Tag: Bob Moritz

Here’s PwC’s New Comp Structure in Its Entirety (And Thoughts on Salary Multiple)

Last Friday we broke the news of the “exciting changes” to PwC’s new compensation structure. We now have obtained the document in its entirety (on Page 2 of this post) for those interested in perusing and any P. Dubbers who are unable to navigate their own email or internal websites.

The news has generated a healthy discussion with mixed reviews so far but one reader wanted to focus on the salary multiple specifically

Caleb – I think something that has been glossed over by everyone is the expectations PwC has set around salaries throughout your career.  While the attached excerpt [after the jump] shows that the firm wants you to think you will make 2X your starting salary as an average manager and 1.5X your salary as an average senior, it just doesn’t add up. 

No one is making that multiple, and most don’t think they will get there when we get raises on July 1.  Even the partners in our office said 1.5X for seniors and 2X for managers is an unreasonable salary expectation; they are also a little pissed that BoMo set such absurd expectations.  From what I heard about the associate and senior webcast yesterday, a lot of the questions were some form of “why are you a lying piece of shit about compensation?”  I haven’t had a chance to listen to the webcast yet, but I assume the answers to the questions were some sort of non-answer.

The firm has had a hard time keeping seniors around, so my best guess is they were trying to get senior expectations up to get them to stick around.  I guess they didn’t count on accountants to check those figures and do the math to make sure everything was accurate.

Well, P. Dubs new managers and SAs – do the numbers add up? Tell us in the comments.

PwCTotalRewards2011

Comp Watch ’11: PwC Rolling Out ‘Exciting Changes’ to Compensation Structure

This just in:

Hey Caleb,

I’m surprised no PwC’er has posted this yet. Earlier this week, Bob Mortiz hinted into “exciting changes” as to compensation structure and transparency, with details to be provided this upcoming Monday on a webcast. It might be worth posting this on your website to get some reactions from fellow PwC’ers about what this means, or to facilitate blind speculation, which is always fun.

If this communiqué from BoMo is, in fact, a few days old, we are a little disappointed it took so long to reach our inbox. Regardless, we’re grateful for the tip now and let’s get on to the important matter of speculating about what ‘exciting changes’ entails, shall we? The possibilities are endless but we’ll try to kick things off:

A. Option to receive entire compensation package (including health benefits) in Omaha Steaks.

B. Spot bonuses given to employees with abnormally high utilization who manage to not die.

C. Elevator speeches will have bearing on employees’ merit increases.

D. Outstanding individual efforts will be rewarded with the choice between a serenade from Steve Beguhn or a special appearance by the DC-area piano player for your next fiesta.

E. Various competitive poaching payouts: KPMG Partner: $10,000; All other KPMG employees: $5; Ernst & Young Banking Partners: A punch in the face; Deloitte partner: $20,000; Deloitte partner with a full head of hair: $100,000 (hey, they’re hard to come by).

F. Your ideas.

SEC Officially Falls Victim to PwC’s Competitive Poaching Strategy

~ Tell Kayla I’m sorry for butchering her last name for over two hours. It’s fixed now.

PwC has announced the appointment of Kayla Gillan, formerly SEC Chair Mary Schapiro’s Deputy Chief of Staff, as the firm’s head of the newly created Regulatory Relations Group. This confirms a report by Bloomberg from last week.

Ms Gillan is no lightweight as she is a founding member of the PCAOB, served as general counsel for CalPERS and Chief Administrative Officer for Risk Metrics. The ecstatic Bob Moritz: “[PwC is] extremely fortunate to gain the experience, insights and future contributions of such a highly accomplished professional, one whose career has been dedicated to serving investors and other market participants,” BoMo said, adding, “Kayla Gillan is an example of making the investment to drive this transformation.”

It’s been a busy spring for PwC landing and announcing new appointments of partners and principals starting back in February and continuing through the spring.

[via PwC]

Leaders From the Big 4 Rang the Closing Bell Today

That is, they clapped while someone rang a bell, along with some other people. Try to contain your excitement.

It doesn’t appear to be too awkward. Not sure how Steve Howe got squeezed way over there but the Lehman thing probably doesn’t help. Thoughts on pretty much anything – trash talk amongst Barry and Bob, did John Veihmeyer need lifts?; did they all read Going Concern today? – are welcome at this time.

Official New PwC Logo Launch Day: What Are You Doing with Your Old Business Cards?

Just in case you forgot gang, today is the official launch date for PwC’s new brand and logo. Despite the fact that everyone knew about this weeks ago, early October seems like the perfect time to remind people of how lovely it is to play Pong amongst the fall foliage, .

