Last Friday we broke the news of the “exciting changes” to PwC’s new compensation structure. We now have obtained the document in its entirety (on Page 2 of this post) for those interested in perusing and any P. Dubbers who are unable to navigate their own email or internal websites.
The news has generated a healthy discussion with mixed reviews so far but one reader wanted to focus on the salary multiple specifically
Caleb – I think something that has been glossed over by everyone is the expectations PwC has set around salaries throughout your career. While the attached excerpt [after the jump] shows that the firm wants you to think you will make 2X your starting salary as an average manager and 1.5X your salary as an average senior, it just doesn’t add up.
No one is making that multiple, and most don’t think they will get there when we get raises on July 1. Even the partners in our office said 1.5X for seniors and 2X for managers is an unreasonable salary expectation; they are also a little pissed that BoMo set such absurd expectations. From what I heard about the associate and senior webcast yesterday, a lot of the questions were some form of “why are you a lying piece of shit about compensation?” I haven’t had a chance to listen to the webcast yet, but I assume the answers to the questions were some sort of non-answer.
The firm has had a hard time keeping seniors around, so my best guess is they were trying to get senior expectations up to get them to stick around. I guess they didn’t count on accountants to check those figures and do the math to make sure everything was accurate.
Well, P. Dubs new managers and SAs – do the numbers add up? Tell us in the comments.