Sometimes on a hot summer day there's nothing better to do than talk about but money.
A recent memo from KPMG's advisory leadership entitled "Outlook for 2013 Compensation" is happy to share the news that FY 2013 has been motoring along and that they are cautiously optimistic the last quarter will round out nicely:
We are pleased to report that the firm is on track for a good year, with operating results expected to be ahead of plan. This is great news, and a direct result of your hard work and contributions. And, while we still have three months ahead of us, we are confident that, working together, we can finish FY13 in a strong position.So what does this mean for FY13 compensation? As we have said in the past, our philosophy is that as the business does well, we will share those rewards with our people. And this is exactly what we plan to do in Advisory this year, particularly as it comes to our variable compensation awards.
Ah, yes the ol' Variable Comp! Of course the biggest portion of the VC will be going to the top-rated Klynveldians and the good news for those people is that you can "fully expect that the average variable compensation award will be toward the higher end of the guidelines that we originally communicated in November of 2012."
So that's nice. The full memo is on the next page and it includes a table with the ranges, from Associates to Directors, so take a gander if you hate surprises.
What about raises you ask? Well, things sound a little less ethusiastic on that front:
We expect that our merit increase ranges will be attractive, competitive, and comparable to the merit ranges from last year. Obviously, individual merit increases will depend on each person’s specific circumstances, such as performance and job level.