{ "media_type": "text", "post_content": "Due to COVID, Deloitte in Australia just announced 20% pay cuts, still working 5 days a week, and no promotions till January 2021. What would you do, what’s the options?", "post_id": "5e96b89850e49400214faf65", "reply_count": 75, "vote_count": 10, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Due to COVID, Deloitte in Australia just announced 20% pay cuts, still working 5 days a week, and no promotions till January 2021. What would you do, what’s the options?

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Too early to make any moves because everyone is in a hiring freeze but watch people who'd been waiting for a promotion after being given the "it's not your turn yet" spiel last year (and in December) jump as soon as the market turns.

likesmarthelpfulfunny

Not everyone is in a hiring freeze, just the old world firms, still plenty of work here and job offers from well run companies.

likesmart

The 20% is between May and September and works out to be an reduction of 8% on annual salary. The Aussie firm will also provide 10 additional days off. Partners will receive a 25% cut and there won’t be layoffs. I’m a high perform that hits utilization and if that was the deal in the US - I’d take it. I get some people don’t pull their own but most do and I would want to avoid layoffs at almost all costs.

likesmart
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You can refuse the pay cut. I’m going to. F that

likeupliftingfunny

Sounds like a pretty straightforward case for unfair dismissal if you're a high performer who's fully utilised...

I’d figure out how to cut my personal expenses as much as possible in anticipation before it happens. I’d become an average performer. Then I’d start looking for new options.

likefunny

Oh I forgot. Deloitte is harder than Harvard, right.

likefunny

Would you rather be at a firm that laid off 20 percent of the workforce, or tried to keep people employed in this extraordinary time. That was the decision your leadership faced. I think they made the right call.

likefunny

If I was sitting idle, on the bench, twiddling my thumbs and got laid off, I would not be mad about being laid off at all. And I especially wouldn’t expect others who are carrying not only their weight but also others’ weight by doing client work, RFPs, and other firm initiatives simultaneously to take a pay cut to save me. Consulting is known to be cutthroat and we get put into sink-or-swim situations all the time. The last thing we need is people adding to this burden

uplifting

Has anyone else seen the scathing 5 page letter to the partners written by a junior auditor from Deloitte Australia? Don’t know whether to laugh or cry

likesmart

Interesting

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EY announced their pay cut only for those underutilised and not billable, seems more sensible...

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The plot thickens.

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likefunny

😱🤯

I'm not from Australia so I don't k kw how to job market is but where I am I still get offers so I would look for a new job. If that wouldn't be possible I would go to the unions

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20% pay cut seem to be pretty standard for the Big4 in Australia right now. I believe PwC and KPMG have done the same.

likefunny

Yes they did, but PWC took people down to 4 days.

likesmart

How do you move to a 4 day work week when you have SOWs with clients saying you'll work 5? Do you have to ask all of your clients to amend them?

likefunny

True, if they only worked 4 days the client would save money, but the timelines might blow out so their contract might be affected regardless... Deloitte reserves the right to replace named resources in most cases so that rate would still be a daily rate for the skills not the person.

...

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"The Australian Financial Review has learned that equity partners in consulting will earn between $590,000 and almost $2 million for the year, while non-equity consulting partners are set to earn between $320,000 and $1 million." Saved you a click

likeuplifting

A&M 1 - Zoom has saved our lives. Teams has the worst connections and quality. Wish zoom has a chat function so we could replace Skype.

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