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The North Remembers. i.imgur.com/5CzQ8hZ.jpg
What a ride from 1994 to 2021! Bittersweet!
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I think the leadership in the message was so lacking in every way. And the local leaderships complete silence is embarrassing at best. I get hard decisions have to be made, but telling me the result is a pay cut for everyone without telling specifics on what you tried to do to avoid this, and in what ways we are already seeing the impact that make this necessary, it’s the most pathetic messaging I have seen from this firm. I want to know why my household budget was more prepared for this disaster than my employers readiness to respond to a crisis.
Radio silent in my department. CBS. #peoplefirst
Just to put it in perspective, for the seniors and below, the government will provide you with a check that should either equal your reduction or exceed it. For the managers and up, probably not. Partners will take a serious hit, exceeding the 10% mark announced. 10% now, but there is a formula to how partners get paid. Right now I only make about 30% of what I’m suppose to be getting paid. I may lose that too, you never know. So I’m banking on losing 40% of my pay this year.... And yes I know the argument that partners make more than staff...of course they do. They earned it through their blood sweat and tears for long years. If partners didn’t make more, why would a staff work hard to achieve partner status? At the end of the day, partners jeopardize losing a lot more than you think. Staff shouldn’t be impacted at all, managers and directors lose a little where partners take the big hit.
Thereby, your partners are usurping all your benefits from the government and next gen will pay for the problem in the long run. Got it.
Sorry, but that is bull crap. I am told to make my hours even though I have multiple kids at home and teaching them both 2-4 hours a day. I am told to dip into my earned PTO if I can’t meet hours. Now, I am told to do more work to cover COVID 19 memos and impact analysis. Have actually seen the number of clients increase by 2 this past week. So my work load goes up but my pay goes down.
I don’t doubt it. I know there will be hits. But don’t hide behind a voicemail at 5 pm. Don’t go 5 minutes with fluff and BS about caring. It is all a business decision which I understand. He could have provide a lot more details on how this happened so fast. Also BS that our high performing office has the same pay cuts as a low performing market or business service. I know there is more to it. So provide that information. BDO has always been terrible with communicating these types of things.
I look forward to working less in proportion to my pay cut.
With that kind of attitude, you probably already were. 🤣
Frankly you should all be thankful that you still have a job — both of my twenty something kids (and their partners) are now unemployed. Most professions are experiencing widespread layoffs at this point...and yes, the partners are taking a 25% paycut to mitigate possibility of RIFs..
I would never want to work for you...
Better than job cuts
That will be phase 2
Really motivated to continue working 60+ hour weeks after that...
Yes by all means follow CohnReznick 2 advice IF you want to risk the chance of being laid off/ fired if they need to make more financial cuts. 🤦♀️🙄
It’s time for the accounting industry to be unionized. This is long over due, crazy work hours and pay reductions. They’ve got some nerve.
Fruit motherfucking punch
Motivation to keep working hard through busy season is 100% gone after that. Basically just working my life away for a possible email from the partner saying good job. Glad I’m still employed but still just very annoyed.
Although who's glad this wasn't announced in a BDO News article?
Yes!!! 🤣🤣🤣
The greedy big wigs don’t want their distributions affected this year by having to pay people who are financially the most affected folks. That’s what it means.
They also privatized the gains during the feast. Privatized gains and socialized losses have moved from the banks into the accounting industry. Nicely done. Wait until your X% cut is met with 3X% inflation. Middle class is going extinct real quick.
Wayne made it seem like partners are taking a bigger hit, but we'll never get actual numbers.
No he didn’t!
I’m just thankful I work for a firm that decided pay cuts would benefit our people more than lay offs. I appreciate the transparency especially when half of my household has been fired or furloughed this week.
And layoffs mean our already large workloads would increase for those lost people. Moral would drop even more. I’ll take a few thousand less if it means more to share the workload. Already burned out.
Would love to know the economic impact of COVID-19 on our firm vs the Cost Savings here. They don’t call accounting ‘recession proof’ for nothing.
Well, no one’s ever going to say accounting is recession proof ever again. We’ve been trying to trick people into coming to work for bdo in the hopes of turning down higher paid consulting jobs. Well guess what?! Everyone’s kicked in the nuts with an equal intensity. None of this recession proof bs again!
GT is hiring! Let me know if you want a referral :)
I'd have to take one hell of a paycut at BDO before I would return to GT, good luck surviving that hellhole
Personally, I’d be pissed. I can’t speak for BDO, but my workload is unchanged compared to before the virus started impacting our daily lives.
Mine is very much increased. But I have two clients who furloughed 97% of their employees so while I would be pissed too, I have to realize I am so insulated comparatively.
so 10% for partners?
Partner 2– exactly. Yes, partners do make a LOT of money, but they also carry most of the risk. (FYI I’m not a partner.) But years and years ago I was an executive assistant for very senior partners. And it’s honestly a bit what if many times. I saw the communications and the reem of paper for their taxes. Yes they do still get paid well but their compensation is always at risk for great fluctuation. Something standard employees rarely have to worry about.
So GT’s more senior partners shoulder all of the current pay reductions, while BDO cuts nearly everyone’s comp. Glad I’m at GT.
I mean that doesn’t sound like a bad night considering we’ve all been without human contact. If they can spoon, better for them 😂
When my coworker asked me to listen to it, I was shocked and in the end my reaction was “thank god it was just a pay cut!”
Lay off you, ha! Lay you off sounds less raunchy.
They are going to need to time the pay increase back to normal at the exact right time for when things start recovering otherwise there is going to be a mass exodus. Once we get through this, there is still a talent shortage. That didn’t just disappear.
Tax consulting here - specifically restructuring/ M&A we are signing just as many projects right now.
Dang Wayne, how broke are we?!?!
Our cash flow right now is fine, we are anticipating our clients being unable to pay moving forward.
Of course I'm not happy about it, but I rather incremental precautions rather than full layoffs. Of course there's nothing preventing that from happening later down the road. It's scary times all around.