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I was just offered a promotion to Sr Strategy Analyst and I’d like to negotiate the base comp from $109 to $116 at least. I would love to hear how others have navigated this conversation. My points are: 1. I have both supply- and demand- side experience. 2. I have a proven record of dedication to the company w/ examples. (This is a leadership rotational program so it shows I’m invested in the company.) 3. I didn’t rec a raise in 2020 bc Covid so at a normal rate I would be making ...

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First it is important to understand your firm’s processes around comp, including the decision makers, so you know who you need to influence. All large ones have formal processes which do not have negotiation embedded in them; there are simply too many employees. You have a yearly process, or sometimes every 6 months. You get your raise based on firms performance, you place in the salary band, your performance, market adjustments (based on what the going rate for your role in the market it), etc. By the time it is communicated to you, it has been approved by everyone and their brother and there’s no countering. That said, there are ways to impact that: 1. Best time is a month or two before the process starts - usually it coincides with the FYE somewhat. 2. Speak to the decision maker or someone who can influence them. In most firms it is the practice leader and influence is a partner; anyone below that has no visibility into your comp and certainly no authority over it. 3. Request a comp review. Partner as the comp process is starting, I am concerned I make less than I should be. I really enjoy my time here and work it with our team, and have learned a lot. I am a strong performer having received blah blah and I would appreciate it if you could review my comp. 4. Things not to do or say. I went on Glassdoor or have done extensive research - it is useless; all big firms pay millions to hire external benchmarking agencies and keep hiring and separation data to understand what’s in market. Bob makes more than me - you have no idea whether that’s true and if it is if it is deserving; gossip and grapevine and not good sources of facts and this will most likely be dismissed. I didn’t get a raise because of Covid - only works if some in your firm did; if everyone didn’t or got the same adjustment than it’s not a good argument. I am underpaid - we have salary bands for that reason; you maybe on the lower side of it but being truly underpaid is nearly impossible in our world. I could jump to another firm and make x% higher - yes you could - you’re paid for the jump to make you fair for the cost of redeveloping your network and brand; it’s not a particularly strong reason if x is jump only; works better if it’s more than x. 5. The other alternative is to get an offer or get close enough to get it and bring it to the table to negotiate. This only works for high performers. Just be prepared to leave if they’re not willing to match it. Again this is for large firms. Smaller firms function differently but again you have to understand the process and how formal it is to devise a strategy. I will also tell you that the absolutely best way to stay ahead of this is negotiate a great offer to begin with. You always negotiate. Always. Even if you’re happy with the offer, you go back and ask for more.

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Not sure about the timeline for BCG hiring but salary negotiations can take a while too. At least talk to a recruiter. If you DM me I can put you in touch with the right person in the right office.

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Following. No one ever talks about negotiating with your current firm after a promo

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You 100% should! The easiest way to do this is to have a backup offer. Other than that, I’d build a really good case for why you deserve the raise based on your work, and see if you can back that up with glass door numbers / other people’s salaries

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Let’s us know how it goes!

uplifting

Do some research and find out how much your job is worth in the open market. If it’s worth more, you will have much more negotiation leverage. And the point about not getting a raise in Covid year might be a good one, unless your company lost money and no one else got raises (that was pretty common last year. We all took a 20% pay cut and the company lost $1m).

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$106 this year without a change in scope. Are my points convincing? Is 116 too low or high a target? What have your negotiation conversations been like?

Thank you to all. I’ve been noodling & researching all weekend. I want to share my proposal with hopes that it helps someone. I’m on the 6th or so revision and I’m pretty happy with it. Instead of asking for a base salary raise I am asking for education sponsorship (two programs) to the tune of $8k. The programs are in line with the companies strategic initiatives and my skill gap for the role. They really round out my resume and provide shiny certificates as a bonus. I believe this is a more sensitive approach to asking for a higher base given market conditions. I am also genuinely excited about studying these topics. I’ll let you know how it’s received.

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