EY announced no PBB 😔 Still grateful for my job though.

likesmart
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Excited to see how the quickly the firms can decide to compensate us less. 🙄 Anyone think they'll act this fast to put bonuses back on the table on the off chance we have a V-shaped economic recovery?

likesmart

Agree, reduced bonuses were coming. This is the perfect excuse

I am very grateful that I work for EY. If PBB is the only thing there is nothing to worry about. Think about how everyone still has their employment with EY. I wouldn't work anywhere else. Thank you to all the leaders of EY.

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Feels kind of early to do this.

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They can always bring it back if things turn around. Not that they would but that would piss people off less than finding out last minute no one gets a bonus.

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Maybe I’m just a total idiot, but is the firm somehow losing money? Do companies suddenly not need audits or tax returns?

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Clients won’t pay timely or will ask for fee reductions. So yes, budget forecasts must be revised and then the easiest cost to adjust is professional staff salaries.

Whats pbb

likesmart

Performance Based Bonus

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Just performance bonuses. Raises will still happen, including agile promotions, but June 1 now. You will still get promotion bonuses.

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Hopefully

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Isn’t the firm saving millions on the cabs, and meals that aren’t needed. Lower electric bills?

likesmart

Most of the travel is billed to clients as a pass-through so not really saving the firm any money.

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Wow already? Did they say anything about freezing promotions or merit raises?

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Gotcha. Since PwC has a different fiscal year and promotion are typically in July, this might mean that we’ll see promos pushed to mid year instead.

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Any lay off talks?

helpful

Performance Based Bonuses. If the firm makes its profit goals then they pay out bonuses based on “performance” for the year.

likesmart

It’s awesome that they’re talking about these things already

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Sorry to hear, so they are not giving out any bonuses?

No mention of promotion bonus

Yes.

Lower revenues.

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