PwC Australia is overhauling its pay and bonus structure while launching an ‘academy’ to provide employees with a pathway toward an MBA-equivalent qualification.
The professional services firm is investing $15 million investment in the new ‘PwC Academy’ to create the pathway as part of its ‘Total Reward’ strategy to attract, retain and motivate its over 8,000 strong workforce. The overhaul comes after consultation with employees.
The PwC Academy is touted as 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.
Under the new structure, 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.
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.
“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.”