The other significant event of this day also reminds us of trees but not in a good way. You’ll remember that Bob Moritz stated in his FAQ (that don’t address color or shapes) that today would mark the day that new stationary would be put into use. This means that metric asstons of old PwC stationary, business cards, pens, tchotchkes, undies and so forth would be rendered completely useless.


This is especially awkward since P. Dubs just got done slapping themselves on the back for getting greener faster than a Whole Foods employee at sustainable living festival.

It’s entirely possible that the firm has undertaken various ideas to stem the amount of waste such as:

1) Encouraging everyone to use letterhead en masse running up to the logo launch
2) Having yard sales at offices nationwide to cut losses
3) They’re talking to the Met about a major donation to a future “Historical Corporate Crap” exhibition.

OR maybe they’re just having a giant weenie roast followed by s’mores for dessert (which we admit, would be pretty fun). If you’re engaging in a ritual of some sort and feel compelled to document the event, do get it touch with us and enjoy your fresh business cards.

Earlier:
Just in Case You Didn’t Think the PwC Rebranding Was Actually Happening

Bob Moritz Is Happy To Address Your FAQs on PwC’s New Logo That Don’t Concern Colors or Shapes

Okay people. By now some of you might be sick of hearing about PwC’s new logo that incorporates the beauty of autumn and your first Atari (look it up, young people). However, based on what we’re seeing in the traffic patterns, many are not, so we’ll truck on with Extreme Makeover: PwC Edition.

As we mentioned earlier this week, at least one person felt compelled to share their feelings on the switcheroo with PwC’s U.S. Chairman Bob Moritz. Whether that particular employee got their questions/concerns addressed is currently unknown, however Bob did address many popular questions in an email to the rank and file.

In his email, Roberto said that he’s perfectly okay with the feedback, even the negative stuff. But he implores that you don’t get hung up on the colors or building blocks because, well, it really has no bearing on anything and it’s silly to get caught up on something like appearances.

By now you’ve likely checked out the new PwC brand. Not surprisingly, I’ve gotten strong feedback from around the firm. Many love it. Some don’t. Few are neutral. With a firm of 30,000 smart people, there are going to be lots of opinions…and that’s okay. I ask that you don’t get caught up in the colors and logo; these changes to our visual identity are simply what we think reflects the evolution that has taken place within our firm as we continue to build a relationship-based, value-driven culture. The most important thing is that each of us understands what we’re doing and why, and can articulate what our brand means to our clients and to one another. And, it’s in line with what we’re doing around the network to create a more consistent brand worldwide. You’re going to hear more about the changes starting October 4, so stay tuned. In the meantime, click on FAQs below to read my responses to some of the feedback I’ve received.

Brand Frequently Asked Questions:

Q: Are we changing our name, and when do I use pwc instead of PwC?
A: First, our name is still PricewaterhouseCoopers LLP. That’s what we’ll use on formal and legal documents, and it will accompany the new brand in an appropriate manner in external materials. What we will call ourselves in day to day communications, though, is PwC. That’s really just acknowledging what people typically call us, and it’s easier for everybody than typing out our full name. In writing, we will still use PwC (uppercase “P,” lowercase “w,” and uppercase “C.”)

Just jumping in here: PwC appears to be assimilating to the idea that capitalization is irrelevant in this day and age of texts, IM so on and so forth.

Q: What is the timing of the change to the new brand?
A: Although we have kept the details under wraps to help us maximize the impact in the market, this transition has been in the planning stages for some time — and is part of our overall network strategy. The transition began gradually with the PwC network’s global website (pwc.com), which changed on September 20. On October 4, the official brand launch date, there will be a number of highly visible changes here in the US, from building signs to new stationery. Beyond that, though, we expect the transition to take time. Network firms will have the option to change at their own pace. In the US, we are moving faster because we see it as an opportunity to engage in dialogues with our clients and the market about the very real changes we are making in how we build relationships and create value. The changes to our logo, colors, look and feel are symbols of the broader changes being made to the firm and the global network.

In terms of visible changes, we will have most of our building signs replaced by the end of this calendar year. We have been working with our EAs and TAs, Document Production, and Graphic Design to tackle the thousands of printed and electronic documents that will need to be converted, looking first to those with the greatest impact on our interaction with our clients. This process will take time, and we’ll need everyone’s patience and support as we make the changes.

