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You do the right thing and help them grow their career!
Many firms view leaving to a competitor quite differently from leaving to industry - particularly in terms of how the exit is handled.
Been there done that. I retained one high potential senior associate. I told him the truth that he had the right stuff to make partner. He did make partner about 6 years later. He was my “boss” when I early retired. I lost a good director to a 2nd tier firm. He made partner over there. He would have made partner at K, and lifetime comp would have been higher. I lost one to the regulator, recruited her back, she made partner and is very successful. I have told others that they made the right choice going to industry. You tell the truth and mentor them, whether they are with the firm or not. That’s what real mentors (and friends) do.
Yikes. K calling out others a 2nd tier!
Im staying at the firm yall! We met in the middle, while the money was enticing it wasn’t the only important thing to me (otherwise it wouldn’t have been a tough decision). My leadership was good with the number (asked for the middle between the new salary + bonus as an increase to my base). They’re going to approve it; I very likely left money on the table but I told them my long term goals on continuing to hit the highest rating (for bigger raises YoY) and path to partnership and they seemed aligned.
I would counter the offer and meet somewhere in the middle, but sometimes it is out my control how much budget is available and my leadership may not approve it since we’re in a tough market and it is for a direct competitor.
Consider how much you value the network and trajectory at EY because rebuilding isn’t always a walk in the park. If it is a short term money grab then sure go for it.
P2 is correct. With all the “boomerang” talk all over fishbowl, less common than portrayed on this ap.
Thanks OP and those that have commented on this thread. In the exact same position. Want to stay but at the bottom of the band (was told this last comp cycle) and the increase for a boutique is $60k base and $40k signing which is a huge spread when talking about family and wife potentially wanting to be a SAHM/part time work. Just not sure how to best address the conversation as I have always been supported at the firm have grown in the firm quickly yet the only thing that has always seemed to lag is pay. If they met in middle I’d actually be pretty happy to stay but feel like the gap is too big. Not sure what is the most someone has seen in terms of closing the gap on a counter. Be interested in hearing. Right now our market is hot. Understaffed and selling more work than can deliver.
Yes. You don't think we get offers from the outside that put us in similar positions?
You always advise people on what is best for their career…the firm will be fine…with or without them, but progressing on a false premise is harmful for both - the firm and the consultant. You have a genuine conversation about their path in the firm, their potential and the opportunity they are considering. Given them an honest opinion if they are better off else where than stay. A number of my consulting colleagues have left over the last decade to MBB, some against my advice and some with. In the end, I find some people come with their mind made up before the conversation…I don’t try to convince them otherwise…ever…but those who come with an open mind and for a genuine discussion- I would spend time with them discussion neutrally. I never offer a counter..ever. Only the potential and possibilities.
If someone is willing to leave for money, they’re gone. Congratulate them and wish them well.
If someone wants to leave because of reasons other than money, try to make them happy. Can we move them laterally to a new team?