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I honestly think so - they quickly but CLEARLY said on the all hands call that we have more headcount than business for now/foreseeable future. That was their subtle “you have been warned” - as always EY tends to sugarcoat everything
Yup. I chose consulting for the travel and since things are gonna be uncertain for a year I would rather see what industry is like - I can always go back to consulting if I try hard enough
Accept that it’s a possibility and start to think about, or start acting on, back up plans so that you’re not caught off guard. Let the fear kick yourself into gear so that if the worst case happens you know you’re a step or two ahead and have a game plan.
However, if layoffs are coming it, it’s not something that you can control. The big firms are like trying to steer cruise ships...they’re on a trajectory and are not as nimble as a small firm. The cost cutting measures may help stave off layoffs.
Hope for the best, plan for the worst. It’ll probably end up somewhere in the middle. For now, take some time to update your resume and start perusing job openings.
Thanks P1 for the input!
Chief
I’ve heard from multiple sources that the SM ranks will be gutted because they are super bloated and the demand for new PPEDDs in the foreseeable future is way down. At least that’s what my EY insiders keep telling me - as they’re also looking to jump off the barge.
Chief
No one wants to fire anyone at any of these firms. I’ve been on both sides of this a few times and it’s painful. You will see a lot of PPEDDs quietly disappear. And then SM’s who aren’t immediately in the promotion pipeline. But for the most part everyone below that is safe provided their skills are relevant and whatever market they serve is still buying consulting services.
Rising Star
It's certainly possible, but the firm seems to be trying to push it out for as long as possible. If the layoffs do come, I think it will be top down