Q: Will we get new business cards?
Yes, all partners and staff (and that includes client service staff, IFS staff and EAs/TAs) will receive business cards, which will provide each of you with a great resource to help you connect with others, build on the relationships you have and help the firm deliver value. More to come on when and how to order business cards following our October 4 launch date.

Whether this affects the pace of greenness at PwC isn’t entirely clear.

Q: With the economy just climbing out of a recession, why are we spending money on this change now?
A: Timing was clearly a consideration. We have set ambitious goals for our network of firms–and we are counting on our brand to work harder for us as we distinguish ourselves from our competitors. There will never be a better time to begin the transition to our new brand, and by starting now, we will be well-positioned as the economy improves.

There will be some costs associated with the change. In the US, they will include the cost of building signage and consumable items such as stationery, business cards and printed materials. Overall, this spend is minimal in relation to our size and is certainly not significant to our annual operating budget. If we treat the brand re-launch as an important opportunity to engage with our clients and each other–to discuss how together we will improve relationships and create value–the money we spend on the launch will be paid back many times over.

Anything not covered above can be asked below but if you must, further comments, questions, concerns about the colors and/or geometry of the logo will not be dismissed.

Good Times at PwC: Supporting the iPhone and The Return of Christmaskuh

As you know, it’s been rebrand-orama in land of P. Dubs recently. With all that going on, you may have been distracted from the fact that there are more important, less controversial decisions being made. For example, employees will be celebrating the birth of Christ/The Festival of Lights/whatever it is you do by enjoying an open bar and finally making awkward sexual advances on co-workers.

From the mail bag, some communicado from Bob Moritz:

Holiday celebrations were clearly a casualty of the challenging economy. Many of you told us that while it was the right decision given the economic environment—especially when we repurposed our holiday spending to give back to our communities—you missed getting together with colleagues to celebrate during the December holiday season. While we will continue to focus on charitable giving, we’re pleased to see a return to office holiday celebrations this year. Look for more from your market leaders on events happening locally.


Additionally, PwC has finally caved to moxie of Steve Jobs:

Many of you are already using iPhones or have been holding off purchasing one because the firm doesn’t support them. I’m pleased to announce that, later this fall, we’ll be offering iPhones from AT&T, and at least one Android model from each of our approved cellular carriers (AT&T, Verizon, Sprint and T-Mobile), as part of PwC’s smartphone and cellular program.

How’s that for good news? Express your glee (that means break out in song) below.

BREAKING: At Least One PwC Employee Isn’t Sold on the Rebranding

It’s been just over a week since we broke the story on PwC’s rebranding. Now that everyone else has caught up to the story, we’ll share with you some fresh news on the makeover.

Since today marks the first day of u’re warming up to the new team colors. Then again, you may share the feelings of one P. Dubs employee that took the time to email Bob Moritz to chime in on the new look. Apparently (not really sure how these things happen) the email is making the rounds at PwC and it just so happened to find its way into our mail bag:

To be perfectly honest, I’m not a fan of the new branding. In your email you wrote “…we are altering what we believe is an outdated visual identity to better express the kind of vibrant and relationship-based firm we have evolved into.” I find it ironic that you referred to our former visual identity as outdated when our new brand looks like a throwback – a 70s color scheme meets an IT startup.

I completely agree with the comments on the website where the brand is repeatedly referred to as child-like and unprofessional. I feel like the explanation for the symbol is also very complex. The *connectedthinking brand was simple and easy to understand. With the new symbol, everything has a meaning, from the colors to the solid blocks to the transparent blocks. A symbol should be fairly self explanatory – this one requires too much explanation.

I love the fact that the company has been focusing more on changing behaviors and placing a greater emphasis on building relationships. However, I fail to see where a new brand would affect this. Colors and symbols don’t represent PwC, the staff does. In one of the online discussions it was pointed out that following a salary freeze one year and layoffs the following year, it almost seems foolish to spend so much money to “reinvent” ourselves. To quote a wise PwC employee, “A new brand isn’t going to win business, motivated people will.” I find it hard to believe that this new, colorful symbol will be the motivation that people need to help expand our business and improve relationships with clients. A better way to motivate the staff would be more incentives – bonuses, rewards, raises – positive reinforcement. Pavlov was definitely on to something with the concept. Interactive gallery stations complete with iPads to show off the brand? Activities revolving around the launch of this new brand? Is this really the best method of spending funds?

