January 12, 2022

Compensation Watch ’21: Grant Thornton Is Dragging Its Feet On Announcing Mid-Year Raises (NEW UPDATE)

[UPDATE on Dec. 23] Now that it’s been two weeks since we started to hear that Grant Thornton employees were getting mid-year salary adjustments, let’s take a look at the GT comp adjustment thread on Reddit to see what some GTers got:

Associate 2

  • 5% (audit)
  • 5.7% (audit)

Senior 1

  • 9.5% (audit)

Senior 2

  • 7% (tax)

Manager

  • 3% (audit)

[UPDATE on Dec. 9] It seems more Grant Thornton employees were told today what their mid-year raise will be. A GTer emailed us today:

I’m a manager level employee at Grant Thornton l just had my mid-year comp adjustment discussion and wanted to pass the info along. My increase was in the mid-single digits percentage-wise.

I also heard from a senior who told me they got a 10% increase.

As we mentioned yesterday, let us know, GTers, once you’ve had your mid-year comp talk by using the contact info at the bottom of this post.

[UPDATE on Dec. 8] Well, what do we have here? A day after we posted about Grant Thornton offering employees a deluge of new benefits instead of a deluge of cash, we were told by one GTer on Dec. 8 that mid-year raise communications have arrived:

Just got a call from a partner informing me of my raise effective Jan. 1st. Would prefer not to provide the exact figure, but let’s just say it’s a percentage in the upper single digits. Manager level.

Well that’s good news. Hopefully the dominoes start to fall for everyone else soon. I checked in with another source at Grant Thornton this afternoon who told me he/she had not heard anything about mid-year salary adjustments yet:

I’d be very much behind mid-year raises. Everyone has been pretty overworked recently and people are leaving at a pretty high rate.

Hang in there, friend. Hopefully you and your colleagues will soon be rewarded with a bump in pay for all of your hard work this year providing dynamic client service to GT’s chosen markets. Keep us posted, GTers, once you’ve had your mid-year comp talk by using the contact info below.

Related article:

Grant Thornton Is Trying to Keep Heinies In Seats By Giving Raises Enhancing Benefits

[Original post from Nov. 30.]

Last week after we got a tip on mid-year raises being imminent at BDO USA, I wanted to know what—if anything—was going down at Grant Thornton. It seems the Purple Rose of Chicago has been keeping mum about salary adjustments for employees, according to a few GTers who have posted on the usual online chatter sites.

You would think the seventh-largest accounting firm in the US, which saw revenue increase by 2.6% in FY 2021, would sock away a little extra money for employee appreciation. But so far radio silence from management, outside of mid-year raises were being considered, according to a tip we received last week:

There was an audit all-hands call a few weeks ago and the national audit leader said they were considering mid-year raises, but nothing official has been communicated at this point.

However, there might be some good news on the horizon:

There is a firm-wide call scheduled for December 17th, which I suspect will include an announcement of mid-year raises.

We hope so. If not, there likely will be a whole slew of Grant Thornton employees taking their talents elsewhere in 2022. And who could blame them?

Related articles:

Compensation Watch ’21: BDO USA Is Dangling a Mid-Year Raises Carrot
Despite a 2.6% Increase In 2021, Grant Thornton Couldn’t Catch BDO USA In the Midtier Firm Revenue Pissing Contest
Compensation Watch ’21: Did Grant Thornton Give Employees Briefcases Full Of Money This Year?

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3 Comments

  1. The adjustments are also based on market. Some offices have been devastated by resignations; those offices had much larger raises. For offices with minimal turnover, they received paltry raises.

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