October 1, 2022

Compensation Watch ’22: KPMG Employees Are Getting Richer on April 1 (Not An April Fools’ Joke)

KPMG Rocks signs held by a woman in a KPMG shirt

KPMGers got some good news today as the firm announced salary adjustments for all Klynveldians effective April 1. Here’s what was sent to our tipline:

KPMG US just announced firmwide mid-year raises effective 4/1. $5k for SM, $7k for manager and senior, $3k for staff.

According to an internal document posted on Fishbowl yesterday, here’s the full rundown on raises per level:

These pay increases are on top of the raises and bonuses KPMGers got at the beginning of October, when KPMG’s fiscal year began.

Given the date these mid-year raises kick in, there were probably some first-year Klynveldians who questioned whether this was actually happening or some cruel joke. Although telling its employees they are getting salary adjustments on April 1 and then sending them an email on that day saying “April Fools!” and them getting nothing would be something EY would do. And that’s unfortunately what EYers have gotten so far—nothing—unlike the mid-year raises their counterparts at Deloitte, PwC, and now KPMG have received.

The mid-year pay increases are part of a “nearly $160 million additional investment in our people” that Chair and CEO Paul Knopp announced in a post on LinkedIn today. Here’s what PK wrote:

Today, I was incredibly proud to announce a nearly $160M additional investment in our people with across-the-board salary adjustments for all KPMG professionals. This increase in salaries embodies our commitment to quickly recognize the value our people create for our clients and firm in times of change. Moreover, it reflects our appreciation for their resilience and consistent dedication to serving our clients and the capital markets with quality.

A central lesson of the past two years for leaders is the need to be flexible and agile – without hesitation – in making bold changes. Organizations are in competition for business, capital, technology, and the hearts and minds of the communities in which they operate.

We know from our research that CEOs across the U.S. are focused on their employee value proposition and view it as the top operational priority to achieve growth objectives. We agree, and, in fact, our compensation announcement comes just months after historic fiscal year-end raises and bonuses, and a refreshed Total Rewards benefits package that empowers our people to navigate the challenges of work and life.

Stepping back, we remain focused on prioritizing our people across all our key initiatives so they can best harness their passion and talent to grow as professionals and deliver unparalleled client service.

  • Our diversity, equity, and inclusion ambition defined by Accelerate 2025 sets our plan to make measurable progress and make sure all our people thrive.
  • Our $1.5B global investment in expanding our ESG capabilities focuses on training each and every one of our professionals to enable our clients and our business to fully embed ESG into our strategy and day-to-day.
  • Our hybrid future reflects hundreds of conversations with employees and focuses on a bottom-up approach to define how an individual, a team, and a business works.

Our people’s response to the pandemic showed their power, and as we move forward, we will continue to invest in their ability to drive our business forward.

I continue to be inspired and humbled to lead this amazing team of 35,000 people, and look forward to seeing how all of you – and the many that will join our firm in the years to come – continue to put people first and grow on our journey Together, For Better.

Firms (except EY) are pulling out all the stops these days to keep people from walking out the door and joining the Great Resignation. So how ya feeling about these raises and other “investments,” KPMGers?

Related articles:

Changes to KPMG’s 401(k) Contribution Policy Seem to Be Getting Positive Reviews
One KPMGer ‘Annoyed’ By New Enhancements to 401(k) Match and Pension Programs

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