The UK arm of Big Four accountancy firm KPMG is set to give pay rises of £2,000 each to 15,800 of its rank-and-file employees.
The auditor said all of its everyday employees will see their salaries hiked by at least £2,000, as it said all staff excluding partners will receive a flat pay rise of either £2,000 or £4,000, dependent on the individual’s role in the firm.
KPMG said the pay rises are set to cost it an extra £51.7m, as the firm said the pay hikes will be handed out in addition to any pay hikes handed out as part of its annual pay review.
KPMG UK chief executive Jon Holt said the pay rises are aimed at ensuring KPMG is able to continue “attracting and retaining top talent” as he said the firm is seeking to ensure it has “the best expert in the market” to advise clients.
The pay hikes come as the firm said it expects to deliver double digit revenue growth this year, based on current trading performance, as it said it expects to pay out £100m in bonuses by the end of the year.
“Despite the volatile geopolitical and economic environment we’re operating in, our business is performing strongly,” Holt said. “We have ambitious plans to grow further and attracting and retaining top talent is at the heart of our strategy.”
The pay hikes come as fierce competition for talent continues amongst the Big Four and other professional services firms.