PwC to pour $2.4B into raises, benefits and weeklong breaks in bid for white-collar talent
By | Andy Medici | www.bizjournals.com
Another Big Four accounting firm has fired a big shot in the battle for white-collar talent.
Professional services giant PwC LLP said it will pour $2.4 billion into salary bumps, perks and workforce investments as it seeks to differentiate itself in an intense talent market.
Because of the large presence and status of firms like PwC and KPMG LLP, which recently made a similar announcement, experts say the moves are likely to have ripple effects for the professional services talent market in metro areas around the nation.
PwC has offices in more than 75 U.S. cities and more than 55,000 employees, so its changes have the potential to transcend the accounting sector.
The firm said it doled out 5% mid-year salary increase during its fiscal year in December, in addition to traditional annual salary increases.
PwC’s move comes at a time when employers — particularly smaller ones — are struggling with how to approach pay in this labor climate. As we recently noted, average weekly earnings rose 5.7% between February 2021 and February 2022 for worker in U.S. metro areas. Some metros posted double-digit increases.