How is your firm reacting to Covid? I’ll start - Pwc is not firing due to Covid, but cutting bonuses and freezing pay. For those promoted, they get an adjusted pay bump (10k-15k less than the current promotion salary) to not make more / same as the cohort above.

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Very similar # of people promoted as in previous year (promotions came out last week), so no effect their.

Pay bumps both for promotions and yearly adjustments are not affected by COVID-19, as communicated by leadership at least (they are coming out this week)

We had initial hire slowdown (not freeze) but now are accelerating campus hires to start faster (we've actually been very busy and this is our best Q1 yet)

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3-4 years would be applicable for our Associate Consultant / Consultant levels. I would recommend looking at the Associate position in your case, as it seems you would be best fit for this one!

Deloitte: Scorched earth strategy!

likefunny

Us consulting has pulled several levers: differed start dates, no raises (unless promo,) lower bonus pool, and slightly more involuntary exits then in a normal year. Would anticipate most firms increase exits over normal years, even the ones who publicly commit to “no Covid related layoffs.”

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Haven’t we covered this already, about 900 times?

likefunny

No changes here, but year end isn’t until December. I believe that MBB also operate on December year end so if bonuses are cut, all these firms wouldn’t hear for a few more months.

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BCG “not doing layoffs” but firing many more people as voluntary departure drops

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I would expect if you start now or later, by the time your 12 month runway is up things will be fine

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40% layoff in my business line so far 🤒

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PwC lay-off will start in september/october. Wait for it - all will be masked under the performance disguise.

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^^ haha I am ex PwC. Got fed up with leadership and left and much happy on the other side. I was just warning OP so that they don’t get comfortable with sweet wordings of the leadership.

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All of the above.

Do you know what’s happening to Deloitte UK?

So PwC is giving promos with smaller raises?

How does that work with the cohort system?

Isn’t the whole point to have standardized compensation?

It’s to prevent people with frozen salaries to have someone newly promoted making the same amount as them (e.g., new M1 shouldn’t be making the same as a new M2’s frozen salary - so M1 will still get a raise, but not as much)

PWC has moved to lay-off 5% of their workforce in Australia in the last week; give it time and I’m sure that will spread globally.

Early rumours suggest MC will be hardest hit given its poor performance... plus the old ACN partners who joined in TC.

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