Yesterday was the tenth anniversary of 9/11 and memorials were held all over the country. Thousands of KPMG employees volunteered at over 200 non-profits to mark that tragic day including over 100 at PS 161 in New York and 70 at the wreath-laying ceremony at the Pentagon in Washington, D.C. Nothing more really needs to be said other than kudos to KPMG for their “Service of Remembrance.” Drop your own remembrances in the comments and if your firm marked the 10th anniversary in some way (aside from t-minus 4 days until the corporate tax filing deadline), let us know below or email us. [KPMG]
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Layoff Watch ’11: KPMG Cuts IT Support Staff
Fyi- I’m forced to write this on my mobile so anyone that notes typos can piss off.
Anyhoo, for whatever reason, the KPMG beat is awfully hot today. This latest scoop we have is the unfortunate news that layoffs have reared their ugly head in Monty:
Caleb,
No chatter on the ~200 layoffs at KPMG IT support staff in Montvale this past Friday whose positions went to IBM outsourcing?
Oddly enough, we did hear about this just yesterday and hadn’t had the time to check it out. Now that we’ve been spurred into action, this confirms the original tip we received about the IT staff and that the work was going to IBM. This is the first news we received about the staff in Montvale, the original news we received was with regard to the New York office, a staff of approximately 17, we were told.
These in-house IT layoffs feel oddly familiar to the cuts made by PwC late last summer, who also planned to outsource those positions. P. Dubs also stated that they would offer some professionals other opportunities within the firm and would be creating a number of new jobs in the Tampa area, where those cuts occurred. So far there hasn’t been any indication that KPMG was doing something similar.
A message with KPMG spokesman Dan Ginsburg’s office was not immediately returned. We’ll keep you updated with any further details.
Bonus Watch ’11: KPMG Officially Rolls Out “Early Career Investment Bonus” Program for Senior Associates
Last month we told you that KPMG was kicking around the idea of loyalty bonuses for senior associates. Today we bring you the good news that the firm has officially announced the “Early Career Investment Bonus” which more or less amounts to a loyalty bonus.
This news was brought to Klynveldians this morning by John Veihmeyer and Henry Keizer (full memo on page 2). Let’s take a look at what the boys had to say:
Here’s how it works: If you are a current CSD senior associate with a 1, 2, or 3 rating you will be awarded $4,000 to be paid on May 15, 2013, provided you are employed by the firm on that date��������������������ut it gets better. By December 31, 2011 (just prior to the earnings period), you can elect to defer that $4,000 award for one year or two years and watch it grow:
• Defer the bonus for one additional year and receive $8,000 in May 2014
• Defer the bonus for two additional years and receive $12,000 in May 2015And it gets better still because next year the cycle starts all over again. And, the following year, it starts again! So a typical first-year senior can look forward to three ECIB cycles with the opportunity to “layer” up to $36,000 in total bonus payments by the end of the last cycle. Alternatively, participants who are eligible for multiple ECIB enrollment cycles can choose different deferment options for each cycle, giving them theopportunity to customize the timing and amount of their ECIB award to meet their own needs or particular life events, like a down payment on a new home.
Obviously the catch here is that you’ll have to endure the next few years of your life within the House of Klynveld. But to that end, it seems like a halfway decent opportunity. Some might see this as a suicide mission but if you do in fact make it to May 15, 2015, that’s $12,000 in your pocket. John and Hank even gave us a nice example:
As this example shows, it will take a pretty huge commitment from anyone looking to score all three of the cycles for the big payout of $36,000. SIX. YEARS. AWAY. I won’t even begin to try and tell you what can happen in that time frame. Obama will have finished his second term by then (assuming re-election, obv). Countless people you know who are gigantic losers will get married, have kids and then probably get divorced. Facebook (and many people on it) will be dead. I’LL BE ON THE CUSP OF MY 40s. Get it? This isn’t exactly around the corner, people.
All told, this is a pretty progressive idea put out by KPMG and it seems better than the Above and Beyond awards which were a total flop.
So HoK, what say you? Got any career moves planned in the next two years or you sitting tight for the $12k? Anyone feel like the firm will take the opportunity to guilt those that don’t defer the bonus? Does anyone know if this in addition to any annual incentive comp? Discuss.
(UPDATE) Which One of You Left Your Benz Parked In Front of KPMG HQ?
Because you’ve caused a ruckus.
It’s an especially nice touch that the Shred-it truck is outside. Coincidence?
UPDATE: Said Benz has been towed and NYPD has re-opened Park Ave. Apparently it “appeared to be weighed down in an unusual way,” which leads to believe that the Shred-it truck was completely packed and some partner had pull around front to help get some sensitive docs out of 345 Park.