Global business services firm KPMG recently announced a range of improvements to its employee benefits package in an effort to help better support its workforce, increase retention, and attract new talent.
The firm is implementing a variety of changes, including a 10% reduction in employee healthcare premiums, a streamlined and automatically funded 401(k) program, additional paid caregiver leave time (separate from paid time off), 12 weeks of paid parental leave in addition to disability leave for employees who give birth, twice-yearly “shutdowns” giving staff at least nine days to disconnect and spend time with their families, and expanded incentive programs.
The move comes at a time when employers are seeing unprecedented levels of turnover, in what media and industry experts have dubbed “The Great Resignation”. A record 4.3 million workers left their jobs in August 2021, leaving employers scrambling to maintain productivity and fill vacant positions. The situation has led to many businesses rethinking compensation plans in an attempt to stanch the outflow of talent. Resignations have been driven by a number of factors, including workplace burnout, difficulties securing affordable childcare, workers re-evaluating what they want out of their jobs, and increased savings leaving people with additional financial padding.
Paul Knopp, the Chair and CEO of KPMG US, said, “I believe part of my job is to build support systems that help our people when they need it most. I am so proud of our agility in creating timely programs and benefits that gave our people additional time-off to deal with COVID-19, enhanced parental and caregiver support, educational support for children, easier access to telehealth, and much more.”
No stranger to workforce innovation, KPMG has previously implemented changes to reduce remote work fatigue, including a “heads down” policy on Wednesday afternoons to permit employees to focus without being interrupted by meetings, a ban on meetings early in the morning, shortened meeting times, and a camera-free-Friday policy to permit a more relaxed transition into the weekend. The latest round of benefit improvements looks to position KPMG as an employer of choice in an increasingly competitive hiring environment.