PricewaterhouseCoopers US (PwC) will stop a pay freeze a few months earlier than planned due to an up swinging economy and headhunter concerns.
“Things have started turning from an economic perspective and the firm remains on a very strong footing. We have an aggressive growth agenda and we wanted thank our people for the commitment they have made in the last 20 months by accelerating the pay increase,” PwC human capital leader Jim Walsh said.
PwC staff were told in March 2009 that salaries were being frozen and they would not receive increases in September 2009.
The firm’s bonus programme was unaffected and pay increases were granted with promotions.
Staff were due to find out this September what their pay packages for next year would be, but PwC has moved this forward to July.
“The job market is unfreezing so our people our getting more calls from head-hunters than they would 12 months ago… so we want our employees to know what their pay package for the next fiscal year is,” Walsh said.
“It is a strategy to make sure our top talent understands what we are offering.”
Walsh could not reveal the exact figures of the pay increases, but he estimated it would be slightly higher than the prediction for corporate America, which is 2% to 4%.