A couple of weeks ago, we heard that Deloitte was considering a similar compensation structure as PwC. This would result in Senior Associates making approximately 1.5x their starting salaries in three years, managers making 2x their starting salary and so on and so forth. At the time, it didn't strike me as surprising that Deloitte would get all monkey-see-monkey-do on its employees simply because the Green Dot is a far more conservative firm than P. Dubs. While the structure at PwC was welcome with largely positive reviews, the Deloitte version was received less warmly.
Today, we have a little bit of an update for you - with slides! - on how Deloitte's structure is progressing. From our tipster:
I'm surprised there was no article about this yet. Tuesday we all had a compensation call which went into great detail how raises and bonuses were handled. Here are some slides you might be interested in. It appears PwC scared them and they are copying. These numbers are still not official yet as they "are working out the numbers"...
Here's a slide from the presentation on Deloitte's total compensation earnings multiplier that our tipster sent over:
And here's PwC's:
So they're pretty darn close, with Senior Associates doing slightly better at P. Dubs but Senior Managers faring slightly better at Deloitte, thus it ends up as a wash. Granted, the Deloitte slides only present information for AERS Advisory professionals (sorry audit and tax peeps) but it would seem odd if they opted to only change the structure for one group.
Other items worth noting include the 500 promotions for this year and the 3-5% bonus that accompanies the bump.
The pictures on the following pages show merit increases based on ranking (1 to 5 scale) for Consultants, Senior Consultants and AIP - Senior Consultants.
Presumably, in the bad years some high performers may see a paltry raise of around 4% but in the good years, it will push 16%, depending on metrics listed:
And even more impressive for Seniors, with highest performers receiving a merit increase of ~20%:
What's interesting to note here is that Deloitte claims to have awarded bonuses to 95% of "eligible professionals." So if I understand that correctly, 5% of those people ranked 3 or higher didn't get a bonus. It may also get you a little weak in the knees if the AIP pool is already larger than last year's "highest ever" pool:
Lots to digest and discuss here, so let it rip.