Deloitte Touche Tohmatsu Limited, popularly known all over the world as Deloitte, is a United Kingdom-based multinational network of professional services. Deloitte was found in the year 1845 in London, England, by William Welch Deloitte, and has undergone massive expansion over the course of its lifetime so much so that now it has branches in more than 150 countries around the globe. The company had begun its operations in the United States 45 years after its inauguration, i.e., in the year 1890. Let us know more about that the Deloitte Salary-Know More.
Deloitte
Deloitte is a part of the famed Big Four accounting organizations and also has the honor of being the largest professional services network in the world in terms of revenue generated and the number of working professionals (estimated to be around 335,000 in the year 2020). The international firm is the third largest private company in the US and it had garnered revenues of US$50.2 billion in aggregate during the Financial Year – 2021. Deloitte has successfully organized a number of events, charities, and drives with the most notable of them being the 2012 Summer Olympics in London.
The salary structure at Deloitte is quite high as compared to the prevailing industry standards. The compensation packages for the employees vary depending on a number of factors. In addition to the salaries provided, Deloitte provides a number of other perks to its employees which make working for the company extremely satisfying and rewarding.
The salary structure at Deloitte depends on a number of factors including – the location, the position one works in, the nature of the job (i.e., permanent/seasonal), etc. There is more than salary when working for a Big Four company like Deloitte in the form of other benefits. We shall be taking a detailed look at everything in this article.
Firstly, we know that not all the positions of a job would pay the same. Hence, we will begin by taking a look at the salaries offered according to the different job positions and how they compare to the average salaries of people working at similar positions across the US.
Delivery Manager
They earn around $110,000 per year working for Deloitte, which is significantly higher than the national average of $98,000 for service Delivery Managers in the US. The duties of a delivery manager while working at Deloitte include – monitoring all the important facets of global client communities, ensuring the success of client engagement overall, working with owners and managers to understand the performance and management issues prevailing in the company, developing project plans and ensuring that all the departments work in cohesion for the plan to be a success, and so on. Thus, the salary offered to them is justified as almost any work done in the departments has to go through a Delivery Manager.
Wealth advisory manager
The salary offered for this role is $109,438 per year which is again quite high than the average salary offered in private companies operating across the United States. The name of the position is quite self-explanatory and the duties of a wealth advisory manager include – leading the development of products from initial to termination stages within costs, leading projects and teams internally, helping in the recruitment process to bring in good talents to the company. In order to apply for this position, a candidate is required to have a Bachelor’s degree in Accounts, Finance, Business Management, Economics, or any other business-related degree.
Technical Lead
They are paid at an hourly rate of $107 per hour. This figure is twice as high as technical leads are paid in the United States, with the national average being $53 per hour. This major pay difference makes the position of technical lead at Deloitte an extremely sought-after one and is reportedly the position most applied for. As the name suggests, a person needs to be from the IT background in order to be applying for this position and the responsibilities would include: leading the technical workstream to produce an output of the highest quality to all the clients, ensuring all the deadlines are met, utilizing one’s technical expertise to provide viable solutions to all the clients, and so on.
Senior Consultant/Consultant
Again, this is a management role that is very common and is present in almost every functional company. The average salaries for the roles of Senior Consultant and Consultant at Deloitte are $98,500 and $80,100, respectively with the nationwide average being significantly lower than the salaries mentioned. Although the roles and responsibilities of being a consultant at a consultancy firm like Deloitte are well known, yet we shall be taking a look at the most important of them which include: conducting and analyzing business research, participating in client engagement meets, preparation of workshops, and last but not the least, consultancy in the area of strategy and operations. The senior consultants are directly responsible for client handling and form one of the most important parts of the company.
Manager
A manager at a consultancy firm like Deloitte is tasked with a host of responsibilities that are of supreme importance in the efficient running of the organization. The managers are paid accordingly with the average salary being nearly $120,000 annually, which is a handsome amount and is also very high as compared to the average salary pertaining in the US for the role of a manager. A manager at Deloitte has to perform a number of actions and is directly answerable to the top brass of the company. A manager would be expected to perform the following tasks: getting the best out of all the teams, having a good relationship with all of the employees so that they don’t feel overwhelmed at the workplace, identifying and grooming talents accordingly, and inspiring others at all times to give their best by being a role model to the employees. Thus, the managers are expected to do justice to the high salary they are paid and try to maintain a calm head at all times to get the job done.
