Okay, okay. I’m sure some people inside the House of Black and Yellow need a break from writing thoughtful emails to Mark Weinberger. It seems that yakking about EY compensation is the perfect way to do that.
The first requests came in yesterday and have been picking up steam today. A tip from yesterday notified us that the compensation discussions were off and running:
I think comp conversations should start today. I saw one person on fishbowl post. Assurance Senior in the West, 3 rated and raise of 5.8%. So not spectacular.
Folks weren’t happy with [performance based bonus] either. Heard it was around 1.6% for 3s.
Overall I think expectations are so-so. A lot of messaging that we didn’t meet vision 2020 goals this year, although we had growth in some areas. So hard to predict.
We will see….
Another tipster echoed the “wait and see” attitude, especially since PwC set the pace already:
Our [diversified staff group] members are getting their compensation: 4 rated senior 1 to senior 2 tax, Midwest 7.3%. So far not the greatest given our scoping of PWC raises being much higher, time will tell though
It must be difficult for EY people to watch the numbers from PwC roll in. Every June, when the PwC thread rolls, there has to be a lot of partners who look at the numbers and think, “Oof. Our people won’t be getting that.” Alternatively, there are probably some years where EY brass is excited to spring compensation news on their people because they will match the numbers that PwC people are seeing.
But being the second Big 4 firm to have comp discussions has to be a tough spot. If you’re first, you get to set the bar; if you’re last, like KPMG, you have plenty of time to adjust your plans. But going second is never fun. You’re always going to feel the pressure from the pacesetter. If you’re the type of firm that doesn’t mind not going first and have the confidence that the financial rewards you give your employees will satisfy them, regardless of what your competitor will do, then I suppose it’s no big deal. Is EY that type of firm?
So let’s get to it. Once again, here’s your checklist:
- Position, promotion (if applicable)
- City (preferred) or region
- Line of Service
- % Raise
- % Bonus (if any)
- Old & New Base
Have fun, everyone.
Other compensation threads:
If your firm is holding discussions about performance reviews, raises, bonuses, et al. this summer, email tips@goingconcern.com with the details.
