September 24, 2022

Compensation Watch ’22: Big 4 Firm With the Most Negative Publicity In the U.K. Tries to Change All That By Giving Staff Raises of At Least £2,000

If you’re a regular visitor to this website, it shouldn’t be too hard to figure out which Big 4 firm we’re referring to: Carillion, loads of fines from the Financial Reporting Council, chairman’s rant leads to his resignation, Carillion, “unacceptable” bank audits, partners who are bullies, lawsuits, and layoffs. And did we mention Carillion? Yes, of course, it’s KPMG.

But the U.K.’s House of Klynveld did something good for a change: KPMG gave an immediate pay raise of between £2,000 and £4,000 to its 15,800 U.K. employees but not to partners and associate partners. KPMG partners are doing just fine without it. According to The Times, the new salaries will be backdated to April and are in addition to KPMG’s annual pay review in October.

CEO Jon Holt announced the raises in a post on LinkedIn on May 6:

Will giving employees an out-of-the-blue raise in the middle of its fiscal year be enough to keep them from looking elsewhere? Who knows! But it’s more than some firms have done for their employees.

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