Wall Street isn't the only place where compensation is rebounding. At least three of the Big Four accounting firms reportedly are moving to reinstate regular salary raises and bonuses that became a casualty of the downturn.
The clearest indication came last week from KPMG Chief Executive John Veihmeyer. His message to KPMG staff (published on the Going Concern blog) reads in part:
Will there be raises and bonuses this year? The short answer to this question is "Yes."
.... by year-end, we fully expect that the pickup in market and business conditions will drive compensation increases for the vast majority of our people. Also, assuming we meet our plan, as we are on track to do, our goal is to enhance our variable compensation pool from last year - meaning higher bonuses than last year....
PricewaterhouseCoopers is not only restoring raises, but is rumored to be planning to move up pay adjustment dates from September to July. Ernst & Young's Americas Managing Partner Steve Howe reportedly said back in January that pay increases will likely be reinstated for 2010.
At Deloitte, a spokeswoman sent eFinancialCareers News this comment from James Jaeger, managing partner, talent: "Just like last year and years past, Deloitte plans to continue to provide raises and bonuses to our people."