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It's good for people who are moving up within the firm. It keeps them on par with external hires.
It's several months in but I'm not hearing anything positive.
Meh
What is the cohort model
👎🏻👎🏻👎🏻👎🏻every survey I get a chance to voice my complaint in, I will.
They will have to deal with S& at some point. We do the exact same work and sometimes more strategic but they make 50% more at every level...
It's BS. Effectively top performers' comp differentiation is only via bonus. And in crappy years it won't be much $ difference. I have been top rated for many years and because of the cohort scheme, my salary raise this last year was only 3% - in order to "force" me into my cohort salary range. Smallest % raise ever for me with the firm (more than 10 years). Cohort is great for mediocre performers. It's BS for the top performers.
Amen PwC 8- same for me last year. If my performance bonus is based on the "one firm" approach than it does not incentivize me to kill it- rather in years where the firm does well I would fare better and in years where the firm does poorly (per aggressive targets mind you) I will get screwed even if I personally drug in a ton of revenue. Not to mention that even if the bonus pool were fully funded and I get a 1- 35% is EQUAL to how under-market my base salary is. So - I'm not even coming out ahead. It's a joke.
With the new model, salary ranges have significantly been reduced.
If PwC actually cared....
I am S& and have been in PwC projects and its not the same work (for another discussion), but either way there's a lot cross staffing nowadays that surely hurts margins. However, an aggresive salary hold on S& staff will have huge turnover (in addition to what we are already experiencing)
It's hard to say whether the cohort model is good or bad yet since it hasn't been implemented for an entire performance year. To address the comment about salary being the same regardless of performance, it's my understanding that they are shifting to having performance being recognized exclusively through bonuses. Will be interesting to see whether bonuses actually make up for depressed salaries.
For those not at PwC, the cohort model puts you in a group consisting of time in grade in your practice. And everyone with the same time in grade basically has the same base salary, within a very small range. So the only compensation difference for top performers is bonus. Which is variable and not guaranteed. Promotes a culture of mediocrity.
Forces everyone into the same salary range regardless of performance. Just based on your level
They have pushed people into lower cohorts to avoid giving raises which is kind of sneaky.
The firm is cheap
How will they force S& people that started earning more than same cohort PwC?
Yeah but at least we don't have a stupid brand name :)