The sydney morning herald in australia has a new news story involving the big 4 and pay cuts. As we’ve previously stated on this podcast, Australia is the most interesting country on the planet right now as it relates to the big 4 and also as it relates to the coronavirus.
I think there are a lot of people in Australia that listen to this podcast. At least that’s what I want to believe, but it appears that KPMG employees are finally standing up and asking questions. They want to know how their firm did so well but still laid employees off and cut their pay.
You might remember that we covered KPMG’s revenues in Australia on this podcast. KPMG reported revenue increases of 7% during these tumultuous times, and we had a lot of questions about that result. How could they possibly have such good results when they had to cut pay by 20%.
KPMG has said that they will reimburse some of the pay cut but it is a very limited amount. Staff want the full pay cut reimbursed.
Deloitte has already resumed regular pay. They were going to resume 100% pay in October but already moved that up.
The sydney morning herald cites a spokesperson for KPMG. We were pleased we are in a position to repay some of the salary reduction and get our people back to 100 percent salaries, despite the outlook still being highly challenging and uncertain. While it was too early to make a decision on an additional remuneration payback, if circumstances permit any payback will be prioritized to our people in full first.
You have to also remember that KPMG fired people in Australia. Why did they take all of these measure in year where they almost achieved 10% growth rate? Something doesn’t add up here. I don’t think KPMG had a 7% growth rate. I think those numbers are made up.
Whatever the case, I think this shows had bad it is to work for KPMG.