Had my 1:1 with my Director last week and was essentially told to not expect any promotion for the foreseeable future. I have 10 YOE and been doing SFA work for the last 4-5 (10 months at my current role) and am essentially doing the work of an IC Manager. Earlier this year, our VP (who since left) heavily implied that I would be promoted this summer and made that known to my current director when they joined the team. Now, it’s “not in budget” and needless to say I’m bummed as the reason I took on this job with this company was because of career advancement. The problem is, being in FP&A and given the conversations I’m invited to, I know it’s not in budget for anyone in the company and BU’s are about to get updated policies for cutting back spend. How would you react? TC: $150K
Look for another job. Fool me once…
Don’t expect a promotion any time soon is an euphemism for LC and jump ship ASAP
And be thankful that they were at least honest with you instead of dangling the carrot
Agree with this
Be thankful for the honesty. Some managers will string you along when they know the reality is they don't have the budget/ability/scope to promote you. Sounds like you're valued but your company's cutting back in general. If it's your priority to move up, look for a new job. If you like everything else about the job, you could give it another year to see if the financial situation changes or another opportunity comes up.
BUs are going to get updated policies for cutting back spend? Like a reduction in headcount?
Which company and which city? What’s your current title? I suppose, your director is honest and basically he is saying that “ you will not be promoted for foreseeable future so go and look for outside job”
Yup and of course it cannot be communicated such
Your focus should be to look for a new job. Does not mean that you need to accept the first one offered, the only way you know your worth in the market is to test it.
With a potential recession, most people are in the same boat. If you’ve proved yourself, then it should transpire eventually, but leaving for another company puts you back to square one, unless you can get that higher level at a new job.
Sounds like literally everything is giving you signs to leave.
I would jump the ship. Have given 2 years for the role change. Have been successful moving up internally or externally over the past 8 years. No where I have anything less than my best, but finance ladder is difficult to climb internally. Very few roles in general. Managed to go from Fin Analyst to now SFM.
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Would you rather have been lied to?
Have been lied to for most of my career, call me a sucker for Stockholm Syndrome
In Finance too; its just terrible timing IMO. I’m not expecting a promotion either. UNLESS companies realize they need to focus on their current FTE and prevent them from leaving. Hiring costs $$$$. Preventing attrition is cheaper.