I've worked for 6 years now. In that time I've worked for the UK's largest Outsourcer, One of the Big 4 as a Contractor, The UK's largest retail and commercial bank as a Contractor and I have spent the past 3 years at the biggest Technology Consulting / Professional Services firm in their Capital Markets and Banking divisions.
In hindsight, I haven't navigated the company well and done a hodge-podge of MC and TC projects. I didn't understand career building and networking as I had come from a target based line of work in all my previous companies where you are known for your numbers. This was my first time doing actual Consulting work and I think its only in the past year I have understood "the game" so to speak.
The company operates on an up or out policy. i.e. every year you get promoted to the next level or you get counselled out of the organisation (i.e. you're paid off to leave quietly).
I'll find out how I have fared this 01 Dec. I am at the last stage before promotion to Manager (Year 3 Consultant). Though, since joining in November 2013, I have never received a pay increase. I am £43,000 Gross. I am now paid less than a year 1 Consultant who receives £4k more.
Speaking with my own career manager, they seemed disheartened and I get the impression if I am not out this year, it is only by exception I will be out next year. I lack the senior network to support me staying in. Admittedly this is an impression as they cannot tell me outcomes at this stage. Though if I stay, perhaps my salary would finally be corrected. Or at last made to match that of a Y1 consultant.
So I find myself in an odd situation. My salary makes it too low to feel its worthwhile moving.
I am either kicked out this December or next Dec (unless I miraculously get promoted). My understanding is getting kicked out leads to a decent redundancy payment too.
I am married, with wife and 2 kids and a mortgage. I live slightly outside London.
My wife does not work and I still pay a student loan. Post tax, we literally get by exactly on my existing salary (£30k net).
Once I am out, what kind of options seem realistic for me to pursue?
My perception is return to contracting.
However, does anyone think its possible to return to a different company as a permanent post redundancy?