Salary Guide 2020
Well hasn’t it been a funny year all around the globe?!
In the past few years we have seen strict salary bandings in most major ASX listed businesses, however this year we are finding, those hiring managers who are really serious about attracting the best strategy talent in the market, have put cases through to go above the current salary bands citing the need to raise the bar to hire the best consulting talent into their business units. Often these hiring managers went offshore previously to hire top talent but within their businesses salary bandings, but this has not been a possibility in 2020.
We have seen some top tier candidates obtain offers above market rates, mostly at the more senior levels, when moving into industry but usually with the larger more established organisations.
On the flip side, other ASX companies have been more focused on cost reduction and have looked to hire directly, also adhering to strict salary bandings which are often underwhelming for strategy consultants, resulting in some great candidates being overlooked or turning down offers.
Many consultants are interested in tech or start-up like businesses who tend to pay a lot less than competing roles in the ASX 50 businesses. It is a trade off some are willing to make, usually at the more junior level where they feel they can afford to take a risk.
Bonus’ this year have been greatly reduced due to COVID-19, as have any pay increases in industry businesses, meaning many are putting a higher emphasis on what their base salaries are going into 2021.
We are often asked for salary information by our clients who are looking to benchmark their own teams against the market. We feel this is a good idea, especially this year, as you want to ensure you retain your top performers who have been loyal. We have seen an increase in passive candidate activity and your team may be more inclined to have those external conversations to understand what else is out there.
Having this information to hand at performance review time is also very useful for both the manager and the consultant.
These salaries are base salaries only and do not include superannuation or bonus
Top Tier Consulting Salaries
The top tier management consulting firms pay well and up to a certain level, consultants can expect a commensurate level of base salary compensation if moving to industry at best. This changes at the Executive Manager level. Above this level companies will rarely offer parity. Decent bonuses can be achieved in the top tier consulting firms and vary at each level. Bonuses have remained strong in 2020.
Partner $380k +
Associate Partner $280k-$380k
Executive Manager $190k-$260k
Project Leader/Manager $150k-$200k
Senior Associate /Consultant $130k-$160k
Business Analyst /Associate $100k-$140k
Big 4 Consulting Salaries
Salaries in the Tier 2 or Big 4 consulting firms usually can be matched when candidates take a role in industry. We find some consulting firms, we deem, underpay their consultants in the market for the title they hold, but sometimes the titles do not reflect the level of experience. Bonuses are generally minimal and in a lot of cases, in 2020, they have been non-existent.
Partner $280k plus
Director $180k -$250k
Associate Director/Senior Manager $140k- $180k
Manager $110- $150k
Associate/Consultant $75k- $120k
In-house consulting roles in Financial Services
With most of the Financial Institutions fighting for the same talent, this has pushed up salaries a little in recent years. They generally pay better bonuses than non-Financial Services players in general. An Executive Manager/ Junior Director can expect circa 30-50% bonus in normal years.
Executive General Manager/Senior Director $300k +
General Manager/Director $250k-$340k
Executive Manager/ Junior Director $180k -$250k
Senior Manager $140k-$170k
Senior Consultant/Manager $110k-$150k
Associate/Consultant $90k- $130k
In-house Consulting Roles in non-Financial Services
The major players in this space are the telco’s, retailers, healthcare, airlines and to some extent the energy/infrastructure organisations. We find bonuses generally lower in these organisations ranging from 7% at the more junior levels to 30% typically until you get to the GM levels. Bonuses in 2020 have been hit & miss but many companies have not paid full bonuses.
Executive General Manager/ CSO – $330k +
General Manager/ Principal/ Head Of $250k-$340K
Senior Manager $160k-$220k
Senior Consultant $100k- $140k
Associate Consultant $80k-$110k
For further specific information please contact us directly.