You’re good at what you do – like really, really good. You’ve moved up the ranks at Accenture, and your compensation makes it worth staying.
It’s almost like Accenture designed your compensation to keep you coming back… with the new MD grant, equity performance grants, and VEIP RSU vests ranging from one to five years.
But what happens when you realize money is the only reason you keep coming back?
You’re not alone; I talk to Accenture MDs every week whose retirement goals are “as soon as I can make it work financially.”
While these conversations include some 60+ year-olds, the majority are with MDs in their 50s.
There’s a good chance you don’t even talk to your MD network about this. You all think everyone else is perfectly content with staying at Accenture when in reality, many are burning out!
That’s why the goal should be to maximize your compensation now, so you don’t have to continue in your high-stress role if you don’t want.
What’s driving the early retirement goals?
There’s no doubt the economy is changing, and Accenture has positioned itself perfectly to help companies manage the storm. That explains the $16 BILLION in new bookings last quarter.
Accenture’s utilization was 94% two quarters ago, and according to the last conference call, it got even tighter last quarter.
There’s no doubt you’re stretched. However, it’s not only Accenture MDs who are eyeing an earlier than planned retirement.
Bloomberg published a recent article on how “Affluent Americans Rush to Retire in New ‘Life-Is-Short’ Mindset.”
Here’s the data backing up their article
A November study from Pew Research Center found a surge in the number of baby boomers, those born between 1946 and 1964, who reported being retired compared to previous years — 1.2 million more than the historical annual average.
Other datapoints back up the findings. The number of people expecting to work beyond age 67 fell to a record low of 32.9% last month, according to a New York Federal Reserve survey. And about 2.7 million workers age 55 and older plan to apply early for Social Security benefits — almost twice as many as the 1.4 million people in the same age group who anticipate working longer, according to a recent US Census Bureau survey.
The scary part is the feeling of retirement readiness would drastically change without the “wealth effect” of booming stock and real estate markets.
If your financials aren’t set up to withstand a storm, then your hopes could be flushed with the next market drop.
I’ve given you many tips on what to do if you’re retiring in the next ten years and how to maximize your Accenture compensation in the time you have left at the firm.
The challenge is applying it all to your situation and building out a plan that works. Accenture programs like the accelerated equity awards and early retirement healthcare help, but the important part is piecing it all together.
What I did when I burned out
Admittedly, I didn’t last as long as you. After tiring of life on the road, I left Accenture and joined Hewlett Packard, where I managed a website.
Then I experienced a new kind of burnout, managing a global organization and a 24×7 website. You know what that means.
One of my co-workers said I reflected a swan on the surface, while undoubtedly my legs were frantically kicking below. The stress led to an anxiety attack, something I had never experienced before.
Shortly after, I quit my job, and we bought an old Airstream to travel North America. Luckily, I’m fortunate my wife chose to go along with the adventure!
I needed a reset. I needed to know I was more than a consultant.
It resulted in a hard couple of months of reflection as I learned a title no longer defined me. Just because I was good at something didn’t mean it was something I had to do.
Lucky, we had prepared financially, and we previously achieved financial independence so we could make this move. I fear what would’ve happened to my health if I didn’t quit.
You are not your title. You are not your position. You’re incredibly talented, or you wouldn’t have gotten to where you are. Don’t let fear of change hold you back.