Here's the latest sign that the War for Talent is heating up: PricewaterhouseCoopers is paying all 30,000 employees annual raises two months earlier than scheduled to help deter voluntary attrition and, in directly, attract new hires.
"We've historically paid our annual increases on September 1," when the new fiscal year begins, says Jim Walsh, PwC Human Capital Leader. "Because of the economic pressures we were facing last year, we did not give overnight increases on September 1, except for those that took on new roles. Those consultants received a 5 percent increase to recognize their new responsibilities. And we kept the bonus pool intact for our highest performers."
Now, as the economy improves and demand is improving, PwC is making an attempt to reassure its people. "We want to offer the best quality of service to those that helped us weather the storm and helped us—and our clients—through the tougher times," Walsh says. "In the last six months, we've started to see things rebound in certain sectors," he says. "And there's no question that as the job market unfreezes a bit, our staff are in higher demand. Our top talent is getting more inquiries from headhunters."
