Consulting

Genuine question - why do we get so upset about annual bonuses? This is the ONLY field I’ve worked in (I’ve been around the block) where they’re even offered, let alone expected.

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Honestly, it's how the firm shows respect. I left Accenture the year they didn't give me a pay raise because my salary was already "at the top of the range". I didn't really need a 2% COL adjustment, but it was a slap in the face to not get one.

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“Been around the block” u sound pretty uninformed then. Most client services business like consulting and banking, which require us to be ON CALL have the bonus structure in place to compensate us for working beyond the 9-5 window. Most other careers be it engineering or basic ops at any industry job that don’t give you bonuses have a better work life balance. The bonus justifies us working till 12 am in our hotel room and being away from our families. Yeah ur right, if it’s all for the bonus consulting is the wrong career, maybe banking would be better. But for you to say u don’t “get it” but also claim to have been around makes u sound really uninformed

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Compensation is high because most of us are very qualified and intelligent, and the job is demanding.

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I think most of us are also very well paid in regards to base salaries and other benefits. No one ever seems satisfied, and I can’t put my finger on why. This isn’t intended to be dismissive of folks who ARE disheartened, it’s just surprising to me.

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It has to do with the expectations that were set. I agree we're not underpaid by any means but when you expect a certain raise/bonus and then don't get anywhere close to it, it's disheartening.

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K2, use them to go see Yesterday!

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This is the only field you’ve worked in with annual bonuses? I have a hard time buying that

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That’s ok VP, it’s part of why I’m genuinely trying to understand the angst.

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Lol consulting bonuses are 🥜. My 22 yr old brother in banking just got paid out $58k

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Systems engineering

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Everyone I know (diverse fields) gets yearly bonuses, at minimum, some get twice a year. So not sure what block you’ve been around but glad you moved past it!

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No, it's more of a boom bust cycle with certain industries. They have achievable sales targets that cover base salary projections, then they have a bonus pool based on how well sales perform for the year. Our industry lets the peanuts trickle down when they meet partner expectations for sales and revenue. Our bonuses are mostly that one day we can become partner, too! 😂

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Right? Not only expected, but expected to steadily increase year over year? The point of a bonus is to provide *variable* incentive pay based on individual and firm performance.

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The firm as a whole isn't going to perform consistently every year. And using myself as an anecdotal example, I had a stellar year last year and received about as high of a bonus as I think they gave out at my level, so I'd be crazy to expect I'd achieve that every single year going forward.

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I think this is because the majority of consultants, regardless of base pay, work around the clock. Most industries where long hours are expected (e.g. banking) treat their employees for all those extra hours in the form of a bonus. I do realize banking is a lot more, but the majority of consultants work far more than the average 40-45 per week, especially when adding in travel time. If anything, the ‘high base pay’ for a consultant position should be attributed to being away from home every week, not for the extra long hours while gone.

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You have clearly never worked in financial services where bonuses can form the majority of one’s compensation.......

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Yeah, I mean there are also other industries where discretionary compensation is a big part of total compensation. Others that come to mind are sales based roles and the tech industry. It’s honestly surprising what consulting gets away with paying as a “bonus”- remember that bonuses are supposed to incentivize performance. It’s not a real financial incentive whereas in FS, you can earn your yearly salary in a bonus alone (and more) based on performance.

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entitlement. and I don't mean this in a typical negative connotation. Once you reach a certain level, your expectations change.

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Recently I’ve been thinking about how I could probably make similar money with similar hours by working at the industry job I used to have and getting a second low stress job...

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I believe it’s clear from the KPMG bowl that people are generally unsatisfied and choose to be unhappy. The uproar on the summer gift that happened to be movie tickets instead of sub-par steaks or ice cream was pathetic. Then they complain that a one-time $500 bonus last year wasn’t repeated. Nobody owes anyone anything, and many people, including myself are easily replaced no matter how specialized we are. If the market dictates that people are leaving and getting paid more and warm bodies are hard to come by, salaries go up. I’m convinced 80 percent of the posters are under 2 years into this game in certain bowls.

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It’s part of your Total Comp, as you move up in most firms it’s more of your total comp. Some managers make the same base pay of a senior manager at our firm but their % of AIP is bigger. It’s not a gift it’s part of being part of the firm.

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