KPMG commits over S$100 million in investments to grow talent of the future

• Salary adjustments across key functions, marking second increase in two years

• Multimillion dollar investments allocated for training, upskilling and technological enablement. 

12 May 2024, Singapore – KPMG in Singapore today announced its commitment towards a strategic investment of over S$100 million in the next five years, reinforcing its leadership position in advancing workforce capabilities and driving technological innovation within the professional services sector.

This calculated investment, building on previous investments, is geared towards expanding comprehensive learning opportunities for our 3,500-plus employees, enabling them to secure qualifications and acquire new skills that exceed industry standards. The funds will also be directed to competitive salary adjustments for eligible employees, alongside the adoption of leading-edge technology to serve businesses and communities with excellence. This marks KPMG's commitment to driving business transformation, setting industry benchmarks and attracting top-tier talent to serve our clients and community.

Lee Sze Yeng, Managing Partner of KPMG in Singapore, acknowledged the complexities reshaping the business environment and the professional services sector at large: 

To build and sustain a high-quality talent pipeline, KPMG in Singapore will raise salaries for employees across Audit, Tax, and Enterprise Risk Services, effective from October 2024. This highlights the firm’s resolve to offer a compelling remuneration framework in the face of fierce competition for skilled professionals, while aligning with latest developments for the profession such as the recommendations from the Accountancy Workforce Review Committee. An aggregate investment of S$30 million, is expected to substantially benefit eligible staff up to the Manager level.

KPMG in Singapore has been leading the market in raising salaries for audit and tax employees who have attained the Singapore Chartered Accountant (SCA) qualification or Accredited Tax Advisor (ATA) qualification. Eligible staff have benefited from a market-leading total salary comprising a 20 per cent pay increment in their salaries announced in 2022 – the first such move in the industry.

Furthermore, to foster professional growth and accreditation, KPMG’s audit professionals achieving certifications from the Association of Chartered Certified Accountants or CPA Australia, and tax professionals with the Accredited Tax Practitioner certification, are set to receive salary enhancements, effective from October 2024. This reflects the firm’s commitment in rewarding a broad spectrum of professional accreditations and qualifications that enhance the capabilities of its workforce.

KPMG is committed to delivering market-competitive salaries that reflect the high quality and dedication of our professionals. This commitment serves as a model for the rest of the industry to prioritise quality, fostering trust in the expertise and integrity of the finance industry.

KPMG is channelling multimillion-dollar investments into creating a future-ready workforce, emphasising that attractiveness in professional services extends beyond financial incentives. In the next five years, the firm will invest over S$25 million in comprehensive training and upskilling programmes for our employees. This includes substantial support for staff to achieve globally recognised professional qualifications and certifications.

The firm actively supports its audit and tax employees in pursuing professional accreditations. These efforts, such as by offering generous paid study leave, exam fees and tuition fees, align with its goal to elevate the excellence of its people by encouraging further education and continuous learning. KPMG's training initiatives include critical skills such as futurist capabilities, artificial intelligence, data literacy, analytics and ESG, among others.

Furthermore, KPMG is dedicating around S$50 million towards technological advancements, including the development of emerging technologies and generative artificial intelligence. These investments will enable employees to undertake more strategic and value-added tasks, maintaining the profession's appeal through meaningful job roles. For example, some technological initiatives include KPMG Clara, a cloud-based platform for audit, and the Digital Gateway for Tax facilitating compliance reporting alignment.

KPMG's commitment towards enhancing the employee value proposition and nurturing high-quality talent has positioned it as a premier employer in Singapore. In April 2024, KPMG was ranked as one of the top five in the professional services category, and among the top employers by The Straits Times’ annual ranking of the top employers in Singapore, the second time it has received this affirmation. Recently, KPMG’s Global Values Week was honoured with the Gold Quill Awards by the International Association of Business Communicators (IABC), reflecting the firm’s achievements in internal communications and employee engagement.

As companies continue to demand targeted and innovative solutions, KPMG in Singapore remains steadfast in its commitments to make a tangible and beneficial impact on our employees, clients, and communities alike.