KPMG offers pay rises of £2,000 or £4,000 to 15,800 UK employees

Big Four services giant KPMG today announced pay rises of at least £2,000 to 15,800 UK workers in what it describes as an “additional £51.7 million investment in our staff”.

Company employees will each receive a lump sum pay rise of either £2,000 or £4,000, depending on the individual’s role at KPMG. Partners are not eligible for the increase.

The salary increase will be pro-rated for those working part-time and will be retroactive to April 1, 2022.

The increases come on top of the company’s annual salary review, which takes place at the start of its fiscal year in October.

In an update to partners today (6 May), KPMG Chief Executive Jon Holt said the firm is on track to deliver double-digit revenue growth this year and, on the based on current business performance, should match last year’s £100m bonus pot for employees. , with the possibility that the overall reward could be even higher if the company’s performance exceeded expectations.

Holt said, “Despite the unstable geopolitical and economic environment in which we operate, our business is performing strongly. We have ambitious plans to continue our growth and attracting and retaining the best talent is at the heart of our strategy. By investing in our staff, we will ensure that we have the best experts in the market to advise our clients.

“It’s just one part of the comprehensive package we offer our people, from professional training and career development to supporting flexible working and well-being. We are investing more in this area and I look forward to announcing more details at our event for all colleagues this summer.

Under a new management team, KPMG has put in place a three-year growth strategy, underpinned by a £300m fund to invest in new talent, services and “ideas to support clients”. Last year, he said he increased his income by 10%.

The decision to increase salaries comes as law and professional services firms continue to face fierce competition for talent as the economy struggles to rebound from the Covid pandemic, the soaring cost of life, the impact of Brexit on the UK labor market and the demands of customers trying to adapt their business to current business conditions.

Yesterday PwC announced an extension to its Friday afternoon summer vacation policy – a move that angered Alan Sugar, no less – while other companies such as Deloitte and EY implemented increasingly flexible work policies. Deloitte is reducing its offices in London by around a third and has closed offices in several cities elsewhere in the UK. Other accounting firms, such as BDO, have adopted similar policies.