Looking for career advice

[rajesh06]

Although I am reasonably certain about what I am going to do - please let me know how you would handle the situation below. I am interested in what others would do.

I provide the info below so that you can put the problem in the appropriate context - not to brag or anything like that.

Prior job - upper-middle manager in a (non-IT) consulting firm. Enjoyed my job, was well thought of and well compensated. Average work-week was 45 hours. But, I judged the upward mobility to be limited. Plus I was there for 6 years and I think that change is good. Distribution of total compensation was: 67% salary, 23% paid bonus (cash), 10% deferred bonus (company stock vesting over three years.)

New Job - upper-middle manager in a start-up practice. Boss is very complimentary about the quality of my work. I like the people I work with on a personal level. At the advertised target bonus and using some fairly conservative assumptions - I would have made just about the same at this job than my prior after adjusting for benefit and cost differentials. (Bonus will be paid in about two months.) However, more of it would have been paid (as opposed to deferred) and there was potential to make much more - which is why I took the job.

BUT - I have relatively little to do. I have been there nine months and done about 5 to 5.5 months worth of work. This isn't an issue for only me - it is practice-wide and reflects one unique (but temporary) issue related to the "owner" of the practice and the fact that we are a start-up. Actually one of the benefits of being "upper-middle" rather than "upper-upper" is that I won't have to take too much of a hit for this. The trend is fairly flat - meaning I'm no more busy now than when I started.

So I have two concerns: (1) What will my bonus be - given that I have only done 5-5.5 months worth of work in 9 months and (2) How long will the firm fund a start-up practice?

I am getting itchy at not being busy and realize that this is a situation that simply can't last forever. (Though this provides me ample time to surf the web.) How long would you stick it out? The big question: Do you leave first or dare them to kick you out?

Thanks.

 

[drizzt3117]

I guess I'm not totally clear on your situation. Are you concerned about the viability of the firm going forwards, or that you won't be compensated as you had anticipated because your firm isn't getting enough work, or because you think you're going to have a heavier workload and don't want to? Working 45 hours a week as a consulting manager would be nice

 

[Joffrey]

sounds like the firm needs to beef up its busines development. Once (if) they do, you'll be plenty busy

 

[rajesh06]

Originally Posted by drizzt3117

I guess I'm not totally clear on your situation. Are you concerned about the viability of the firm going forwards, or that you won't be compensated as you had anticipated because your firm isn't getting enough work, or because you think you're going to have a heavier workload and don't want to?

Working 45 hours a week as a consulting manager would be nice

This is a new practice within a larger (and very viable) firm. So the firm has essentially made an investment to bring in our practice. Compensation is an issue but probably a smaller one. My base salary is large enough to meet all reasonable needs for me and my family. (But I wont have a shoe collection like Aportnoy's anytime soon.)

I think 45 hours is about what I want - given the work/life balance I'm looking for. I will let the market decide what that is worth.

Also I dont travel much so little of the 45 hours is lost in transit. I have been told by many that I do very high quality work compared to others in my profession - which has allowed me to make a nice living at 45 hours per week.

My real issue is that I like being busy and part of a successful practice. Individually and as a practice - we broke even last year (prior to bonuses) which is fine - but not sustainable long term.

Its my assessment that the firm needs me much more than I need them. I could be wrong - but I'll take responsibility for that.
Maybe I should restate my question as: When a firm hires you and makes a significant investment in you, how long should you stay with the firm to "repay" that investment? (ethically - not legally, of course)

(Not to get into specifics (or to brag) - but just to give it some context: If I got no bonus and no raises - I would collect around $850K over 4 years - I am in a medium cost of living metro area. I am 36 years old.)

 

[drizzt3117]

Originally Posted by rajesh06

This is a new practice within a larger (and very viable) firm. So the firm has essentially made an investment to bring in our practice. Compensation is an issue but probably a smaller one. My base salary is large enough to meet all reasonable needs for me and my family. (But I wont have a shoe collection like Aportnoy's anytime soon.)

I think 45 hours is about what I want - given the work/life balance I'm looking for. I will let the market decide what that is worth.

Also I dont travel much so little of the 45 hours is lost in transit. I have been told by many that I do very high quality work compared to others in my profession - which has allowed me to make a nice living at 45 hours per week.

My real issue is that I like being busy and part of a successful practice. Individually and as a practice - we broke even last year (prior to bonuses) which is fine - but not sustainable long term.

Its my assessment that the firm needs me much more than I need them. I could be wrong - but I'll take responsibility for that.
Maybe I should restate my question as: When a firm hires you and makes a significant investment in you, how long should you stay with the firm to "repay" that investment? (ethically - not legally, of course)

(Not to get into specifics (or to brag) - but just to give it some context: If I got no bonus and no raises - I would collect around $850K over 4 years - I am in a medium cost of living metro area. I am 36 years old.)

