How does promotons and pay increases work in the corporate world?

[timberline742]

Originally Posted by HLS14

I have a question:

Most people ITT state that to advance you have to leave your company. I looked at the senior executives in my company and many of them are lifers with the firm. In a company like that (which is a F50 firm and an industry leader in salary), would it make sense to jump around?

Depends on the field. In public accounting, for example, I never saw Deloitte people going to PwC. But in that type of corporation and law firms (for examples) they become partners which is where the real money is.

[jman07]

Originally Posted by HLS14

Rules are made to broken. Apple said that Jobs was finished with the company in 85. That was until they needed him a decade later. All of a sudden, the animosity that the board showed him suddenly went away.

As for starting salary, not all sectors, jobs or applicants are created equally. A finance major from Stanford going into IB with GS or consulting with MBB isn't going to get paid the same as a Devry institute grad supervising a section of a local corporate call center. The same goes for promotions, if they think you have potential and they are a profitable company they may send you back for an MBA which will probably garner you a big raise.

I will say one thing, at least in Big corporate law firms, it is a great deal of politics. Yes you have to have a baseline of competence but once you have that to make partner you have to have serious people skills or just be so good at your job they can't afford to lose you. I assume the rest of the corporate world is the same but I'm not sure.

Exactly right about saying you have to have good people skills. People who don't get promoted to management often like to label this as "kissing butt", but it really is all about your people skills and fit with the company.