Market uncertainty restrains Deloitte staff pay
Softening demand for talent and “unevenness and uncertainty” in the professional services market have driven below-inflation pay increases for Deloitte staff in the 2023-24 financial year.
The firm’s minimum pay figures by rank have been released as part of a commitment to transparency at the firm. Deloitte Australia CEO Adam Powick said that “being open about pay will help drive more equitable outcomes by identifying disparities, reducing bias and creating a fairer and more inclusive remuneration structure”.
Adam Powick: “More inclusive remuneration.” Louie Douvis
In consulting, staff will earn an average pay rise of 3 per cent, while minimum pay in the firm’s audit and assurance division will rise just 1.5 per cent on average.
Graduate consultants will receive a pay rise of 3.1 per cent to $67,000, while auditors at the same rank will earn a 3.3 per cent increase, bringing minimum pay to $63,000.
Pay at higher levels diverges significantly between audit and consulting. Consulting managers will earn from $128,000 compared to from $110,000 for auditors at the equivalent level. Directors – the final pay grade before the partnership – will receive $195,000 in base salary in consulting, compared to $150,000 in the audit division.
Directors and associate directors in audit will receive no pay rise at all this financial year.
Deloitte is the second of the big four accounting firms to release its pay figures for 2022-23, following KPMG. In audit and assurance, Deloitte staff will receive lower minimum pay than their peers at KPMG at every grade. In consulting, KPMG graduates and directors will earn more, while Deloitte staff in the middle of their careers will receive better base remuneration.
Tina McCreery, Deloitte Australia
Read more on afr.com
