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.
Related articles:
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