PwC invests $15m in new learning academy, overhauls pay and bonuses

PwC Chief Executive shared the firm’s new Total Reward strategy with employees on a firmwide webcast today.

PwC Australia has today outlined an overhaul of its pay and bonus structure and a $15 million investment in the new ‘PwC Academy’ as part of its ‘Total Reward’ strategy to attract, retain and motivate its over 8,000 strong workforce.

The overhaul comes after extensive consultation with its people on what they value and what motivates them.

Around 80 per cent of PwC employees can expect to receive bonuses under the new strategy, up from around 40 per cent in previous years, with the firm broadening its bonus eligibility criteria and creating a ‘bonus simulator’ that calculates potential rewards.

PwC is also moving from thousands of different remuneration bands to a more consistent set of broader and simpler pay bands that better align pay with career progression and give employees more clarity and transparency on the way their pay and bonuses are determined.

In addition, the firm is investing $15 million in the PwC Academy, a unique learning and education program for its employees. The firm plans to provide employees with access to credentials from a recognised provider that could contribute to an MBA-equivalent qualification, as well as a range of leadership courses on everything from wellbeing to ESG.

PwC Chief Executive, Tom Seymour said “to attract and keep the best talent in the market you’ve got to ensure that your reward strategy is the best in the industry and responds to what your people value and what motivates them.

“We’ve launched our new strategy in response to the feedback our people gave us in our recent Total Reward and employee engagement surveys. Fixed and variable pay was ranked as their most valued reward, followed by the opportunity for career progression and professional development.

“We have also tested our thinking with the 15 members of our PwC People Council who have played an important role challenging the development of our Total Reward strategy.

“We’re proud that we have been able to reward our people as a result of their continued efforts and respond to their desire for more transparency and clarity on how their performance, pay and bonuses are linked.

“On top of this, our multi-million dollar investment in a world-class learning and education program will enable our people and our firm to continue to innovate, deliver and drive growth.”

PwC’s Total Reward strategy includes enhancements to other rewards and benefits, including:

• The introduction of a ‘New Balanced Lifestyle Benefit’ in addition to the firm’s existing Wellness Benefit;
• Enhanced scope for taking time off for physical and mental health;
• More ‘floating’ holidays where employees can ‘swap out’ national public holidays for other days during the year;
• Access to a range of deals and discounts.