Sent on behalf of Andrew Jackomos and Paul Ashburn, Co-Managing Partners of BDO
Dear all
We are writing to update you on changes to the performance and salary review procedures for audit staff i.e. those below the grade of manager, that will be effective from 1 January 2016.
Firstly, we would like to explain a little about the background leading up to this change.
When the new BDO audit firm commenced on 1 October, 2014, the positions and salaries of all of the audit staff that joined from the old audit firm were reviewed and adjusted effective from 1 October, 2014. Such a review was consistent with the fact that salary and performance reviews at the old BDO firm normally took place at the end of September 30.
In order to evaluate and give feedback to staff shortly after the 31 December 2014 audit season, the first salary and performance reviews at the new BDO took place nine months later at 30 June 2015.
Following those reviews, it was decided to undertake performance reviews again in December to give staff another opportunity to be granted promotion. We were happy to see that many audit staff had performed well over the last 5 months and were promoted.
We are aware that many of the international audit firms conduct salary reviews of their audit staff on a calendar year basis, effective from 1 January each year. We now propose to adopt the same practice at BDO, commencing 1 January 2016.
Therefore salaries will be reviewed again and will be revised effective from 1 January 2016. Performance reviews will be held twice a year, for the six months to 30 June and the six months to 31 December. Audit staff that have performed exceptionally well during the six months to 30 June will be considered for promotion at that time.
Please do not hesitate to contact HR, if you have any questions about the new review procedures.
Kind regards