Personally, if you don't think the situation is the right one for you, you really have no obligation to stay if you don't think the job has long term potential. The compensation doesn't sound terrible, but I think you could do far better with 6 years of consulting management experience (depending on the industry, and what type of lifestyle you desire) although I'm not entirely sure that a new job with a consulting practice will allow you to have the lack of travel and apparently easy workload you have now. I suppose you'll have to weigh your options based on that. If it were me, I'd already have been looking for a new job but YMMV of course.

 

[rajesh06]

Originally Posted by drizzt3117

The compensation doesn't sound terrible, but I think you could do far better with 6 years of consulting management experience (depending on the industry, and what type of lifestyle you desire) although I'm not entirely sure that a new job with a consulting practice will allow you to have the lack of travel and apparently easy workload you have now.

Well I guess this is part of the issue - I actually probably have about 4 years of management experience (I ended my last job in upper-middle mngmnt, didn't start there) and my total comp including bonus (stats in the earlier email were with $0 bonus and $0 raises) - is in the top 10% for individuals with similar quals. (This is what I have been told by many recruiters.) In addition, having had hiring responsibilities for a number of years I know what a lot of people make - so I am reasonably certain that I am well compensated (for my indsutry and profession, that is).

So considering that many of those above me are likley to be in NY, SF, LA, Chi or other higher cost of living cities. I almost consider myself "overpaid" - or more accurately "invested in" by the firm. (I know I am just taking what the market gives)

Also forgot to mention one other thing - its a small profession that I work in - so many know each other well. So if I am seen as cutting and running before giving it a chance to work out - it may hurt me down the line.

I appreciate your feedback though.

 

[Aaron]

I'm a little perplexed by your situation, your new firm is not doing as much business as it could, or should, be doing. Are you in a position to start "finding" new/more business, and thus greater experience and pay, or is that not a direction you want to go in?

A

 

[Matt]

Originally Posted by rajesh06

Enjoyed my job, was well thought of and well compensated. Average work-week was 45 hours
well even if you bail, that is going to be pretty damn hard to replicate

 

[rajesh06]

Originally Posted by Aaron

I'm a little perplexed by your situation, your new firm is not doing as much business as it could, or should, be doing. Are you in a position to start "finding" new/more business, and thus greater experience and pay, or is that not a direction you want to go in?

A

Its the type of business where (much as most professional services firms) getting cold business (i.e. through cold-calling, cold-selling) is extremely difficult and most business comes through contacts.

We are all definitely looking for more business - but it takes time. I'm also a bit frustrated because when I was inertviewing they gave me the impression that they already had a significant volume of business (or at least "real opportunities") which simply turned out not to be the case.

I could take the approach that as long as the continue to pay me competitively - I just hang in there and work as hard as possible on business development.

But having a job without something to do on too many days is just real tough. (for me that is)

 

[rajesh06]

Originally Posted by m@T

well even if you bail, that is going to be pretty damn hard to replicate

Well I'm a pretty easy going guy - so part of it is just due to may personality. I don't take things that happen at the office personally, I try to get along with everyone and I really don't "compete" with my peers. This is my fourth job - and I would have described all of my previous three the same way.

 

[drizzt3117]

I guess I'm not really sure what the problem is then. You're in a firm, getting paid a fair (according to you, more than fair) salary, can't leave very easily without professional ramifications, and the only problem is that you don't have enough work, but that doesn't affect your compensation. Have I got it more or less correct?

If you're worried that you're going to lose your job because the firm isn't making money, then by all means, look for a job, otherwise, I'd just stick it out, I guess.

 

[DNW]

Originally Posted by rajesh06

Its the type of business where (much as most professional services firms) getting cold business (i.e. through cold-calling, cold-selling) is extremely difficult and most business comes through contacts.

We are all definitely looking for more business - but it takes time. I'm also a bit frustrated because when I was inertviewing they gave me the impression that they already had a significant volume of business (or at least "real opportunities") which simply turned out not to be the case.

I could take the approach that as long as the continue to pay me competitively - I just hang in there and work as hard as possible on business development.

But having a job without something to do on too many days is just real tough. (for me that is)

A wise friend told me once to not get stuck in a rut. It sounds like you are getting paid very nicely, but you are not making as much professional progress as you would like. Trust your instincts. If you think the unit is going to fold one way or another, start looking. If you think, however, that the unit's situation is going to change drastically in the short term for the better, then stick around and try to grab as much work as you can handle. Be ruthless in your analysis. The unit is there to make money for the firm, and when there is no upside momentum, it's only a matter of time before the ax comes down.