PwC Australia is breaking new ground in the debate on pay transparency by publishing the salaries of all 8,000 of its employees.
The report – a first for the professional services industry in Australia – includes the pay data of workers across all divisions and levels of the organisation for financial year 2023.
Talks of pay across Australia Inc. are often fraught with tension given the country's near-stagnant wage growth. But PwC's move to publish the info not only sheds light on how talent in the professional services sector is paid, but also informs PwC staff of where they are on their career journey and how they can map their growth at the 'Big Four' firm, officials said as reported by The Australian.
Given today's tight talent market, PwC's findings will purportedly help the firm attract high-calibre talent, according to Tom Seymour, CEO at PwC Australia.
"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," Seymour said.
Overall, the goal is to give PwC staff "transparency on how their fixed and variable pay is determined," he said.
"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," Seymour said.
How much do PwC Australia employees make annually?
High performers are said to earn, on average, more than AU$3.6m a year, while non-client-facing associates take home $55,600 a year. The report also revealed pay brackets from the following roles:
Senior associates – $141,500-150,000 a year
Managers – $180,000-197,500 a year
Senior managers – $235,100- $270,781 a year
The starting salary for partners at PwC is $340,000 going up to a maximum of $3.675m. Meanwhile, early-career joiners at the firm can make a minimum of $69,000 a year.
As PwC commits to greater pay transparency, the question remains whether the other Big Four firms – KPMG, Deloitte and EY – will follow through with their own report on salary benchmarks.