Tax Senior
The average salary for a tax senior working at Deloitte is $82,241 which falls at par with the average salaries offered for this role across the US. This is perhaps the only role at Deloitte where the salaries offered are not more than the average salary prevailing in the country. The duties of being a tax senior at Deloitte would consist of the following: performing a detailed review of income tax provisions for the country, supervising tax consultants and interns, collaborating with clients’ finance departments to ensure everything is in place, and conducting research in federal tax legislation with the purpose of understanding its impact on the consultancy industry as a whole.
Tax Consultant
The average salary for a tax consultant at Deloitte is around $60000 annually and the pay is less than the other positions as the person involved is working in the capacity of a consultant under the Tax Seniors. The salary offered to tax consultants at Deloitte, is again, quite higher than the average salary offered.
Senior Auditor
They are paid around $56,000 annually, which is about 25% low than the prevailing average across the country. It is hard to know why the salary offered for this role is as low as it is. The roles of a senior auditor are similar to that of an auditor at any company and include- designing audit approaches, participation in the completion of annual client reports, participating in pre-audit planning, and so on. The senior auditor is responsible for any mistake in the audit report and may even lose his/her job if the mistake is a grave one.
We took a look at the salary structure for the different roles at Deloitte and found out that most of the positions offer salaries that are significantly higher than the prevailing nationwide average salaries. Deloitte manages to provide best-in-class salaries because of their sustainable, profitable, and very successful business model which has helped them get clients worldwide. Barring a select few countries, the company has its branches everywhere and there is not one single branch that runs on losses. Online surveys conducted showed reports that 68% of the employees at Deloitte think that they are paid fairly, which is a very good figure because more often than not, employees are left to be wanting much more which they earn currently.
In addition to the salaries offered, there are a number of other factors which make Deloitte a highly sought-after workplace among candidates. On the company’s website, Deloitte claims to be a “world-class organization” offering world-class benefits. It would be hard to argue with the statement as the facilities Deloitte offers to its employees are indeed, best in the market and world-class.
Now, we shall be taking a look at these benefits
Employee Insurance
After salary packages are offered, this is the next most important criteria upon which companies are rated. It is safe to say that Deloitte does not disappoint in this aspect. The comprehensive insurance policy includes complete coverage of the employee’s medical expenses and a corporate discount for the medical insurance of dependents. The insurance policy also provides travel, life, and disability insurance for the employee, making the plan offered by Deloitte one of the best provided in the industry.
Sick leave benefit
This policy allows additional compensation for sick leave provided the employees can provide proper documentation of the medicinal process. This policy is widely appreciated all over the community at Deloitte and has subsequently been adopted by many other companies as well.
Employee Recognition Program
Through this program, Deloitte aims to identify the efforts of those employees who have made an outstanding contribution to the company recently. The company firmly believes in the fact that they deserve a special award who have risen above their duties and responsibilities at the workplace and have set an example for others.
Learning and Development
Deloitte provides a host of learning programs and opportunities for all of its employees. This is an important yardstick based on which any company is judged, and Deloitte makes sure to give the best of their efforts towards the learning and development of each of their employees. All of the departments have their learning pathway which is aimed at the overall technical and soft skill development of the candidates. Deloitte also provides support to those employees who want to pursue professional degrees like ACCA, CFA, CPA, etc. The majority of the employees of Deloitte have spoken of how the company has helped them in achieving career growth and promotion.
Flexibility Code
In the modern-day work culture, employees have often reported how they are struggling to manage the work-life balance in daily proceedings. Keeping this in mind, Deloitte has come up with their flexibility code program which helps the employees in finding the right balance between work and life.
Deloitte foundation
This foundation is aimed at promoting the sustainable development of all the local communities and also, gives Deloitte an opportunity to indulge in a wide range of social and humanitarian causes. Deloitte considers this foundation an important part of their heritage and is keen to expand the range of services offered.
Corporate Discounts
The employees of Deloitte are also entitled to discounts at a variety of corporate places including banks, restaurants, gyms, malls, travel agencies, etc. In addition to this, there are reservations in certain places exclusively for the employees of Deloitte.
Casual Fridays
Deloitte promotes wearing casual business attire on Fridays of each week. This is not something exclusive to this company and is a common practice in most of the companies at the present.
