If it is true that we have “turned the corner” on the GFC, and firms now forecast significant growth over the next financial year, the case for junior employees to receive decent pay rises this year is ever stronger. Promisingly, the AFR reported the following (2/7):
has your phone got one of these?
Big 4 accouting firm KPMG is moving to exploit opportunities in the advisory area by appointing two technology heavyweights….KPMG national managing partner of advisory, Gary Wingrove said that within the advisory practice, performance and technology is currently recieving the big investment dollars to meet existing and future agreements. Its revenue grew by 3 per cent in the 2010 financial year, down from 14 per cent the year before. Double-digit growth is anticipated for the coming 12 months.
Advisory – one of the three major divisions at KPMG – is forecasting incredible growth next financial year. Surely this means there is a bit more room to move on junior salaries across the board?
Yesterday KPMG finalised its annual staff performance review process with staff salary letters being distributed to audit staff. To call the contents of these letters a dissapointment would be an understatement. There was of course “market alignments” – but exactly what market are the adjustments aligning our salaries to??? Clearly not the market I am working in currently. And on top of that a second year of no bonuses – but don’t worry at least we haven’t had to get a pay cut like the Partners who are doing it tough – oh its hard life at the top!
Oh they’ve been forced to endure a pay cut, have they? What about the thousands of KPMG staff who were forced to endure a pay freeze while CPI marched upward? Purely on salary percentage terms, our guess is that the impact of CPI would account for a greater salary loss than that which the partners are currently moaning about.
And when we say “moaning”, apparently some evidence of this exists! We received the following comments from another anonymous KPMG spy over the weekend:
An employee at KPMG was given his remuneration letter on Wed. Knowing that the new salary package was going to be crap he went to see one of the partners with his digital camera and recorded the conversation without the partner knowing of course. If you’re interested to hear it let me know!!
Yes, we are interested to hear it! Please send it to us as news@firmspy.com.
On that note, we think Iphones and digital cameras are a wonderful technological advent. Each Iphone even comes custom-built with a feature called “Voice Memos”. Think of all the things that could be recorded and sent around!?
Can you think of anything worth catching on tape? Are you wearing a wire?
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Is this accurate? I heard from friends that KPMG salary rise for audit this year was 10-20%
KPMG Audit got 20-30% between two payrises in the last couple of months
I wouldn’t say the raises were a total disappointment. Most people got promoted, and promotions came with pay rises of 10% to 25%.
Of course, these were pay rises from peanuts to peanuts + 25%, which does make it sound less appealing. Based on historical data, the salary bands for each level appear to be at the bands they were before the GFC. A bit under what the market is paying, but hey, it’s not industry.
Advisory also announced a new bonus scheme. Previously, bonuses were only available to managers and above. Whilst the new bonus scheme was announced with the remuneration letters, details of how the bonuses will actually work have not been announced except for some sketchy details on how it will depend on how well a service line performs above budget. All staff with a decent performance rating will be eligible for bonuses, but the bonus amounts will not be announced until September.
Ah, so if anonymous and nogods are to be believed, this is another blog made up of quotes from under performers. I am sure KPMG pay top dollar for the staff they want to keep.
actually, hardly anyone got promoted. lots of people are being held back. alot of people got their letter saying their remuneration has been reviewed and it is “in line” with market rate – with no increase at all, not even a 3-4% indexation.
KPMG’s a sinking ship. There’re averaging 3 senior accountant to assistant manager level staff leaving weekly.
And they’re shipping a busload of secondees (who imo is really just here for a holiday) over the last month.
That’s alot of head knowledge, experience and client relationships (and $100 westfields gift cards) gone.
And I think it is safe to say that EVERYONE (except for recent graduates) are looking for a job outside KPMG.
I think the FS Strategy Partner, Adrian Fisk, should probably get his thinking cap on and earplugs off and figure out how to retain staff.
They have upped the salaries, but lets be honest, 20% of f@ck all is not that much. We’re still behind. Until the payrises, the difference between a grad and 3 years experience was less than 10k.
And the 20%, it’s bringing the bands up to what they were 3 years ago.
Some divisions have lost half their staff – and they expect 20% to make up for double the work-load?
Agree with Uhhh, everyone realises a gig with the big 4 is only good for 1-2 years on the CV to land roles elsewhere.
Fisk is clueless, as are the rest of the managers – ever met an ex – KPMG who regretted leaving? I think not!!!
To Hmmm: You obviously have never worked for a Big 4. Everyone knows that you forgo good commercial pay for training/ experience and an impressive resume at a Big 4 which will help you get senior jobs quicker and better pay in the long run. Big 4 is definitely not one to spend “top dollar” on salaries.