Financial services and auditing firm KPMG has implemented pay freezes across its UK deal advisory business due to economic difficulties.
As well as the pay freezes, the firm has launched a consultation process with proposals to reduce the number of client-facing roles in its deal advisory business, as a result of conditions that have affected demand in certain areas it operates in. More than 6% of this overall area, which includes just under 1,700 people in total, will be impacted by this.
Throughout the consultation, KPMG will provide support through its employee assistance programme, while also offering CV workshops, interview skills, networking and other relevant training.
A KPMG UK spokesperson said: “A challenging economic environment has driven a softening in a number of markets, including the deals market. These conditions have impacted demand in certain areas, as some clients have chosen to pause or delay projects. We have, therefore, taken the difficult decision to put forward proposals to reduce our headcount in a small number of areas of our business. Our people are at the heart of our firm and our priority is to support them throughout this consultation.”
KPMG offers its staff financial benefits such as rail and Oyster Card reimbursement, a travel season ticket loan, daily lunch allowance when working at a KPMG office with catering facilities, life assurance worth four-times salary, group income protection, lifestyle discounts, and a flexible benefits scheme for employees and their family, which includes a health cash plan, critical illness cover, dental and personal accident insurance, a workplace Individual savings accounts (Isa), and a bikes-for-work scheme.