Author Topic: Climbing the corporate ladder  (Read 3477 times)

dividendsplease

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Climbing the corporate ladder
« on: February 18, 2017, 03:48:23 PM »
Curious to hear from those that work for big public companies and how long it took to climb the ladder high enough to where it really made a difference in your income.

I work for a Fortune 1000 company with a 5B market cap,FYI. My boss is leaving at the end of the month after 11 years in the same position trying to get to the point where options start trickling in. He told me at a happy hour last fall he would be giving up soon after watching SEC reports of how much his boss was exercising and then dumping. Ofcourse, one could assume my boss was a lackluster performer but that wasn't the case...nothing ever opened up above him and he snapped probably after the FY16 bonus numbers that came out. I am being considered for his position, however, I don't think I can take the hours for 11 years either.

How long did it take you until started to really feel in your wallet the impact you were making at a big company? Those with golden handcuffs, is it worth it?

I'm sure this has been discussed before. Thanks!

Blueskies123

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Re: Climbing the corporate ladder
« Reply #1 on: February 18, 2017, 05:23:45 PM »
I always made my bosses look good for 43 years.  No politics no ulterior motives. I shot up the corporate ladder, in fact twice in my life I turned down promotions because I was moving up too quick and I did not thing I was qualified, (yet).  I did not dwell on my salary or what the top corp execs made.
By the time it was all over I was making $250K a year with a smallish number of options.  If you are taking a  promotion for money you will be disappointed.  You should only take a promotion if you like people,  want to try and make all you people successful, and think you can do a much better job than anyone else.

If you are only motived by money get a job in sales.

Thedividebyzero

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Re: Climbing the corporate ladder
« Reply #2 on: February 18, 2017, 06:41:28 PM »
Totally agree with BlueSkies.  I am 17 years into my professional career and 12 with my current company.  I have an annual salary of $250K and more than $350K if I factor in the benefits associated with my current expat assignment.   My salary steadily increased to ~$120K for about 12 years and then rapidly increased in the last 5. 

Because we kept our lifestyle in check, the last 5 years has put us on a path to achieving FI in 2 years.  So yes, it was worth it, but mainly because it happened organically.  I didn't have a grand plan to climb the ladder, it just happened because I guess I am pretty good at what I do and I am humble.

 Here is what I focused on in my career:
-  Identify and SOLVE problems.  Anybody can find problems, solving them adds value.
-  Make my boss look good.  Identify issues and what needs to be done before they do.  Pretty much the same as the first bullet.
-  Understand what I like and seek out  those kind of positions, not the positions that I think shoot me up the ladder fastest. 
-  Be nice to the people around you.  Do things the right way.
-  Put as many good people around you as you can.  Give them what they need to be successful, reward them for their work and stay the hell out of their way.

Like BlueSkies said, I think you are setting yourself up for misery if you are only focused on climbing the ladder.  You will be much happier and likely A LOT more successful if you find something you like to do and go for it.  20 years is a hell of a long time if your only motivation is money.


41918

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Re: Climbing the corporate ladder
« Reply #3 on: February 18, 2017, 06:50:54 PM »
With a finance degree in 2000 I started at 35k. Worked up to 80ishk by 30. All with smallish companies. Took a job with a fortune 200. 80 to 150k at 35. Hit a few homeruns and pushing 600k in my late 30s. 70% of my income is bonus. Some years are better than others. In a recession bonus can disappear. Follow your instincts. Options and deferrals aren't real until they hit your account. Big corporations are really good at keeping high value people around.
« Last Edit: February 18, 2017, 06:53:29 PM by 41918 »

Cwadda

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Re: Climbing the corporate ladder
« Reply #4 on: February 18, 2017, 08:38:34 PM »
I have a somewhat related question...

I'm 22 making ~$35k in a sales position working at a startup. It's just me and my boss. Should I worry about my pay becoming "set" in the $35k range for many years to come?

SnackDog

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Re: Climbing the corporate ladder
« Reply #5 on: February 19, 2017, 02:25:13 AM »
There are infinite pathways in every company. They range from 40 years at a low pay grade to rocketing to senior VP in 10 years and everything in between.

If you feel stuck under an immobile boss, move laterally to another dept with more upward potential.

itchyfeet

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Re: Climbing the corporate ladder
« Reply #6 on: February 19, 2017, 05:21:32 AM »
My experience was a bit like Blue Skies and DividebyZero.

My salary accelerated quickly through my 20s with lots of small promotions and a few changes of employer, then leveled off in my late 20s to mid 30s and then tripled between 37 and 44.

I also turned down a promotion opportunity at 31 because I didn't feel i was ready. After turning down an opportunity I then tread water for 5 years or so before the next opportunity presented itself. Then another six years for the next big step.

I can say I am happy with my pay, but not with the pressure and hours demanded.

Nochka

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Re: Climbing the corporate ladder
« Reply #7 on: February 19, 2017, 09:41:06 AM »
I'm in my mid-40s and earning $325K/year through a mixture of salary, stock and bonus. I would encourage you to think about your career as rock-climbing rather than ladder-climbing. By that I mean not focusing on a grabbing a rung that is already occupied. Doing that could leave your career stalled if those rungs remained occupied for years or decades. Instead (or at least also) think about areas of potential growth that no one in the company is currently focused on. Large companies often overlook what are currently small opportunities, but could be large ones in 3-5 years. if you can find one of these, you become like a rock climber finding a new line, and are no longer limited by the position of other climbers.

 

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