Fixed pay bands across PwC Australia for the next financial year have been released, showing how partners are able to accumulate millions per year.
Fixed pay bands across PwC Australia for the next financial year have been released, showing how partners are able to accumulate millions per year.
PwC is the first major consulting firm, and first out of the Big Four accounting firms, to make this move.
PwC Australia chief executive Tom Seymour announced the new pay bands by grade for Assurance, Consulting and Financial Advisory, and non-client facing staff.
The business’ partner target income band starts at $340,000 at the entry point, with $3.675 million as the target income at the top end.
Directors’ target income band range from $164,300 - $184,800 at the entry point with a maximum of $317,100 - $362,588.
Mr Seymour said today’s release of information was in direct response to people asking PwC to be more open on its approach to pay.
“We’re sharing our FY23 firmwide pay bands, based on industry data, and providing our people with transparency on how their fixed and variable pay is determined,” he said.
“This will help our people to understand where they sit now and what their pay trajectory is in the future, helping them to see the full range of possibilities throughout their career.
“We are also investing in our graduates by positioning our pay at the upper end of the market starting at $69,000 to ensure we attract the best talent.
“We will update our pay bands annually based on the most current market data to ensure we stay competitive in what continues to be a hot market for talent across the board.”
PwC Australia head of people and culture Catherine Walsh said the incentive estimator and new pay bands would provide people with a base level of consistency.
“Our new pay bands for each grade in each business have been set against the latest external market data for 55 professional services firms and 1,000 other organisations that are more relevant to our firm and the business we are today," she said.
“We know our people value both fixed and variable pay so we have also extended eligibility for bonuses to all of our people and launched an ‘Incentive Estimator’ so they can determine in a band what their bonus is likely to be."
Mr Seymour said there would be overlap between grades.
“We want to have competitive starting salaries at all grades and for that to concertina up effectively as our people develop experience in their roles, build out their skill sets and capabilities and take on new and exciting challenges," he said.
"Our new pay bands are deliberately broad to give our businesses the ability to flex up in response to market changes.
“The overlaps between grades are a result of varying needs of each business for particular capabilities, varying levels of experience, competency and responsibility within the same grades, and differences according to location which take into account cost of living and supply and demand of talent in local markets,”
