAO! You have been at KPMG for a while and you are in your comfort zone. Hence, they are not paying you market wage. Market rewards risk and job switch will require you to start building your network again from zero in the new firm which you need to succeed in any consulting firm. You are at discount because they know you don’t wanna leave. I was in a similar situation at PwC. I told my partner that I am being paid 40k less than new hires with less experience and education. He brushed it aside saying in long term it won’t matter. I quit the next week with 40k raise and I did tell him that in long term I am gonna die and nothing will matter.

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likefunny
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OP, you are not the only one treated that way. I am also in MC and in similar range. Like the culture and people here but outside offers are getting much more competitive. Wish loyalty was rewarded here!

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Likely need to jump ship if you’ve been at the firm that long and still not satisfied with pay.

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Chiming in here as this is very much a topic of interest in my group (at least). We are hiring people at high salaries and have had a number of boomerangs back who because of leaving have come back at higher salaries. We are well aware of the loyalty penalty and are waiting to see what our salary allocations are for this FY so that we can make at least our high performers who have been loyal whole compared to those who boomeranged backer, etc. OP - I don’t know much about your group but $200K for 15 years experience in NYC is low (IMO). I was a partner in 15 years, but even as a Senior Manager I was making $60K more than you in NYC and that was 16 years ago?!?

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Let me chime in here. Very similar situation. Not always about $$$. Do you have autonomy? Are you doing delivery? Do you have followers? Do you make decisions? Are you seen as a rainmaker? All these factors impact your work environment and lifestyle. If money is the driving force at this point in your life, leave instantly. But at some point you have to realize the effort / ROI equation for you. Years I feel underpaid, I just pull back and enjoy a bit more balance - that’s the way to run the marathon.

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Come. Let me refer you to Deloitte. You will definitely be paid what you are truly worth. Let me know and I can proceed.

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likefunny
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There is a “mandatory” form that you need to fill out.

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Test the market and seek your pay that you deserve. I’ve moved around just for that reason

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Yea. Next strp

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You owe it to yourself to take the emotion out and evaluate if you can make more and be happier elsewhere. KPMG has a process for Partner. Find your path as opposed to hope. Hope is fantastic for faith. But it’s not a business or career strategy. Good luck. 🍀

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It’s a signal from the firm that your time is up and they don’t see you as a Partner. Sure you are a good performer but not partner. I would leave before it’s gets ugly.

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Yes. This is business there’s no ROI for loyalty. Leave for better opportunities always.

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You probably live in a low cost city and 200k is still a lot of money for your 30s. You have to find the middle ground between being grateful and hungry otherwise u will never be happy. Is work life balance that bad for you right now that u need a few extra hundred on your paycheck?

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Would you consider NYC loe cost city?

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Op , how long have you been director? On an average , 10% people make it to partner. You just can’t hang-around hoping for higher salary. At director level business that you are bringing in counts. If you are confident you can bring in 5 mn plus in new firm then you should totally jump somewhere else where you can make it happen. And, you can also ask for 300 k as base.

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