Being a leading accounting firm and part of the ‘Big 4,’ KPMG offers its employees numerous career development opportunities, but keeping up with the ever-growing life expenses can become burdensome, making you search for overtime pay options in the company.
KPMG rarely pays its mid-level employees overtime, and being someone newly hired or working for years, don’t expect to receive any monetary bounty for working beyond your schedule.
In this article, I’ll explore whether KPMG pays overtime; if not, then how they reward their employees. You will also learn about the following:
- Usual Working Hours at KPMG
- Alternative overtime pay benefits & rewards
So does KPMG pay overtime? If so, it will be a fantastic opportunity for KPMG’s employees to earn extra with their salaries; let’s explore. The company will benefit in terms of employee satisfaction and long-term retention.
KPMG Usual Working Hours
According to employee reviews, the usual working hours in KPMG may vary from the traditional 8-hour mark.
- Usual working hours at KPMG depend on client load and the job role.
- During the busy season, expect to work at least 12 hours daily.
- Saturdays are typically full work days during the busy season, and the company may also call you in on Sundays.
- In-charge/senior associates may work closer to 15 hours per day during the busy season.
- The non-busy season still involves working more than 50 hours per week, especially for managerial roles.
- Managers can suggest a 4/10s schedule to you as their subordinates during the summer, but it also leads to full work days on Fridays.
- In addition to billable hours, expect non-billable time for travel, attending extracurricular events, etc.
Here’s a summarized table showcasing the typical working hours at KPMG:
|Time Period||Working Hours|
|Busy Season||Minimum of 12 hours per day; Saturdays and Sundays included|
|In-Charge/Senior Associates (Busy Season)||Closer to 15 hours per day|
|Non-Busy Season||More than 50 hours per week; varies with managerial roles|
|Summer (under Managers)||Possibility of a 4/10s schedule; full work days on Fridays|
|Additional Factors||Non-billable time for travel, extracurricular events, etc.|
KPMG Compensation For Overtime
KPMG has different policies for paying employees overtime depending on their designation, experience level, and workflow.
1. KPMG Paying Overtime To An Apprentice/Internee
KPMG offers inexperienced employees a good starting point and learning opportunities, but they aren’t usually provided with overtime work and are not paid as well.
An apprentice working at KPMG contributed: “One thing I would note was that I was unaware of the ‘busy seasons’ impacting the accountancy industry before joining, and you can expect to work regular unpaid overtime to meet deadlines.”
2. KPMG Paying Overtime To Mid-Level Employees
On rare occasions, KPMG may pay overtime to mid-level employees if they are asked to work extra for specific time-sensitive tasks. However, most of them reveal that they don’t get an additional payment in this regard.
You may get a discounted lunch or a few other benefits, but that is what most get out of the overtime work.
3. KPMG Paying Overtime To Senior Employees
KPMG does not pay overtime to its senior employees; instead, these additional working hours are compensated as paid leaves to be availed later.
A senior associate of KPMG at Glassdoor says: “No payment for overtime once you’ve reached Senior Associate; they replace overtime with paid leave credits which are often left unused and expire at the end of every year because we are just too busy.”
KPMG Other Benefits & Rewards Alternate To Overtime Pay
In addition to their regular salaries, KPMG staff members are also eligible for various financial incentives, including variable salary components, exceptional bonuses, and compensation for overtime hours worked.
Following are the financial benefits that KPMG offers to its employees as an alternative to overtime pay.
1. Allowance, Loans, & Reimbursements
KPMG makes up for unpaid overtime with their allowance, loans, and reimbursements, including:
- Market-based competitive salary with pension schemes.
- Performance-based bonus scheme.
- Vehicle cash allowance for Managers and above designations.
- Personal accident and life insurance (4 x salary, with spouse/partner coverage option).
- Group Income Protection if you cannot work for long-term (Includes rehabilitation support).
- Preferential banking access for a better experience.
- While working in D and E grades in Audit, you are eligible for the Audit Advance scheme, which replaces the annual bonus to facilitate you in achieving a Managerial role.
- Rail and Oyster Card payment coverage.
- Travel season ticket loan for non-managerial workers.
- An optional tax-efficient charity scheme allows you to give donations and earn in the process.
2. Lifestyle Bonuses & Rewards
Lifestyle bonuses and rewards offered by KPMG to their employees are as follows:
- Annual 25 days leave with an option to buy up to 10 extra days.
- Birthday leave.
- Volunteering entitlement: 6 days per year.
- Daily lunch allowance.
- Flextra^ benefits scheme that includes a health cash plan, insurance (travel, critical illness, dental, personal accident), workplace ISA savings, and a cycle-to-work scheme.
- Corporate cellphone.
- Lifestyle discount plans.
3. Health & Fitness Plans
Numerous health and fitness plans are also included as an alternative to overtime pay.
- Private medical insurance (Assistant managers and those with 5 years of service).
- Health cash plan if you don’t have access to KPMG private medical insurance.
- Access to GP appointments with an option to fill out an online health risk questionnaire.
- Core health assessment for managers and above.
- Menopause support plan.
- BeWell counseling program.
4. Support For Apprentices & Internees
KPMG offers benefits to you as a graduate or apprentice to help you grow within the company.
- Financial assistance for acquiring professional qualifications and accreditations related to your role in the company.
- Study leave.
- Student joiner loan with a limit cap.
- Bonus payments linked to your student loan when promoted to Manager level.
Besides the above perks, KPMG gives you access to the Academy learning community that focuses on skill development.
So does KPMG pay overtime? After going through so many employee reviews, discussion boards, and forums, where workers poured their heart out about the work culture and payment habits of KPMG, I can safely say KPMG doesn’t offer and hence doesn’t pay overtime to its internees or apprentices as it considers this extra time to be utilized for the employee’s own learning curve.
However, the firm might pay overtime to some mid-level employees, but most of the online reviews seemed to be against that.
Furthermore, KPMG doesn’t pay overtime to the senior employees as they are expected to work extra hard according to their designations, and their overtime compensation is merged with the annual paid leaves.