Rising Star
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How is John St these days for accounts?
Any KPMG FDD associates willing to chat?
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Best books on leadership and self development?
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Shoring up cash reserves for litigation over Perdue?
Chief
Then charge more for antibiotics
Not sure why people are responding so negatively to a post that increases transparency - maybe jealousy? Crab mentality helps no one. I appreciate your post McK, compensation transparency is helpful especially in the year of COVID.
Not complaining about that, but the fact that people are complaining about a decrease in raise. Per OP, this year, they are getting 15-25% raise still....
Air BMB? Didn't you guys just ipo this week? 🤣🤣🤣
Wait I’m confused. Do you mean your standard jump from like BA1 to BA2 was slashed across the board? Or like McK gives out YoY adjustments to everyone every year and that was cut? If the former, very surprising given how fast and busy back half of 2020 has been. if the latter then err yeah less sympathy
BCG doesn’t do bonus range in $, it’s % TC. % range goes up with promotion so higher positions have a higher reliance on bonus. Our base salaries go up every year, with a small bump at 2nd year in role and larger at promotion. Bonus pool was fully funded this year for consultants... I suspect the partners did just fine.
What’s most disappointing about all this isn’t that the increase was slashed across the board, it’s that the base salary delta between being a top performer and not has gone down a lot. Meaning some have worked incredibly hard to land in the “top” bracket, but earn peanuts more in base vs. others who coasted through. Talk about disincentivizing your top performers...
Pro
Y'all get raises?
Very interesting. Is the bonus cut across the firm or based on performance?
Actually? Surprised to hear that given McK’s revenue and growth
Lol, I seriously doubt that. The biggest cost of that legally was the $15M you had to pay to the DOJ.
They’ve increased the incentive for people to stay by giving smaller base pay (fixed) raises making next year’s bonus (variable) larger
Not sure if you are an Associate here or not, but they definitely increased the incentive to quit in an up and out environment because more comps is at risk (if you get the out nudge)
Not worth lateraling for if you’re tracking, but candidates getting BBM cross offers should think about it.
My bonus this year was $36k and I’m 4 years out of undergrad. Not so bad
OH NO. HEADED TO THE POOR HOUSE
OP should leave the firm and find another job where 10-30% annual salary increases are the MINIMUM. Because a) OP deserves it and b) we don't want them to stay
Lol this sounds like our quibbles about the $ value of wfh stipend all over again
OP, what level are you and is this true for all levels at your firm? Sounds drastic.
Chief
That’s a circuitous way of saying that you still make way more than all other firms not called BCG or Bain
Did they give you guys left over Rx narcotics to make up for it?
Does McKinsey adjust its base salaries every year ?
We don’t.
Your base salary goes up every year as you progress but salary for any individual level gets adjusted every few years
OP - some of us made $400 as bonus and increments. It’s a joke!! I’m sure you made way more than this.
Is there any way to apply to get the rest of your bonus if some criteria were met? Something like a rebate program perhaps?
Rising Star
Pfft our merit increases were reduced to zero along with 401k match
Does McK not have standard bonus ranges and salaries for each position (e.g. 15-30% of base)?
At google, some engineer created a dashboard based on thousands of voluntary data entires via spreadsheet. So many data cuts by location, level, role etc.
My bonus this year was $500.
I see your $500 and raise you -$500 🙃