From 1 July, professional services firm PricewaterhouseCoopers (PWC) will give 70% of its employees a minimum pay increase of 7% as part of the business' recognition of rising living costs and the competitive recruitment market.
Those receiving a pay increase lower than 7% include employees at the top of their respective pay bands and recent recruits who negotiated their pay rate at the point of joining the business.
This is the organisation's most significant increase to staff pay in 10 years, investing more than £120 million in the pay rises, with 50% of staff getting a rise of 9% or more. Salaries for many entry programmes will also increase, with starting salaries in audit, for example, up by 10%.
Those studying the ICAEW Chartered Accountant qualification as graduates will now be offered £32,000 per year in London, with regional differences applying. Consulting graduates will now be offered £33,500 per year in London, a rise of just above 8%.
These changes have been made in addition to a £40 million investment made by PWC back in January into pay and promotions. A further £138 million has been allocated to bonuses for 2022, up by £10 million from last year.
Kevin Ellis, chairman and senior partner at PWC, said: “Our significant investment in pay reflects the strong underlying productivity of the firm following recent investments, and the continued hard work of our people. And as a business and an employer we can't ignore market pressures and want to ensure pay at every level is as competitive as possible.
“We’ve had record applicants for our student recruitment programmes this year, with students citing the breadth of our business and our truly hybrid working arrangements among the reasons for choosing us. However, we know pay will be an increasingly important consideration given rising living costs, we want to stay competitive and continue attracting the best talent and skills from across the UK. That’s why it’s important to invest now."
