AMID the general downturn in the economy and staff clinging on to their jobs, the Big Four audit firms are adopting a more cautious approach and easing recruitment at the entry level.
This is in stark contrast to the economic boom times just a few years back, when the staff churn rate was high as these firms were losing talent to the more lucrative banking and finance industry.
Back in 2007, the Big Four firms hired aggressively to counter the attrition rates - some hired up to 300 graduates - and raised the starting pay by 20 per cent in a bid to attract more fresh graduates into the profession.
But since then, the salaries of fresh graduates joining the Big Four have remained unchanged at $2,400.
'Starting pay levels are not being reduced despite the current economic conditions,' said Mr Philip Lee, head of people, performance and culture at KPMG in Singapore.
Selected individuals with better academic results and leadership qualities are recognised and rewarded in accordance with their merit, he added.
But two of the Big Four - PricewaterhouseCoopers and Deloitte - have indicated that the starting pay of newbie auditors will be reviewed.
Deloitte is taking in about 180 fresh graduates this year, unchanged from last year.
But it is looking to review the starting pay, said Mr Philip Yuen, chief of operations at Deloitte Singapore.
PricewaterhouseCoopers human capital partner Deborah Ong said: 'We are still reviewing our salaries at the moment, and will continue to monitor market conditions closely.'
- The Straits Times
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