If you're a compensation professional, you might be weighing the options between a corporate role and a consulting gig. Both paths have their own perks and challenges. Here's a down-to-earth guide to help you figure out which side suits you best.
Corporate Compensation Roles
Stability and Routine: One of the major perks of working on the corporate side is the stability. You work with the same coworkers every day and generally work on similar projects year over year. If you like knowing what to expect every day, you'll love being on the corporate side.
In-Depth Company Insight: Working in-house means you get to know your company inside and out. You’ll understand its culture, goals, and what the employees need, which can be really rewarding when tailoring compensation strategies.
Team Collaboration: Corporate roles often have you teaming up with HR, finance, and other departments. This not only broadens your network but also gives you a well-rounded view of how compensation impacts the whole company.
Career Growth: There can be a clear path for advancement within the company. As you gain experience, you might find yourself climbing the ladder to roles like Director of Compensation or even higher.
Compensation Consulting
Variety and Change: Consulting keeps you on your toes with different projects and clients. If you thrive on variety and enjoy tackling new challenges, this might be the exciting career path you’re looking for.
Broad Experience: As a consultant, you’ll get to work across various industries and company sizes. This can significantly expand your knowledge and make you a more versatile professional.
Higher Potential Earnings: Generally speaking, the consulting side tends to pay a bit better than the corporate side. Consulting can be lucrative, especially if you build a strong reputation and client base. Your specialized skills can command premium rates.
Which Path is Right for You?
When deciding between corporate and consulting roles, think about what matters most to you:
Do you prefer a stable and predictable environment, or do you love the dynamism of new challenges?
Are you motivated by long-term projects in a single company, or do you enjoy the variety of working with different clients?
Do you want to dive deep into one company's culture, or do you seek a broad range of experiences?
Reflect on these points to find the path that aligns with your career goals and personal preferences. Whether you choose the steady corporate route or the adventurous consulting road, both offer unique opportunities to make a significant impact in the compensation field.