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PwC Plans to Improve Employee Compensation, Offer Bonuses to Managers
April 19, 2012
By Michael Foster, Big4.com Blogger
PwC is improving its employee compensation in an effort to retain its workers.
Among the changes to the firm’s pay and benefits schedules are changes to salaries, vacation and sabbatical time, and promotion guidelines.
Senior managers and directors will be offered a four-week paid sabbatical, comprised of one week of their vacation time and three weeks of extra time off of work.
Senior associates will also be invited to join a new program that will help improve their leadership skills. Called the “Leadership Development Experience,” the program aims to develop personal leadership skills and improve their networking abilities that the firm believes will help employees reach personal and professional goals.
Career milestone awards will also be offered to employees at the managerial level, which includes a 25 per cent of salary bonus after workers are promoted to a management role.
The Big4 firm also aims to make its compensation schedules more transparent, by telling employees how the firm sets pay, what career opportunities are available, and how they can earn more money. The firm also hopes to help employees understand how pay and performance are connected.
This is a good step for PWC. I think its important for companies to have a clear strategy when developing benefit strategies for their employees. Having some sort of flexible benefits structure where employees can tailor benefits to suit their individual needs is a good step. As employees have different attitudes towards rewards, it has become increasingly important to tailor a scheme whereby different employees choose what they feel is right for them