PwC Australia Revamps Compensation Structure Amidst Talent Shortage

PwC Australia has launched a new initiative to retain top talent in the middle of a national talent shortage. Named “Total Reward Strategy,” the system makes 80% of staff eligible for bonuses. It is an attempt to counter the effects of a shortage of professionals in Australia by offering more attractive salaries to PwC consultants.

PwC Australia Improves Salaries in Efforts to Retain Top Talent

“Total Reward Strategy” doubles the percentage of employees eligible for bonuses from 40% to 80%. The system simplifies remuneration bands and outlines a clearer progression of wages to align with experience. Employees will receive progressive pay increases in the first 3 years of their tenures with the firm. PwC Australia claims that this is in response to employees asking for more transparency into how comp was linked to their performance.

This is not the first move by PwC to retain talent by offering improved compensation. In the U.S., the firm recently improved salaries and bonuses and accelerated promotion cycles.

Could this move be a harbinger of more compensation restructuring to come at other leading firms? We think so. By the end of 2021, we expect the other Big 4 firms to follow suit in a similar fashion – at least in Australia. Firms are pulling out all the stops in an effort to retain their most valuable asset: human capital.

One other facet of PwC Australia’s strategy is a new training and development center called the PwC Learning Academy. This center represents a $15M investment into the firm’s people. The Learning Academy will give staff the opportunity to gain credentials that could equate to an MBA-level qualification. The Academy also includes leadership courses in areas like ESG and well-being.

Why PwC?

PwC is an attractive firm for early career consultants with an interest in gaining excellent training, experience, and global opportunities. Most professionals who join PwC stay for two or three years and spend this time laying the groundwork for the next phase in their careers. Check out MC’s full profile on this Big Four firm.

Work at PwC is challenging and financially rewarding. Another perk of the firm is its reputation for fostering diversity and having an inclusive culture. Employees of PwC also benefit from adding a firm with established brand value to their CV. The firm boasts more than 160 years of client services experience and offers access to an impressive network of more than 280,000 employees worldwide.

Conclusion

Will this strategy shift be effective enough to entice people away from consulting competitors and those in industry? It’s hard to tell at this point, but one thing is certain: it’s good news for anyone currently at or considering a consulting role at PwC Australia!

 

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