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A lot of people get perfect snapshots and think they matter but then surprised at CRT results.
I think the cohort model fosters an environment of mediocrity and pushes people to look externally faster. The structure caps the compensation (upside) and those who perform above average (not necessarily rock stars...but good practitioners) get turned off by the small incremental jumps or artificial barriers imposed by the system and leave for better opportunities (higher reward) elsewhere. Weaker resources stay, the firm can't sell any work, and the aggressive firings ramp up again. Ramp up external hiring and the cycle begins all over again.
^^thank you, HR
I'd like to pile it on here and state that pwc's HR is truly god awful and utterly useless. If they're speaking to you, then they are lying to you. Totally nontransparent despite every campaign/PR ploy to convince us otherwise.
The older I've gotten, the more I've learned that all firms have their cultural quirks and temporary periods of volatility. Between Project Fit and some of Tim Ryan's other (poorly communicated) changes, things here are definitely turbulent. But our ship isn't sinking, I think I'm paid fairly, and I don't intend to go anywhere soon. The problems that we have are all fixable with moderate effort and are not extreme relative to what I've seen at most other firms in my career. And folks who feel they're significantly underpaid should do a market scan and hop ship if they truly are.
I think at the post mba SA level, entry pay is fine (for pwc and s& both). That said, it's literally the ONLY thing valuable at this firm and you get the sense that the firm is throwing salary to try and rope you in as it has nothing else to offer. The issue is that the governance structures in place are fundamentally lacking, and that working for pwc feels like being on a ship with no captain. It is lacking at every governance juncture, from overall strategic vision to the way career progression and layoffs are managed. Every decision made at the top is for short term gains with no thought given to the potential consequences of these decisions. Even the simple exercise of forecasting talent needs and allowing people to switch to different service lines is botched - they would rather burn relationships and fire recruits from top schools due to business underperformance than to create more sustainable HR policies around talent allocation. This is just a micro example of business as usual for the firm - and the lack of strategic vision and execution will really destroy its future unless things change drastically.
S&- of course you're getting paid "fairly"
It's not just about raises but who gets the raise and who doesn't, who gets promoted and who gets laid off and how this is not explained and communicated well. Also how the expectations were set and communicated by leadership.
OP, if we wanted a 3-5% raises every year most of us would have joined industry where we could actually see our friends in family, come in at 9 and be out at 5, and enjoy our weekends. Doesn't seem that silly to me?
Is it CCAR - Credit modeling by chance? I almost got picked up on a project at Morgan Stanley with this group.
FCU is similar. Reg compliance/ bank counsel job market is always hot and the big sell to move over to consulting was potential bonus. Now we all know most will be earning 3s and a joke bonus. Back to industry we go for the work life balance and potentially better pay.
I feel like some practices are overpaid while some are underpaid. For example, groups in Deals are underpaid while groups in tech/risk are overpaid.
P1 trying to start a rumble with their example. As for the 3-5% raises, I think they should be no less than 5% as consulting generally requires more hours than a 9-5 gig that gets the 2/3% raise. Bonuses do make up for it but are highly variable
The thing is the offer at your next job will be based on your current base salary not your bonus, since bonuses are never guaranteed. So during progression years you are not just missing out on current base increases but also hurting your future earning potential. That is just really unfair for the top performers.
I think p5 has a good point. Who stays and who goes isn't determined well and sometimes they just chop headcount because of budget then go on a mass hiring spree after. I'd like to see that changed, but overall I'm happy with my comp and my practice
The only people technically getting paid "market value" are partners. They keep the margin they make off you. They own the business. Everyone else is just an hourly employee.
And to answer OP- yes in my practice the salary is not market competitive. We have a silly high attrition rate (and always are losing the people we want to keep) and those who leave are making close to double the pay when they go. For example- we lost 3 people on the same project to the client they were working at in the same week 😱 and because of the cohort model leadership can't match - hands are tied.
I have worked at two of the big 4(EY and PwC) and have friends in a third ( Deloitte ). On reviewing salaries across these three, PwC on my opinion is very competitive. Deloitte is strong too. That being said the pay varies from practice to practice within the cohort system. My understanding of the cohort system is this - bonuses are your motivation during progression years and base hikes when you get promoted.
Everything isn't perfect at the firm, but I feel like complaints about only getting a 3-5% raise in a non promo year seems silly.
The layoffs don't exactly help either