Christmas came early for those donning the orange, red, and yellow, as PwC employees were told the following today during a firmwide webcast, according to a tipster (bold emphasis added):
PwC avoided layoffs by freezing pay, paid (smaller than target but still substantial) bonuses in the fall, now increasing base pay for nearly all staff as of Jan 1.
A couple posts on Fishbowl have confirmed what our tipster told us about raises for staff. But let’s quickly recap some of the other points in his or her email to us:
- Yes, PwC avoided “mass layoffs” unlike Deloitte and KPMG during the pandemic, but let’s not forget about all the stealth layoffs at the firm this past summer.
- And yes, back in early June, PwC management told its folks that there would be no base salary increases in FY 2020, raises only for promotees, a probable base salary freeze in FY 2021, and smaller-than-usual bonuses paid out in FY 2020.
While our tipster didn’t provide us with any specifics about the mid-year raises at PwC, a post on Fishbowl says that the amount will vary by 1% to 5%, based on tier.
Also, a PwCer posted this on Fishbowl:
They’re marketing is as an accelerated raise. So our normal 2021 raises in July will be reduced by the amount of the January 1 mid year raises is the way it’s being sold.
It seems most PwCers who’ve commented on Fishbowl are fairly happy about getting a raise. And apparently Martin Luther King Jr. Day will now be a firm holiday.
According to a thread on Reddit, some Deloitters in audit got mid-year raises but haven’t heard if those in tax and consulting have as well. Anything going on at KPMG or EY about mid-year adjustments? If so, let us know using the contact info below. Also, if any PwCers have additional info you can share with us about your mid-year raises or what was said during the webcast, let us know.
Layoff Watch ’20: PwCer Claims Performance Ratings Are Purposely Being Bumped Down to Make Separation Decisions Easier During the Pandemic
Bonus Watch ’20: PwC Is Kinda, Sorta Going Forth with Bonuses, Raises
KPMG is giving out pay increases – audit’s adjustment will be paid out in 2 bonuses in January and May but they have not communicated how much. I think advisory is based on a percentage not sure what tax’s is but believe it is structured the same
IFS – up to Senior Associate is 1.5%. Mgr-Director is 1%. Nothing for interns or MDs.
Can’t wait to see what EY does to respond to this (nothing)
Yeah….EY gives nothing. Oh well they did increase the wellness reimburseable amount by $500 in 2021…whoopie. And lets not forget EYs recent cancelling of vacation, with “unlimited vacation”.
EY just announced the same.
To clarify, it was clearly articulated on a firmwide webcast today that this was NOT an acceleration of July 2021 raises. Base compensation will be reviewed based on firm performance and market standards like a normal year-end process for July 2021.
Deloitte audit received mid year raises. Deloitte tax chose instead to award certain high performers with a November bonus. Not sure what consulting and assurance did. Everyone firm wide will receive a $1500 reward with their first December paycheck.
PwC is by far the better firm of the 4. Doesnt even come close.
How would you even begin to quantify “better?” It really comes down to personal opinions/preference.
RSM already did this over a month ago.
Industry gave raises appropriately and bonus timely. And guess what we leave at 5pm, learn something new each day, and work with people are age!
PwC is indeed conducting secret layoffs. I had been under Advisory working on products and had great snapshots for my one year there. Then I get an unexpected meeting with my manager and hr stating I no longer had a job and said it was due to “performance “ but I never had bad reviews, no write ups and no disciplinary plans written on me. In fact people enjoyed my work on the product team. I was given month payment along with covid payment of $1,000 and that is exactly how others were laid off too based on what I heard and read. So disappointed about how PwC states no layoffs but they are doing it, it’s just secret.
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