Also disturbing to me is the environmental impact this could have. I can’t imagine that this won’t set back the Firm-wide goal of reducing our carbon footprint. Letterhead, business cards, report covers, envelopes (to name a few paper products) all need to be reprinted. It seems like an incredible waste to discard everything we already have in favor of this new brand (we received an email letting us know that after October 4th we are not to use any of the old paper products). I hope we are at least planting a bunch of trees to help compensate Mother Nature for the amount of paper that will be wasted with this change.

It’s disappointing to feel like we have taken two steps forward and three steps back. I realize that it is what it is, but I felt that I should voice my opinion from down here on the totem pole.

It’s been suggested that October 4th will be the great PwC Shredding Day that will no doubt involve a convoy of Shred-it trucks out 300 Madison (and offices nationwide for that matter) along with employees dropping their old business cards into every fish bowl they can find.

So mark it on your calendars and definitely document the shredding in action or perhaps a bonfire (done safely and in full accordance with the law) and send us the pictures.

PwC Needs a Few Good Accounants…Average Accountants Will Do Fine Too

We had little intention of hitting the Big 4 Superfecta today but sometimes that’s how the workpapers shred, amiright?

Back in April, Ernst & Young put its people on a mission to find friends, enemies, jilted lovers, basically anyone that you’ve ever met, and refer them to E&Y.

Well now PricewaterhouseCoopers is getting on this action, as a source tells us that assurance and advisory needs bodies ASAP and Bob Moritz is encouraging you to get out there and start tricking telling people that they should join the 24/7 disco dance party that is the P. Dubs experience. And just in case your pure unadulterated love for PwC isn’t enough, TPTB are bumping up the referral bonuses:

Bring a friend to the firm

I want you to know that your leadership team recognizes how this phenomena is affecting many of you, and we’re working on ways to help better distribute that workload. One way is by increasing our efforts around talent acquisition, both in terms of getting it done faster and finding new and improved ways of sourcing talent. By increasing our staffing levels, we hope to lighten up the pressure you’re feeling and better spread the work around. We already know one of the best ways to attract new talent is to tap into your personal and professional networks, and we want to make it worth your while. That’s why we’re increasing our employee referral bonuses for client service positions between now and September 30th.

Click here to go to our career site, see our open positions and read more about how our enhanced referral bonus program works. We also want to increase the level of excitement, fun and passion around the firm. You’ll be hearing from me soon about some interesting ideas we plan to implement, as well as from your market leaders and/or functional and vertical leaders about local Pulse results and ways we plan to address them.

Whoa! “Increase the level of excitement, fun and passion around the firm”? Any ideas on what this could possibly be? We’ll get things rolling:

A) Hug a new partner day.

B) Sending the interns on wild goose chases.

C) Brainstorming sessions on how to poach some partners from E&Y.

D) Two words: Undies only.

E) Your ideas…

Compensation Watch ’10: PwC Puts a Number Out There

Multiple sources have told us that Bob Moritz has put a number out there for comp adjustments during the firm’s webcast today :

Sitting in the Bobby Mo Firmwide Townhall Webcast. Raises: 5% to 8%.

But don’t start high-fiving just yet:

PwC expected to be 5% to 8% raises this year, but still a “quarter to go” per Moritz on today’s townhall webcast.

Early reports also are that internal firm services (IFS) will be getting 3-5%.

Thoughts? Your move, KPErnstDeloitteMG.

Compensation Watch ’10: PwC Moving Up Adjustment Date?

There’s been some whispering about PwC moving up its compensation and adjustment time frame from September to July and that’s got people curious.


At first glance this makes sense because the firm has a June 30 fiscal year-end. PLUS! Since Bob Moritz has already made it abundantly clear that there will be raises for 2010 we figure everyone would be excited to hear that the bumps would be coming a little earlier this year.

However, since everyone likes to jump to conclusions over the slightest little change, we’ll indulge. There have already been whispers of layoffs at PwC here and there but nothing that we’ve been able to confirm so people are probably antsy. And if the adjustment date is moved up we’re sure people are worried that means layoffs will be happening sooner rather than later. We can’t read anyone’s mind but we’re thinking this should be in the ballpark…

But if you’re anxiety is well founded, tell us why or get in touch.

UPDATE, a shade before 1 pm: One of our sources inside PwC shared their thoughts with us:

I think the overall feeling was positive…it will probably make some people happy (depending on the %) and hopefully limit the higher performers from going out into the market, however, it may also help some people look for jobs sooner (i.e. they don’t have to wait until September now, if the raises are low). Most people still have a lot of questions, including the estimate of the increase for each band of the rating system, what the bonus pool is going to look like, and although that is not being paid until September, whether we will know what the bonus amounts are in July.