PwC reportedly pulling back on benefits, salary increases

PwC has maintained its continued investment on employees amid reports that it is pulling back on benefits and pay increases as of late.

Fortune recently reported that PwC has cut back on its flexible summer working hours that allowed employees to take a half day on Fridays. From 12 Fridays in 2022, PwC has reportedly halved them to eight and now six, according to the report, which cited The Financial Times.

Annual salary increases were also reduced for employees, from nine per cent several years ago down to three per cent this year.

More employers are also reportedly included on PwC's performance improvement plans, preventing them from getting salary increases.

"We continue to invest heavily in our people," PwC told Fortune in a statement. "The vast majority received a bonus and a three per cent pay rise, and our summer working hours are continuing once again, albeit for a shorter period."

Bonuses also remain discretionary, according to PwC's spokesperson.

"There will always be cases where they are not given, such as where performance expectations are not met," the representative said.

But one PwC associate told the Financial Times: “Leadership messed up by over-hiring, and now we have to pay for it. [There has been] an overemphasis on chargeable hours, which was used as a deciding factor in promotions even though we were assured it would not be.

“We’re being offered voluntary redundancy packages and put on Pips if we stay, due to being unfairly rated ‘off track’ by their targeted distribution model for performance reviews. This has led to unfair evaluations, delayed promotions, and significant impacts on our morale and mental health.”

PwC's move to pull back on benefits and salary increases comes amid cost-of-living challenges across the world and consistently strong demand for work-life balance.

In Australia, Randstad's Workmonitor found that 48.3% of employees would quit their job if it prevented them from enjoying life, while 56.6% would not accept a job that would negatively impact their work-life balance.