During every initial conversation with a new candidate, I always ask about their salary expectations.
It is such an important part of my job to educate candidates on what salaries they can expect in the market and equally to educate our clients on how much they should be paying.
BUT one thing that happens all too frequently in conversations with candidates is that their salary expectations align with their next promotion – whether that is 6 months or in some cases even 12 months down the track.
I completely appreciate that career paths in management consulting firms are mapped out for you.
You know exactly when you will receive your next promotion and exactly how much your salary will increase, but unfortunately, our in-house clients are looking at the amount of experience you have RIGHT NOW.
That’s not the amount of experience you have if you spent another 6 months or 12 months in the role, but if you are applying for the job right now, they are looking at the experience you have right now.
Our clients take into consideration not only your level of experience but also your experience versus their current team members. They look at the parity of their teams compared to new hires and unfortunately if you are too expensive, they simply won’t interview you.
Whilst salaries play such an important part of our careers and growth and I’m hearing more and more lately that the driver of salary increases is due to rising inflation and mortgage payments and increasing financial pressures, it is really important to consider the value that you are bringing with your job application.
So how can we work together to overcome this?
THINK ABOUT YOUR REAL MOTIVES FOR MOVING
Hot market doesn’t necessarily mean massive pay bumps.
It often means choice of roles, but in-house strategy roles aren’t paying a premium to secure the best talent, so it’s really important to consider why you want to make the move.
➡️ Is it for more money?
➡️ Is it for work life balance?
➡️ Is it to become entrenched into one business rather than working across multiple industry projects?
Whatever the reason behind your move, it’s really important to consider your value and how much experience you have right now.
If you’d like to understand more about current market salaries, please send me a message or email me at amy@oaktreetalent.com
WHAT DOES LEADERSHIP IN 2023 LOOK LIKE AND WHAT DO THE EXPERTS SAY?- IT’S THE PERFECT TIME TO RELEASE THE LION WITHIN
As we all know, Leadership is a complex and multi-faceted concept, encompassing a range of skills and attributes that are essential for achieving success in various fields of life.
One of the most critical elements of effective leadership is courage, which enables leaders to take bold decisions and pursue their goals even in the face of adversity and uncertainty (like the current global socio-economic climate). Courage is often described as the quality of being fearless or brave, but it is much more than that. It is the ability to face one’s fears, to confront difficult situations, and to take calculated risks. A courageous leader is not afraid to speak their mind, challenge the status quo, and make tough choices, even when these decisions may be unpopular or met with resistance.
To release the lion within, a leader must have the courage to tap into their inner strength and unleash their full potential. This requires a deep sense of self-awareness, as well as a willingness to take risks and make bold moves. It also requires a strong sense of purpose, a clear vision of what the leader wants to achieve, and the determination to see it through.
When a leader releases the lion within, they embody a range of qualities that inspire others and drive success. They are confident and assertive, yet humble and empathetic. They are passionate and driven, yet patient and persistent. They are visionaries who can see beyond the present moment, yet grounded in reality and practical in their approach.
One of the most important aspects of releasing the lion within is the ability to inspire others.
A courageous leader leads by example, demonstrating their commitment to their goals and their willingness to take risks. They also inspire their team members by recognizing their strengths and helping them to reach their full potential. This not only improves morale and motivation but also helps to build a culture of trust and respect, where everyone feels valued and supported.
Finally, another key aspect of releasing the lion within is the ability to adapt to change. In today’s fast-paced and rapidly evolving world, leaders must be agile and flexible, able to respond to changing circumstances and embrace new opportunities. A courageous leader is not afraid to take risks and try new things, even if they are outside their comfort zone. They are willing to learn from their mistakes and adapt their approach as needed, always striving for continuous improvement. #OaktreetalentSearch #Executivesearchleadership #Chiefstrategyandtransformationofficer.
Firstly, are your expectations of how and when you will get promoted in industry roles too high? Management consultants are used to getting regular promotions. Score well on your performance reviews and you are usually aware of which promotion cycle you will secure your next run up the ladder.
In corporate and start-ups however promotions work very differently.
Yes, you need to perform, but your performance is only 10% of the equation. 30% relates to your image and how others perceive you at work. Your perceived gravitas and EQ etc. A whopping 60% + is attributed to your exposure.
Doing a good job is all well and good but if nobody knows about it you are likely to get overlooked.
I find this is a problem for top-performing consultants moving into the industry who do not know how to network, look up the chain, and self-advocate for themselves and then get frustrated when overlooked for a promotion.
Daily my colleagues and I are having conversations with candidates who are exploring the market only to get their next run up the ladder.
NEWSFLASH- There are not many in-demand roles out there that will just give you the next level up and a 30% increase in salary just because you feel you deserve it and are not getting it where you are! (Can you tell we have this conversation on a daily basis?)
So you need to self-advocate to the right people at the right time.
