KPMG invests $160 million to increase staff salaries

KPMG has allocated nearly $160 million of additional investment on salary increases for about 35,000 of its workforce, according to the company's chief executive officer Paul Knopp.

"This increase in salaries embodies our commitment to quickly recognise the value our people create for our clients and firm in times of change," said Knopp in a statement. "Moreover, it reflects our appreciation for their resilience and consistent dedication to serving our clients and the capital markets with quality."

The pay hike comes just months after the company unveiled changes in its Total Rewards benefit package, which enhanced the company's benefits and compensation in terms of employees' mental, physical, social, and financial well-being. According to Knapp, the changes in salary and benefits that they made are part of their understanding of past studies, which revealed that employee value proposition is viewed as the "top operational priority to achieve growth objectives."

On top of this, Knopp said the company remains focused on the prioritising its people across all of their key initiatives, including:

• Diversity, equity, and inclusion ambition defined by Accelerate 2025, which Knopp said sets the company's plan to make measurable progress and make sure all of their employees thrive
• The $1.5B global investment in expanding our ESG capabilities, focusing on training all their professionals to enable clients and business to fully embed ESG into KPMG's strategy and day-to-day.
• The hybrid future, which reflects hundreds of conversations with employees and focuses on a bottom-up approach to define how an individual, a team, and a business works

Read more: KPMG takes bold step towards inclusivity with 26 weeks equal paid parental leave

"Our people’s response to the pandemic showed their power, and as we move forward, we will continue to invest in their ability to drive our business forward," said Knopp. "I continue to be inspired and humbled to lead this amazing team of 35,000 people, and look forward to seeing how all of you – and the many that will join our firm in the years to come – continue to put people first and grow on our journey Together, For Better.”