Related Posts
Can I join in Nokia R&D unit for java, spring boot backend developer role considering current situation of layoffs in product based companies ?
Exp - 4 years
Tech stack - Java, Spring Boot, Microservices
EPAM Systems Cisco Nokia Dell Deloitte Deloitte USI Deloitte India Infosys Cognizant KPMG EY PwC Verizon Verizon Media Ericsson Huawei Technologies
More Posts
Enthusiast
And the Oscar for Best Performance goes to...
Any advice on getting started in UX?
Is this true ?
Hi Fishes, I grabbed an offer at Accenture with 12 LPA fixed for Level 9. I'm not getting a retention offer from my current company at 13.5 lpa. How do I go about a counter offer with Accenture HR? Also tell me how to approach this situation smoothly.
If HR doesn't fulfill the counter offer, is it ok to accept 12 lpa fixed for Level 9 and when will I get a hike here and how much would it be approximately?
Accenture Please provide your insights. This is my first switch so I ne more exposure
Additional Posts in Consulting
New to Fishbowl?
unlock all discussions on Fishbowl.
EY is like the last place to lay ppl off - chill
Pro
EY 5, that’s EYs way to layoff with gratitude lol
Chill, you’ll be fine
Rising Star
KPMG in an interesting spot. We’re so cheap with raises already, but if you hear we did no merit increase or bonuses in Sep then yes be worried. If not, you’re good.
Rising Star
I had to be one of the people to communicate layoffs to people in EY’s last larger round.
It was a terrible situation in part because EY over hired but layoffs hit people who consistently had below target utilization.
This isn’t 2008
Rising Star
I’m referring to 2016
Rising Star
Unfortunately you're next
1,000 undergrad interns just got job offers over a group zoom call. Your job is safe
Pro
That’s scary; over optimistic I guess; if a small recession happens and clients stop spending money, first to go lol
I think everything is dependent on the sun competency you are in. This is only at the forefront of everyone’s mind only because there’s been reports about recession. Even without rescission, I have been consulting for through ups and downs, where quite a lot of people were on the bench and then absolutely no one was on the bench. In 2020 when the Pandemic hit, almost everyone I know barely had any work to do, whereas it was the most busy period for me and even though the client was hit due to Pandemic they still couldn’t let go of consultants because they had lots of Fed/Occ related work they had to do. So it all depends…
Pro
Don’t compare 2020 pandemic lol; the fed helped sustain the economy; it was not recession per se. In a recession, only few are spared
OP, honestly the best you can do it focus on the task at hand. If you are deemed valuable you won’t be let go- I am sure folks with low utilization and higher bench time will be impacted if layoffs were to happen. I have always found ways to be useful on the projects or to the upper mgmt in the project where they either were the ones to make sure I had a project ready when I was rolling off or they took me to their project with them. I have literally never had to look for a project on my own in the last 6 or so years!
If you’re worried, then just start interviewing. It’ll likely take 6+ months for you to find another role you like and by then you should have more clarity on the recession/layoffs.
But isn’t this more of a risk if a recession is truly coming? Some firms let people go LIFO - with little compensation. Whereas if you are let go after spending a few years at least you should get equivalent of a months full pay for each year you have worked or something like that.
Stressing out does not help. If that’s what it would be then let it be. 🤷♀️
If it happens, which will not, you have other job in 1,2,3.
Rising Star
Not necessarily
2016 as a recent example was a slowdown and layoff at EY. That was more about EY’s business than the economy. There was a slowing but EY overhired and undersold, especially after the National Grid project. That level of staffing was simply not normal.
In 2008 the industry as a whole had a downturn. So if you got laid off from Deloitte then Accenture wasn’t going to pick you up because their projects were halting as well.
Was a fly on the wall in an OMP meeting with partners, the word lay-off was said a lot more than I was comfortable with.