Accounting giant KPMG aims to stay ahead of the drum-tight job market by rewarding existing employees and hopefully attracting new ones with improved performance, including a modern 401 (k) plan.
In the presumably first variant, the company will replace the traditional compensation with an automatically financed contribution, which amounts to up to 8% of an employee’s salary.
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“You used to have to make an appropriate contribution to your own 401 (k), and you can still contribute to your own 401 (k) as the law allows, but you no longer have to make an appropriate contribution. Instead, we will have one automatic contribution on your behalf that you can benefit from in the future, “said Paul Knopp, CEO of KPMG, to FOX Business. “We give our employees more flexibility, more security for their financial future and a lot more time for their family” for important life events.
Other recently upgraded benefits include reducing employee health premiums by 10% in 2022 while maintaining the same benefits and adding three weeks of paid nursing leave separate from paid leave, to name a few.
Like many other companies, KPMG is struggling to hire people with record vacancies.
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On Friday the U.S. economy reported that it added 531,000 workers last month, up from 194,000 in September. While the hiring rate improves, there are still close to a record 10.4 million vacancies.
“We’re really trying to hire new people now. We are hiring in record numbers. “ Knopp added, citing digital companies including cyber, auditing and tax.
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The company, which employs 35,000 US people, aims to recruit 2,500 seasoned professionals, 1,300 full-time campus employees and 1,200 interns domestically.