Management Consultants enjoy double-digit pay rises & bonus payments as UK market faces talent crunch
31-Jan-2006 :
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Management consultancies doing business in the UK consulting market have reacted to the talent shortages now gripping the sector, according to Top-Consultant.com's annual survey of over 1,000 management consultants – the full results of which are to be published next week.
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Both annual pay rises and annual bonus payments of UK consultants have rebounded, following a few less prosperous years in which they were only rewarded to a select few employees. Overall, UK consultants enjoyed pay rises of 8.8% and year-end bonus payments equivalent to 14.6% of salary this last year. However, pay rises were spread across the three-quarters of employees that firms are most concerned to retain – with a quarter of consultants receiving no pay rise whatsoever.
With regards to bonus payments, there is a clear trend that the more senior a consultant is the more likely they are to have received a bonus and the more significant that bonus payment is likely to have been. At the junior consultant and senior consultant level, 45% of staff received no bonus payment this year – and those that did earned a payment equating to around 12% of salary.
By contrast, at the more senior levels of Principal and Partner, only around a fifth of respondents received no bonus payment – and the four-fifths that did receive a bonus averaged 27% of salary.
Looking at the big picture, firms seem to have adopted a strategy of awarding the most sizeable % pay rises to junior staff whilst bonus payments have been skewed towards senior employees.
The findings are based on a survey of over 1,000 practising management consultants, the majority of whom work for full-service global consulting brands such as Accenture, Capgemini, Deloitte and PA Consulting – though also included were responses from consultants employed by both niche firms and top-tier strategy consultancies such as A.T.Kearney, BCG and McKinsey.
Related link: see the salaries being offered to lure consultants to the latest consulting jobs
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