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McKinsey & Company I received an offer from McKinsey & Company in 2021 and I’ll be starting later this year after graduation. Obviously because of the pandemic, inflation is slowly trending upwards. Has anyone asked for a base salary increase before even starting the job? Any advice on how to approach this?
Chicago folks - gwen or w lakeshore?
Additional Posts in Canada Compensation
What is salary range for l07 at TD?
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Personally I would not look at US salaries but compare the salary offered to comparable positions in the CAD market as the US is going to undergo salary deflation in the next few years as US salary's are out of line globally when you take in the strength of the US dollar. Here is an article from WSJ talking about it: https://www.wsj.com/lifestyle/careers/salary-deflation-workers-new-jobs-0b2e1a1f
You can stand your ground all you want.. they will easily find someone else in Canada who will happily take that salary.
You can’t compare Canada and the US comp wise, it’s an unhealthy rabbit hole to go down.
The disparity is massive for many reasons, some include:
1. Innovation and investment culture is way different
2. Canadian government covers a lot more compared to US government, so less of your dollars is going towards things like healthcare as compared to the states
3. Canadian employers contribute more to CPP, EI, OAC, etc. compared to similar US ones
4. More sponsor/institutionally-backed companies that put proper incentive plans in place like options, variable comp, etc.
5. On the consulting side, billable rates are way higher - in Canada a partner in consulting would be 1000-1500/hr. In the US, same role could be 50-75% more. In a lot of cases, large firms will bring their Canadian teams down to the US, charge in USD but pay in Canadian, and make a killing on the margin.
OP, stand your ground. You quote what you think is reasonable for your skills and experience. You really don't have to defend your number. But be prepared to have them walk away. That's the only way to keep your wages at a respectable level. I work in Tech and a lot of employers have been quoting numbers I was being quoted in 2019!!!
Suffice to say there's a lot of talent on the market now but if they really want you, they will get you. Don't undersell yourself. Quality costs money - always!!
Now whether you can use US numbers to convert USD to CAD, - it's an idea wirth debating. Some employers do, some don't. In any case, your best strategy is quote your number and see where the conversation leads you. You leave money on the table by not quoting your desired number