Those who tuned into KPMG town hall, thoughts?

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Pile of BS.
Yesterday’s national town hall was just messaging / damage control. Key messages:
1. The media is going to report partners getting a 17% pay increase but really it’s not that much of an increase when you consider last year’s partner salary was decreased by 12%
2. Size of the bonus pool is doubled. I suspect the actual amount in the bonus pool is still the same but there’s more to go around because so many people have left.
3. There’s a new taskforce established to look at financial and non financial reward. Because it’s August already and they HADN’T ALREADY looked at this? Noting that they had already release the minimum salary bands to the AFR a few weeks ago.

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Yeah the AFR bands were a bit sneaky. The official rates provided by KPMG were the minimums in October 2021. People haven’t actually got those rates yet. However, I think they are seeing market pressures and know they need to retain staff. My guess is the strategy would be to increase short term bonus and have lower salary adjustments so the total package is comparable to industry without setting unsustainable base salary increases for future years.

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