Movemeon’s 2020 salary report, based on 35,000 data points, is now complete. It provides comprehensive answers to questions we are repeatedly asked by employers and candidates. What happens to pay as a consultant moves to industry? How does pay vary by consulting background? How much do candidates expect to earn at different levels? You can find answers to these questions and more in our full report here.
Here, we’ve summarised some of the most striking findings of our report, with a special focus on consulting alumni compensation in corporates.
Gender pay gap
Overall, women receive 45% smaller bonuses than men. Manager level pay rises are also 26% lower for women across all industries and 42% of women do not receive a pay rise at all.
Freelancers, used by employers 62% more versus 5 years ago, are often willing to reduce their day rate by a significant amount – up to 30% – for the right reasons. The most common reasons are project length (on a 6-month project you could expect a 21% reduction) and the freelancer’s interest in the project.
Compensation v. happiness
There is no clear correlation between increasing overall compensation and employee happiness. Instead, the key to employee happiness appears to be pay per hour.
In light of this finding, it is no surprise that freelance consultants are the happiest overall, driven by a better balance of compensation and number of working hours per week.
At Movemeon, we connect (ex) consultants and freelancers with job opportunities, advice & events. Register now to view and apply to jobs, for insider advice & networking/industry events.
- Movemeon.com - The world’s leading community of consultants, alumni and commercial professionals. Founded by two ex-McKinsey Consultants, Nick Patterson & Rich Rosser.
- Consulting Insight & Tips2020.11.30Is your recruitment process unbiased and inclusive? – 5 Shortlisting tips
- Interviews2020.11.26Hired – Joe explains his journey to a stealth growth investor
- Salary Report2020.11.19Understanding the impact of COVID-19: Report out soon
- Career Advice2020.11.11Consultants against COVID-19: Evolving into a permanent offering