Adoption Leave policy
Deloitte also provides the best of their facilities if any of their employees want to adopt a child. The company offers free medical insurance for the first year and also, helps wholeheartedly in the entire documentation process. In addition to this, Deloitte offers one month of paid leave to the parents during the first month of adoption so as to help the child and parents in the habituation phase. It is also important to note that this leave can be availed by the parents irrespective of the child’s age. Industry experts have said that the adoption leave policy is one of the best in the industry and has, in fact, led other companies to implement similar policies.
Others
There are a host of other things which may be offered to the employees depending on their position and annual package. Insurance cover for dependents can be availed by an employee by paying a certain amount in the year if it is not already included in the package. People may also get mobile phone allowance and special packages from banks if they are in the higher hierarchy of employees. Health screening from time to time is also provided for all the employees, but they may need to pay some amount of money to avail of this facility.
Childcare benefits are also offered to all the employees, but again, people may need to pay to avail of the benefits under this scheme. The employee referral program allows employees already working at Deloitte to refer someone to this company and surveys have shown that referred employees stand a better chance of getting selected in the interview process. Travel benefits are also offered to the employees of Deloitte.
Corporate Culture
As already mentioned, Deloitte is a part of the big 4 companies and also, a member of the Fortune 100 companies list for a long period of time. This bears testimony to the working culture at Deloitte and how they have managed to create a balanced workplace for everyone involved. Deloitte is known all over the world for its open, informal, fun, and collaborative work culture.
Conclusion
Thus, we see that Deloitte has proven to be an attractive workplace for many and the main reasons behind this include the salaries offered, the insurances provided to the employees and their dependents, the career growth opportunities, etc. Being a Top Four company, working here also gives a good amount of exposure to its employees and can have a major say in the candidates’ future prospects. Being part of the Fortune 100 companies list over a number of years is also a good indication of the company’s continued excellence in the field and how it strives to give the perfect experience to all of its clients worldwide. Deloitte is highly recommended by all of its employees and one should grab the opportunity to work here with both hands if they ever get the call.
Frequently Asked Questions
We took a look at the most asked questions on the web about Deloitte and compiled them together in this section along with the most appropriate answers.
Question. How hard is it to get a job at Deloitte?
Getting a job at Deloitte is no easy task because there are as many as 500,000 applications every year out of which only a small percentage of applicants are even called in for the interview process. Being in the Top Four, they look for outstanding qualities in the professionals they want to hire. But the preparation process can be made easy by following a number of steps. One needs to be sure of building a good resume, consisting of educational qualifications and industry experience (if any). A candidate should also have good communication and interpersonal skills so as to make sure that they can give the interview without any worries and come across as being someone who is confident in his/her abilities.
Question. How is it like to be working at Deloitte?
Deloitte has been rated to be a great place to work by most of its employees. The people working at the company, the nature of the workplace, and the facilities offered to its employees all contribute a major part in making Deloitte what it is today. A survey conducted that 88% of the employees of Deloitte said that they have had a favorable experience while working at the firm which is much higher than the normal 59% in all other US-based farms. People working here feel important to be a part of the company as they are given a lot of responsibilities, and more often than not, the employees are willing to work hard to get the necessary job done. Deloitte has also had the distinction of featuring the list of Fortune 2021 list of “Best Companies to work in.”
Question. Can I reapply for a position if unsuccessful in the first attempt?
Deloitte allows candidates to reapply for a particular position even if they are rejected the first time. It is suggested that they apply the next season. A candidate can apply for a particular position only once in one particular session/year. The reason behind this is that the company believes that candidates can utilize the time in between to reflect upon why their candidature was rejected at the initial time and what are the changes they need to make so that the company would find it hard to reject their application the next time around. This policy has proved to be a very popular one and is used by many multinational consultancy companies and technical companies, alike.
Question. What are the qualifications needed to be joining Deloitte?
The minimum requirements vary between different roles and can be checked by visiting the official Deloitte website (Link: Deloitte US | Audit, Consulting, Advisory, and Tax Services). The website reiterates the fact that educational qualifications and academic certifications alone are not the sole criteria upon which selections are based. Similar to any other top company in the world, several other criteria like previous experience, internships, projects, etc. are also considered while making a decision, as they know that the academic qualifications of someone do not always manage to do justice to the talent, he/she may possess. Deloitte also offers sufficient opportunities to students by offering their university program and thousands of students have already benefitted from the initiative, with the majority of them getting placed at Deloitte afterward.
