Pros

Great capabilities, culture and client relationships. Balanced and competitive compensation and benefits program that works best for long-tenured employees. People who consistently contribute and perform usually are recognized and rewarded. There is adequate flexibility for consultants to define their own career to suit their personal needs. Those who want to zoom to the top can do so if they are willing to pay the price. Those who want more balance can carve out a niche and be fairly treated as long as they remain productive.

Management continues to be more collaborative rather than top-down. Good consultants often do not make for very good managers, and the firm appears to recognize that.

Unlike the other major HR consulting firms, mid-career folks often succeed at Watson Wyatt.

Cons

Matrix management structure that balances client perspective (geography) and consultants (practices) results in more confusion than is necessary. Strategy is fairly clear, but there is still too much empahsis on geography for a firm that is focused on working with large, global companies.

Client demands can often border on the ridiculous, but their needs come first. If you want predictability or have trouble keeping priorities straight, consulting is not for you.

As a public company, senior management takes care of investors first and then employees. As a shareholder, I applaud this approach but as an employee it sometimes bothers me. But it seems to have worked well since the IPO.

Advice to Senior Management

Too much emphasis on salary and pension and not enough on bonus/equity. Top performing senior consultants should receive equity grants in addition to bonus. There are not enough retention hooks besides pension plan. Band structure is ok but should be revised -- 10 to 12 bands for professional employees would be better than the current six. This would allow more regular recognition of associates developing quickly, particularly junior staff.