Wednesday, August 11th, 2021

Starting Salaries

“When it comes to landing a good job, many people focus on the role. Although finding the right title, position, and salary is important, there’s another consideration that matters just as much: culture.” – Adam Grant

In my local newspaper today, I read a brief article that should make you think about raising starting salaries and not forgetting about the other perks.

An excerpt:

“Hardly a day goes by without a big bank announcing a significant rise in starting salaries for its youngest employees. JPMorgan Chase Citigroup, UBS, and Morgan Stanley are now paying first-year bankers $100,000, while Evercore, Jefferies, and Goldman Sachs will pay $110,000. In most cases, first-year salaries were $85,000-$95,000.”

I have observed that many accounting firms have not significantly increased their starting salaries over the last ten years! Of course, it depends on the size of your firm and on your location. But, boundaryless recruiting is changing all of that. Big firms are “raiding” the midwest and offering big city salaries without the person living in a big city.

What are you going to do about starting salaries? The old dilemma then arises. You have three-year staff making less than beginning staff. Other perks are also very important.

Here’s a link to the NYT article. Your partner group needs to discuss and identify how to address this challenge.

  • "If you want to be a generous giver, you have to watch out for selfish takers."
  • Adam Grant

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