KPMG is set to invest $160m into boosting the salaries of its 35,000 staff, as the battle for white collar talent continues to put pressure on Big Four firms.
In a Linkedin post titled “investing in our people,” Paul Knopp, Chair and CEO of KPMG in the US said the “increase in salaries embodies our commitment to quickly recognize the value our people create for our clients and firm.”
KPMG’s decision to invest a further $160 million in boosting salaries, comes just months after the firm hiked its salaries in the Autumn of last year.
In the new round of salary hikes, KPMG employees will see their pay increase by $3,000-7000, according to reports from Axios.
The move comes amid stiff competition for white collar talent among law and professional services firms, as record levels of inflation and the great resignation have begun to hit Big Four firms.
The news of KPMG’s decision to boost salaries came as its Big Four rival Deloitte said announce plans to introduce new measures aimed at boosting flexibility, as it said it would be handing out a total of £10m to more than 6,000 of its staff to pay for upgraded work from home equipment.
All new and recent joiners will receive £500 to ensure they have a “full range” of work from home tech.
Deloitte said it will also allow workers to take public holidays whenever they choose, in a push towards greater flexibility.
Jackie Henry, managing partner at Deloitte said: “Our new approach means that our people can choose to take public holiday leave on the dates that are most meaningful to them, in addition to their contractual and purchased holiday allowance.”
“They are still entitled to take public holidays on the days they fall, or they can take these days off at a different time of the year if they prefer.”