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BonusesLatest NewsProfessional servicesPay settlements

PwC tells staff to expect modest pay rise

by Jo Faragher 30 Jun 2023
by Jo Faragher 30 Jun 2023 The consulting firm sent a memo to staff to explain why increases would be smaller this year
MAXSHOT.PL / Shutterstock.com
The consulting firm sent a memo to staff to explain why increases would be smaller this year
MAXSHOT.PL / Shutterstock.com

Big four consulting firm PwC has told UK staff to expect a ‘small’ pay rise and bonus this year as it deals with challenging market conditions.

Last year, it granted at least 70% of its UK workforce a 7% increase in wages, and 50% an increase of 9% or more, which at the time was almost in line with inflation.

It also increased starting salaries in a bid to attract and retain talent in a tight labour market, with graduates in audit roles receiving a 10% uplift.

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But this year Ian Elliott, chief people officer, has emailed staff to inform them that these “exceptional” pay rises would not be repeated this year.

PwC will not increase its budget available for bonuses either this year. Because headcount has increased, this means average individual bonuses will go down, rather than up.

In his memo, Elliott said: “While there are many parts of our business experiencing strong growth and we are continuing to invest for the future, the market has been challenging.”

“As a result, whilst we’ll still be investing in salary uplifts this year, these won’t be at the same level as last year’s exceptional record-level adjustment to salaries.”

According to a report in the Financial Times, some junior auditors have also been told they would not be getting any uplift in pay, although some will receive a below-inflation rise of between 3% and 6%.

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A PwC spokesperson told the FT: “Following record pay increases last year, we have again invested in salary uplifts across our business. Our decisions are informed by the firm’s performance, external market conditions and the investments we make in response to client demand.”

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Jo Faragher

Jo Faragher has been an employment and business journalist for 20 years. She regularly contributes to Personnel Today and writes features for a number of national business and membership magazines. Jo is also the author of 'Good Work, Great Technology', published in 2022 by Clink Street Publishing, charting the relationship between effective workplace technology and productive and happy employees. She won the Willis Towers Watson HR journalist of the year award in 2015 and has been highly commended twice.

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