You need to be clear on what you want from your career and what your career goals are. How can you communicate this to others if you do not know yourself? Get specific.
Now think about your energy and your presence and work on your confidence. If you believe in yourself others will follow suit. (Just mind not to go too far the other way, a massive ego can also be your downfall.
Look up and identify who can help you get to where you want to be. What are their goals and values?
Ensure you understand what management’s expectations are and what good looks like from their perspective. Do you understand where the company is going and how you play a part in that success?
Some useful tips to help for self-advocating and being seen.
1. Schedule catch-ups and mentoring sessions with a variety of stakeholders.
2. Build genuine, mutually beneficial relationships with them. Ask them what is keeping them up and night. Can you put your hand up to take some of their stresses off them? They will remember that!
3. Speak up in meetings. Be present in the office when you know management is around. The value of those water cooler chats is undeniable, although, with more flexible working, these are happening less and less. Be the one that stands out.
4. Work on your executive presence. Do you have a blind spot, ask for honest feedback from peers and friends. Many don’t as they do not like to feel critiqued however you want to make sure, when you are standing out to leadership, it is for the right reasons.
Would you like to move into the innovative space of banking, deposits and payments? Work with an ex-top-tier leadership team on high-impact projects!This is a great opportunity for a Management Consultant looking to move into banking!
As a Strategy Analyst, you will be responsible for supporting and driving the company’s medium-term strategic agenda. You will work with other functions to manage and track business planning cycles. Additionally, as a member of the team, you will be responsible for overseeing all initiative spend and gathering feedback on benefits realisation. You will also work on climate change, sustainability, and ESG strategy, and you will be working with not just an awesome team but a highly regarded Chief Strategy Officer plus exciting projects in the pipeline.
You will need the essential skills of traditional management consulting, such as analysis and hypothesis-testing, along with innovative problem-solving skills using technology and data to address the company’s customer base.
Key Responsibilities:
Contribution to the 2-3 year strategy roadmap.
Competitor and market deep dive analysis.
Manage quarterly business planning cycles and prioritisation.
Determining which customer segments are most deserving of investment.
Considering the risk that may be associated with reaching these target segments, as well as the company’s regulatory obligations.
Responsible for various tasks that support the business’s long-term goals.
Helping to manage the quarterly business planning cycles and prioritization discussions.
Overseeing initiative spend, and tracking benefits realisation.
Key Requirements for the position would be:
2 – 3 years of strategy or management consulting experience in a tier 1 consulting firm, strategy boutique firm, or industry corporate strategy role.
Experience across a range of the Strategy service portfolio including market and industry dynamics assessments, corporate and portfolio strategy, business unit strategy, customer and segment strategy, capability and operating model strategy, and strategy execution services.
Exceptional written and visual communication skills utilising PowerPoint, including strategy packs, executive team packs and board packs, with high quality using a hypothesis-driven approach.
Excellent time management and organisation skills with strong attention to detail to meet milestones and expectations.
Excellent collaboration skills with an ability to work with a wide variety of stakeholders in different parts of the business and at different levels of seniority.
Customer-first mindset and interest in banking, finance, economics, customer experience and digital
Strong learning orientation with a commitment to listening and learning from colleagues, experimenting with new ideas and approaches, and keeping up to date with the latest technical developments in data and analytics.
If this role is of interest, please contact Amy Savage at amy@oaktreetalent.com or drop your CV in the contact form section.
An exciting opportunity has arisen for a Strategy Analyst to join a high growth PE backed turnaround story. The successful candidate can be based in Sydney, Melbourne or Brisbane.
Working on some exciting projects, this company has the pace and feel of a start-up whilst being an established and well known corporate.
The successful candidate must also have excellent problem-solving skills, be comfortable working in a fast-paced environment, and enjoy working collaboratively with a range of stakeholders.
Key Responsibilities:
Drive high-level strategic analysis and business transformation projects
Develop and present recommendations to enhance operations
Analyse competitor trends, customer needs, and industry developments
Manage relationships with stakeholders and identify partnerships and business opportunities
Gather, analyse, and draw strategic and technical conclusions from data gathered
Consult with senior management and leaders
Discuss and implement business and operational challenges and identify solutions
Background & Experience:
At least 12 months experience in management consulting from the likes of MBB, Monitor Deloitte, Nous, Strategy&, Kearney etc. Or alternatively 12 months experience in an inhouse corporate strategy team.
Strong written and verbal communication skills.
Strong critical thinking and analytical capabilities.
Experience conduction market and competitor research and analysis
An innovative and collaborative approach to problem-solving.
Natural self-direction, with the ability to operate in ambiguity and learn quickly.
If you would like to apply or would like further details, please email amy@oaktreetalent.com.
This Sydney-based Strategy Analyst based in Sydney Melbourne or Brisbane is Exclusive to Oaktree and will take home an annual income of $110k-$120k including super.
If you would also like to checkout other jobs that we are currently sourcing for, you can check it here.
