Bonus Watch ’10: PwC Announces Across the Board Mid-year Bonuses
We reported last week about a rumor that PwC would be paying bonuses and making salary adjustments this December and we now confirmation of the bonuses, courtesy of an email from PwC’s Bob Moritz.
BoMo t that thanks to a solid first quarter, the firm would like spread a little wealth around in the form of $1,000 bonuses for “client service and IFS” employees who were with the firm prior to June 30, 2010 and $500 bonuses for those hired after June 30.
The firm is letting employees choose their “recognition payment” from one of the four following options:
• Net payment of $1,000/$500 included in the December 15 pay cycle.
• Visa gift card
• $1,000/$500 charitable contribution to the PwC Foundation in your name – Aka the PwC Human Fund
In addition, Roberto informed everyone that the spot and bonus pools are being increased across the firm. There was also the standard words of encouragement, repeated “thank yous” and whatnot. The email appears in its entirety below.
So, P. Dubbers – doesn’t look like a mid-year salary adjustment but it beats a sharp stick in the eye. Discuss your contentment or your undying resentment in the comments.
Recognizing your contributions
Thanks to your efforts in providing quality service to our clients, our first quarter results are showing a strong revenue increase year over year. We all should be proud of these results. We’ve supported one another, served existing clients and stakeholders at the highest levels of quality in an extremely competitive environment, and won new work–all achieved through delivering the PwC experience and the new brand promise!
Rewarding your efforts
Because your efforts helped us drive our results, we want you to share in the rewards. Last month I told you that we have taken the results of our top-line growth and have begun reinvesting in you through our holiday time off and celebrations, in-person training events, and more. To further acknowledge the role you have played in our success to date, every staff member–both client service and IFS–will receive an after-tax “recognition award.” Those hired prior to June 30, 2010, will receive $1,000. Those hired on or after June 30, 2010, will receive $500. We debated whether the recognition payment should be in the form of cash or a gift, and concluded that you should decide. So, every staff member can choose from one of the following:
An additional net payment of $1,000/$500 to be included in your December 15 pay period.
Order from several versions of the iPad (total value of iPad and gift card will depend on whether you’re eligible for the $1,000 or $500 gift award).
A Visa gift card valued at $1,000/$500 to use for the holiday season, vacationing , technology gadgets or anything you’d like to purchase for yourself or others.
We will make a $1,000/$500 charitable contribution to the PwC Foundation in your name.
More details to come shortly on each of the options above, as well as how to choose your recognition via a special website.
Increased bonus pools
In addition to the benefits we announced previously and the recognition award mentioned above, we have also decided to increase our spot and bonus pools across the firm, enabling us to better recognize and reward those individuals who are truly delivering for our clients and driving our results. As our top and bottom line continue to improve, we are committed to sharing those results with you. Shortly, you will be hearing from your LOS on how these increased bonus pools will be earned and rewarded over the remainder of FY11.
Increased hiring to help your workload
You’ve been working hard, and we recognize that monetary rewards and compensation are only part of the value you look for from your PwC experience. You have told us that personal and professional development, career advancement potential, peer and team relationships, and even having a little bit of fun along the way, are also important to you. We want you to know that we are also working hard to relieve some of your workload through our increased hiring efforts. In fact, to help lighten your load, we’ve hired more than 1,400 new experienced people in the first quarter alone (for comparison, we hired a total of 1,725 in all of FY10), increased our campus recruiting from last year and are bringing resources to our practice from around the world. Many of you played a key role in bringing in that new talent, whether referring people, interviewing potential candidates, or on-boarding new people. Again, we thank you for those efforts and encourage you to keep them up. We will continue hiring resources to support our current and future needs as we look ahead towards achieving our long term goals, while also providing appropriate work-life flexibility for you.
Thanks for all you do
Again, on behalf of the partners, I want to recognize you for all you do for your teams, our clients and other stakeholders. To me, this demonstrates the power of 30,000 people coming together to build relationships and add value for our clients and one another–delivering on that new PwC brand promise! The fact is, you are making a difference, and our collective efforts are paying off.
Join me on Wednesday!
I look forward to speaking with you on Wednesday at 3pm ET during our third firmwide Town Hall webcast. If you haven’t already, check out the blog and help your colleagues get ready to put me and the LOS leaders on the hotseat with your questions.
In the meantime, I look forward to continuing this journey of success together!