One of Australia’s biggest companies reveals the salary details of ALL of its staff – from lowly $50k salaries to top partners raking in $3.6MILLION a year
- PricewaterhouseCoopers Australia released salaries of its 8,000 workers
- Non-client facing associate roles have lowest pay at $55,600
- Partner salaries start at $340,000 and range to nearly $4million per year
- Company said it released its employees’ details for ‘greater transparency’
A leading professional services company has taken the unusual step of releasing the salary brackets for each of its Australian workers, revealing that its top-level partners earn up to $3.675million per year.
PricewaterhouseCoopers Australia made public the pay of its 8,000 employees for the 2023 financial year on Tuesday in the name of ‘greater transparency’ – the first of the big four accounting firms to do so.
Salary packages start at $55,600 for non-client facing associate roles, ranging to nearly $4million for top-level partners.
PricewaterhouseCoopers Australia has released the salaries of its Australian workers, with top-level partners earning up to $3.675million per year
PWC has been famously private about the pay of its staff, but a renewed effort to be more open with the public and its members led to Tuesday’s release.
The consulting giant released the thresholds of the salary ranges for its different roles, starting at graduate positions all the way to the maximum pay positions.
The five levels reveal the pay for associate, senior associate, manager, senior manager and director positions across its sectors of operation.
Partner roles see a starting point of $340,000 and move up to $3.675million, with that figure to be reviewed annually.
It’s believed more than half of its partners earn under $700,000. The salaries do not include potential bonuses.
PWC have been famously private about the pay of its staff, but a renewed effort to be more transparent with the public and its members led to Tuesday’s release (pictured, general office workers seen taking a break in Sydney)
‘Revealing what our partners can earn is an important part of being open and transparent which is why the firm has decided to release this key information both to our people and to the market,’ CEO Tom Seymour said.
‘PwC prides itself on recruiting and retaining the best talent. Our move towards more open and transparent pay bands recognizes the commitment to our people – and in this competitive jobs market, we know transparency is key to attracting top talent and improving trust, morale and engagement.’
Entry-level graduates see a floor pay packet of $69,000, a salary Mr Seymour said was at the highest level in the competitive market.
‘Today’s release of information leads the market on transparency and is in direct response to our people asking us to be more open on our approach to pay,’ Mr Seymour said.
‘We’re sharing our (financial year 2023) firm-wide pay bands, based on industry data, and providing our people with transparency on how their fixed and variable pay is determined.
‘This will help our people to understand where they sit now and what their pay trajectory is in the future, helping them to see the full range of possibilities throughout their career.’
Entry-level graduates see a floor pay packet of $69,000, a salary Mr Seymour said was at the highest level of the competitive market (pictured, office workers at lunch-time in Sydney)
The move however does open up the company to scrutiny from unions, jealousy from employees and criticism from the public, with many people taking to social media tp express anger at the level of income for PWC workers.
‘Big consultants all make hundreds of millions of dollars a year from both government contracts and the resources industry. That makes them cautious about criticizing govts but also compromised when it comes to offering independent advice as they are also highly paid by their corporate clients,’ one person wrote.
‘Big4 “consulting” is that a lot of rich people get paid for being rich and knowing other rich people and not for doing anything recognizable as work,’ another man posted.