KPMG commits S$25m to pay raises, S$30m to lifelong learning programme
Boo Zhixuan
KPMG has committed a total of S$25 million this financial year to implementing salary hikes for its employees in Singapore, including as much as a 20 per cent increase in starting pay for eligible entry-level professionals.
In a press statement on Thursday (19 May), the professional services firm said the latest round of salary adjustments will benefit the majority of its Singapore employees, and that it comes alongside firm-wide annual increments that are either “in-step or ahead of market”.
KPMG also intends to continue paying out bonuses “competitively at the market rate” despite current global geopolitical and economic uncertainties.
Noting heightened industry baseline standards due to the increasing complexity of businesses, the firm highlighted that deeper sectoral expertise is now needed to meet the evolved tax and audit requirements and widening stakeholder expectations.
Ong Pang Thye, managing partner at KPMG in Singapore, sees the firm’s latest investments as recognition of the importance of professional services, auditors and advisers to the continued functioning of the financial markets.
The move also acknowledges that quality of talent is “fundamental in delivering outcomes of impact/value as well as meeting stakeholders’ expectations”, he said.
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KPMG further unveiled plans to invest S$30 million over the next 5 years into a learning programme to improve data and digital literacy, resilience strategy and ESG (environmental, social, and corporate governance) knowledge of its 3,200-strong local workforce.
This includes providing each employee about S$21,000 in tuition fees, exam fees and paid study leave such that audit and tax employees may pursue professional accreditations like the SCA (Singapore Chartered Accountant) and ATA (Accredited Tax Advisor).
The firm said it has already committed at least S$7 million in such employee sponsorships for FY2022 to date. It also intends to equip employees with multidisciplinary skills and knowledge to tackle emerging challenges in ESG and digital transformation.
KPMG added that it is also doubling its technology investments this year, with the intention of implementing collaboration-enhancing technologies at its new office space later in 2022.
While audit firms Deloitte Singapore and PwC Singapore both acknowledge the importance of ensuring employee compensation remains competitive as the industry continues to evolve, both have highlighted flexible work arrangements as an increasingly attractive incentive for staff retention .
Responding to queries from The Business Times (BT), Deloitte Singapore’s talent leader Ong Siok Peng said that the consultancy firm, too, had adjusted salaries for a variety of roles in recent months to accommodate changing market conditions.
“This competitive compensation scheme, coupled with our flexible work arrangements such as flexi-work and flexi-leave have allowed us to remain one of the top destinations for talent,” said Deloitte’s Ong.
PwC Singapore’s human capital leader, Chua Chin San, believes KPMG’s latest move as a “timely” one that “mirrors investment announcements of other players and collectively will make the (financial services) profession more resilient and relevant”.
Chua however also observed employees’ desire for the availability of flexi-work options.
“Feedback from our employees has shown that what our people want is more flexibility and choice when it comes to where, when and how they work, together with improved benefits and development opportunities,” he told BT.
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