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Chief
Presuming the colleague is in fact paid more, there could be multiple legitimate reasons for the discrepancy:
1) They negotiated better when they were hired than you did
2) Whoever the HM/HR was that hired them had more room in the comp budget than when you were hired
3) They have a strategic skillset that you don't
4) They have more checkboxes on their resume than you do
5) They were an experienced hire with a more valuable background than yours
At the end of the day, there will *always* be pay variances at all firms that don't have cohort or set comp tier models. There's no point in worrying about it.
Address it how? If you feel you're not getting paid what you're worth the quit and get another job that will pay you that. Going back and saying I should get paid x because my coworker makes y is immature and shows a lack of self awareness.
100% guarantee it won't work out well for you.
OP im going to keep it real with you he/she did a better job negotiating than you. I was in a similar boat as you and I moved to PwC with a 35% raise. Unfortunately the fastest way to close the gap is to find a different company to work for.
Advice?
Age, project, rate are irrelevant. Is your background the same? Same degrees from similar universities? Same number of years of experience at similar levels? Did you join at the same salary?
Since no one has answered what you can do, here is a simple plan: 1) you MUST have an outside offer or the willingness to walk to get what you want. With our either of these you’re begging and have no leverage 2) prepare a perspective based off your market research (real offer or willingness to walk number you know you can get else where without much effort) coupled with the data points you mention 3) present it to your talent lead with a perspective on what you need to stay. If they want you they’ll counter, if they don’t they wont. At the end of the day, this is a hard game because your only leverage is your ability/willingness to leave
OP here’s what I would recommend to build your biz case: 1. bill rate definitely matters. Generally, your bill rate should yield about x% margin for Slalom (may vary from market to market). Find out yours and do the math if you’re over or below that margin. 2. I would hope your market values performance over school names so you should focus on that getting amazing feedback from clients, peers, LT (document everything) 3. Know your broader market value aka how much someone like you with your exp. level is paid at other places. Talk to your friends at other consulting firms, companies you wanna work for, maybe interview to find out salaries (last option cuz you might burn bridges).
Do not use the comparison game with your colleague as a business case. Use these numbers and make the case for why you deserve more. I hope this helps.
Thanks! All makes sense. Definitely curious about how I can accurately calculate those margin costs (I’ve seen a few different methods) but very sound advice.
One thing I learned early in my career that really helped me: comp has more to do with market value than your job duties.
You are focused on the latter.
I’m in same boat at my firm. I brought it up at my first review and I bridged the gap slightly in comp. Will push it again in a few months
I’m in a similar situation and I brought it up during my comp review in Feb. They agreed to revisit my issue in July. Now with corona it’s complicated but you still need to chalk a win before having the convo. Win a proposal, extend a contract, etc. do that and then have the convo.
OP, you may want to take it up with your coworker directly. Would they be willing to split the difference with you to make it fair?
Sm1 is revealing the ridiculousness of the thought process
Slalom has been doing the same thing to me the last couple of years. While I like my team, I'm planning on leaving soon rather than get annoyed about the BS. It's a job. I make Slalom money. They should reward me for it, but it's hardly an ethical issue. If you're unhappy, leave.
Better call Saul
Do you have proof you are making less though, how did you find out?
They told me
You can look for job come back to Slalom with offer, talk to hr once this calms down, or just let it be.
At Slalom.
What matters:
- Years of experience (consulting, not industry)
- Skillset ( credentials, certs, etc.)
What does not matter:
- Current Bill Rate ( some clients pay more, some pay less for the exact same thing)
- Age
- Undergraduate degree
- Ivy , state school....
Ask for a raise. It's the only way. Have another offer in hand from another firm. Note that salary isnt everything. Culture , people, work life balance .... Good luck.
Thanks SC5. Really helpful
Pro
Same city? And what’s the % difference.
OP, my similar coworker makes $35k more than me and I believe I add more value than him. I have a masters and he doesn’t. I have several certifications he doesn’t have. I’m also involved in a more variety and quantity of business dev. I’m on higher priority projects and train more internal folks.
He also says one of his best skill is negotiation and interviewing. I came in pretty low because I had a ton of latent skills that I couldn’t show the value of initially. I have gotten great raises but knowing the difference is very toxic to me. I sound like I’m begging to get paid similarly and I can’t help but pay close attention to everything he does.
I actually was about to get an offer for $40k more from one of our partners, but they hit a hiring freeze from covid. So here we are.