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Bonus Watch ’10: Some McGladrey Employees Are Getting Impatient

Posted on by Caleb Newquist

Last month, we shared some bonus news with you courtesy of McGladrey that included a couple of extra days off (including tomorrow), access to baby/pet/parent sitters and yes, there is money involved.

Maybe because there are only less than two shopping days, some people are getting impatient:

Well, it’s the morning of our last day of work before the holiday break and employees still don’t know if they are getting a holiday bonus. It was stated to us bonuses are back but no communication has been sent out. What are they waiting for? Many people are on vacation already since we are off Thursday and Friday. Is Santa going to deliver it to each of us individually?

You think they could communicate that. Or maybe you have to be a hot shot partner to get a bonus. I for one know I will be pretty pissed off if there is no bonus, especially after the company wasted all that money on a 144-foot cake that went to waste earlier this year.

They can talk about how great we all are and what we have to do in the coming years but it’s all hogwash if they don’t give us a bonus. I know one thing, Steve Tait [former President of RSM McGladrey] would have made sure we got bonuses…will C.E.?

– Disgruntled in McGladrey Land

We have three main points here:

• Ranting about “no bonus” after a lengthy email from C.E. Andrews and Dave Scudder explaining that there would be bonuses could easily misconstrued as “psychotically cynical” but perhaps there have been broken promises in the past. If so, we haven’t been made aware of this.

• The email C.E. and Scuds stated “the pool will grow based on our year-end performance,” and “In January, we will be introducing a new program to provide real-time recognition and monetary rewards,” so maybe “nice” is virtue in Minnesota but “patience” obviously isn’t.

• We hate to break this to you but Santa Claus will not be delivering your bonus. Santa Claus is not real.

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Compensation Watch ’10: KPMG Back to Raises and Bonuses

KPMG’s newly announced Chairman John Veihmeyer knows that you’ve been anxious, so in a message to Klynveldians, Johnny gets right to the point, “I want to take a moment to address a question that I know is on the mind of every KPMG employee: Will there be raises and bonuses this year? The short answer to this question is ‘Yes.'”

For the “vast majority of our people” and bonuses will be available, “our goal is to enhance our variable compensation pool from last year—meaning higher bonuses than last year.”

How’s that for a Friday morning message?

As we reach the midpoint of FY 2010, I want to take a moment to address a question that I know is on the mind of every KPMG employee: Will there be raises and bonuses this year?

The short answer to this question is “Yes.”

As we communicated during this year’s town hall meetings, the business environment is showing measurable signs of improvement. In fact, I am pleased to report that thanks to your efforts the firm is slightly ahead of plan. So by year-end, we fully expect that the pickup in market and business conditions will drive compensation increases for the vast majority of our people. Also, assuming we meet our plan, as we are on track to do, our goal is to enhance our variable compensation pool from last year—meaning higher bonuses than last year for EP performers as well as bonuses for deserving SP performers. Assuring that we recognize and reward our best performers is an integral element of our compensation philosophy and a critical ingredient of the high-performance culture we intend to maintain.

We are optimistic. But along with this optimism, we must maintain realistic expectations. Keep in mind that our FY10 plan is more challenging in the second half, and reliant on significantly improved performance in the spring and summer.

What does this mean? It means that now more than ever, we must come together as a team to do our best work and make 2010 a successful year—one that brings the improved business results that enable us to restore the financial rewards that we all desire. If you’re in Audit, Tax, or Advisory, it means driving business and providing the highest-quality service to clients. If you’re in a Client Service Support role, it means providing our professionals and teams with effective tools, resources, and information they need to win business and deliver excellent service to clients. And all of us need to continue our Spend Smart efforts and do our parts to drive efficiencies in the way we operate.

Whatever the remainder of 2010 brings, you can be sure that KPMG remains committed to its philosophy of providing our people with an attractive and competitive total compensation package that differentiates exceptional performers with superior rewards. And, we remain fully committed to being an Employer of Choice and a great place to build your career.

Thanks for all your contributions to our firm’s success.

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