Help me understand: How can it be that people are leaving, we are not hiring anyone (hiring freeze), no pay increase and bonus, and yet the amount of work is same (or higher due to people leaving)? If the work is still there why are all those cuts needed? I thought at least we would have better work life balance if we lost business

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Because these are UNPRECEDENTED, UNFORESEEN times, duh

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It’s DYNAMIC and it’s HURTING ME

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Recently left B4 for a total comp increase of almost 60%. The jobs are out there. The firms will lag behind the economic recovery. I was expecting far more work this year with less compensation and I said hell no and found a much better and interesting job with more money and mess work. Seriously, check the job market, there are a lot of available jobs.

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There are like 40,000 employees at EY in the us. Your individual situation may not be indicative of the firm as a whole.

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Deloitte is different. Your lines of service are more independent with respect to revenue sharing and other aspects. If I’m not mistaken Deloitte consulting is actually its own legal entity

IMO, it's in case it gets worst in the next 1-2 years so the partners will keep mostly the same distributions.. and if it gets better by next year one year where everyone is overworked it's no biggie for them.. they;ll hire more next summer.

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RSM still has a hiring freeze, but we did bonuses, promo raises, and now raises for all soon. Guessing other firms will follow suit, but i have to believe yall are bleeding staff. I think that's why we did what we did. We're still bleeding staff because there's so many local firms willing to hire our talent and depressed raises are making the gap much wider for people. One of my peers is leaving for a 30% raise. If we had normal raises this year that gap might have only been 15% and probably caught up over the next year or two and thus much less likely to leave.

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This happened in the housing crisis and every recession/depression before that. Companies use the “recessions” as an excuse to restructure and trim the fat. If any firm/company did that in normal times, it would be very bad for marketing. There is an element of precaution as the market could get much worse and the firms need to adjust accordingly.

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There’s also the fact that the cash flow is lower from average rate is lower from clients asking for concessions. And there is also this issue of clients not paying/delaying payment in more frequency than normal.

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A few comments and questions for OP: are you actively engaged in negotiating fees w your clients right now, have you talked to your advisory colleagues about how busy they are, what’s your take on revenues across line of service and the trend of that?

Margin.

We are overstaffed, COVID or not, in certain levels or offices. Still bringing in new hires.

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