Job Title: Consultant
Location: USA
Submitted on: 08-May-04
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"It was the best of times, it was the worst of times." That sums up my
five-year stint as a consultant at Towes Perrin. When I joined the
company, I loved it. As a recent MBA grad, I accepted a pay package
that I felt was well below what I was worth (to the tune of $20k - $30k
less than my fellow grads received from other consulting firms)-- but I
took the job because the people I interviewed with were so impressive,
and I was eager for the opportunity to work with and learn from them.
My first few years at the company were wonderful. I was given many
opportunities to interface with clients and to take on ever-increasing
responsibilities in managing client relationships, and my contributions
were recognized with good pay increases (10%+ each year) and bonuses
(160% - 180% of target). I was also promoted rapidly (roughly one "P"
grade each year to one-and-a-half years). (Note on "P" ["professional"]
grades: Each position is assigned a P grade. Associates are P1 - P5;
consultants are P6 - P9 and above. People at P9 and above are usually
principals or on the "principal track.") A typical work week was 45 to
50 hours -- not bad for a consulting job. And I loved my freedom --
somewhat flexible work hours, and the opportunity to work from home
from time to time.
As I moved up the ranks, however, I started to see the company's warts.
The principal track is a farce. People are promoted to principal more
for who they know and whether or not their manager likes them than for
the contributions they make to the firm. (I've heard many stories of
sales numbers being fudged by a manager so an employee could "make
principal.") Diversity is basically non-existent. (Caucasians and
Asians make up 95% of the population in the 10+ offices I visited.
Hispanics and African Americans are seen in the production rooms and at
the receptionist desks, but are seldom found elsewhere.) The disparity
of income is a huge issue -- principals make significant sums of money
($200k+ base salaries with special bonuses that can be 100% of base
pay). This disparity has become a bigger issue as merit budgets have
shrunk (consultants received 0% to 3% pay raises in 2004). People at
non-principal levels are feeling as though the company is "robbing
Peter to pay Paul" -- and Paul isn't some guy down the street, he's
sitting in the office right next door. It doesn't feel fair, and it's
terrible for morale.
In 2001, the economic downturn exacerbated the company's problems --
consultants came under tremendous pressure to meet unrealistic sales
goals ($500,000 for a P6, $750,000 for a P7, $1 million for a P8, $1.5
million for a P9 and above, $2 million for "super sellers"). I know of
very few people who reached their sales goals. And we felt it in our
bonues. Many people I know received between 50% and 75% of target.
Recent changes in leadership and company restructuring is making the
place feel unstable. Add that to the dissatisfaction many employees are
feeling about their pay, the goal setting process, sales process, and
overall work experience (lots of pressure to sell! sell! sell! with few
rewards in sight), and you have a company that's heading for trouble.
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