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I have been a Deloitte tax partner in large top ten markets for the last 25 years. I have not seen a better culture around staff reductions. The firm rarely does it and agonizes over the process to make sure the fewest possible folks are impacted. Sometimes there is a bubble in the market and economics require a reduction. Each time this has occurred the partners absorb significant hits. External hiring is hit and miss. Internal training costs are high and DU is not cheap. To suggest Deloitte just cuts Willy Nilly is ridiculous . Our people and clients are the ones that have made Deloitte the worlds largest professional services firm. Having said all that my heart goes out to each of the folks that have been impacted. I have committed to stay in touch with as many of them as possible to help them network and find new opportunities. I did that in 2008 and will keep doing it!
If you agonize over the decision, why does DT tax keep having layoffs? 2008, 2016, 2020, and those are only the ones large enough for everyone to hear about...
I can’t speak to the partner packages. But in relation to the comment from EY1, it’s been my experience that we don’t let people go often enough, in tax at least. Low performers go along, especially at the lower levels and because there’s no real parody in terms of salary for those senior and below, it creates animosity because those busting their ass get the same as those that are slackers. In my time here (6 years), outside of the limited layoffs in 2016, I have seen 1 person “fired” in my service line. For context my group has 40 professionals in the local office.
I spent 4 years in a tax group of probably 70-ish people and I saw 1 person “let go”. And it was after issues with expenses being pushed through, and they were counseled out. My experience with DT is that it is very hard to get fired (in a normal year).
DT fires/lays off way more than any of the Big 4. It’s part of the culture, which is awful
In my region, Deloitte has a reputation to lay off more.
Totally agree with EY. In my city they have had more RIFs than the other Big 3 combined in the last 20 years (not counting right now either). It’s well known anyone with say 5+ years of experience. That’s the culture and everyone knows it there and it brings out the best in them (according to those I know there). Yeah I did hear that some MDs there make close to 1M as well and partners are much more. Is it right? Well I will just say I heard from someone that pwc partners are taking double digit percentage decreases in fy20 and they are estimating another 25% in fy21. This is not confirmed by me and I have no insider knowledge but heard a rumor from a partner. If pwc had a DT culture they would be a bloodbath here. DT looks at it that we keep everyone employed and they can overpay for those they want later (knowing they can fire them since they make more later). Not the first time down this road,