Is it possible that massive layoffs, already expected, could just mean big numbers but not big pain like 2008 - 2009? Hear me out, the pain of 2008 was that there were large layoffs for months (cont)

like
Posting as :
works at
You are currently posting as works at

Fasterrrr

likefunnyuplifting

The problem with 2008 was there was no solution. No one thing that anyone could do to make everything better. Recovery was slow and painful because the fundentals of the economy was built on top of a rotten foundation of mortgages and mortgage backed securities.

This is different. While a lot of companies took excessive risks with their stock buybacks and dividends, they were profitable. Once a vaccine is created, we should bounce back more quickly. It may take a year or so before an effective vaccine is found, but I'm confident.

like

Recovery won’t be quick. Firms have to make the call as to cut labor cost in the short run or stick it through to win in the long run. It is still going to be a fight for talent when the dust settles. Let’s see who has a long view on this

... whereas this is expected to be a dump. In theory wouldn’t that mean massive hiring when it’s over? So wouldn’t consulting want to weather it to that moment?

like

My personal opinion - Once people can go back to work fully we'll quickly see an increased demand for our services (i.e., higher than pre-corona demand) as companies try to make up for lost time, restart initiatives that were put on hold, and attempt to beat their competitors out the gate to turn the situation into an opportunity to create competitive advantages.

Some firms will have knee-jerk reactions based on a shortsighted view of the economy and lay off staff. Others will take a smarter, long-term view, will hunker down and take a loss in the short-term but will be better prepared to mobilize quickly to handle the increased demand during the recovery.

like

A lot of firms are already oversized - this gives them a change to permanently restructure. My guess is 12 months from now the 1M people employed by the B4 is down 20%.

like

I think a lot of industries will struggle for a while and, as a result, consulting will too.

Related Posts

If you were an Uber employee that got laid off, how have you been faring?

like

It’s so nice that every agency laying off people, have those left standing (and other agencies) trying to hustle jobs for their unemployed friends, but there are also a ton of people who were unemployed prior to Covid...so no severance, job hunting lot longer, and not earning income for longer time...hurting even MORE due to quarantine.

likesmarthelpful

December layoffs anywhere?

like

Hi Folks, I am planning to join Oracle Bangalore location by end of this month, lately there are many posts stating layoffs in Oracle, so should I be avoiding to join Oracle at this point and try to look for other companies?

I am interviewing for a Sr. Program Manager role at Adobe. Glass door says ~252k. What a typical base would be? How does adobe feel in the market right now as far as layoffs and expansions?

like

Any layoff expected in bny ?

like

Have you ever seen a client fired in mid-production?

likefunny

Hot take: if it’s actually a stealth layoff then everyone else got the same speech as you and outing the firm won’t identify you.

like

I was informed today that my employment would be terminated at a tier-2 consulting firm in Toronto. The reasons for my dismissal are unclear and I would like to get legal advice on the termination agreement and severance package that was offered. Has anyone experienced a similar situation and can refer a good employment lawyer?

like

Anybody who got laid off in the current wave and looking for a referral in Zalando in Germany, feel free to DM me. Happy to help.

like
like

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

like

My boss fired me because i ask for clarification on my employment right.

I got hired not long ago. I realise some of the employee benefits i was told (missing in the contract) contradict with what’s stated on the law. So i email the boss about it and ask for clarification. Immediately after the email i was fired.

Just want to make sure people know this and don’t apply jobs in this shady company- it is called UniQ Biotech, in Delta, BC, Canada

Post Photo
like

Is it safe to join CISCO? I have heard the layoffs happens there yearly.

like

Tax Senior here. I’m well liked around the office, I put in the hours and work hard, I haven’t had any dumpster fire projects, but I am a mediocre performer compared to my peers (not as strong project management, communication, not as confident). I just got told they’re firing me. Should I expect severance? Have other people been fired for similar? What did you do with your career?

like

Anyone know Deloitte core business group in Deloitte consulting LLP?

Salary range, business outlook of this group amid layoffs and green card initiation timeline?

Post Photo

Stuck in a weird limbo where I want to leave my job more than anything but grateful that I have one at all with all the layoffs in our industry. It's a new kind of trapped. Anyone else feels the same?

like

Is it safe to join CISCO? I have heard the layoffs happens there yearly.

like

Are there anyone here that can help with finding a job in health admin or admin position not having any luck on indeed!? I’m a New York native, I just moved to Las Vegas and I worked for the state for 12 years in New York and I came here to take care of my mom and as a contract worker for state of Nevada education. I was fired for discrimination reasons and now I’m out of a job I have a bachelors degree and applied to 123 jobs on indeed to be denied because I’m over qualified. HELP ANYONE

like

More Posts

Best high yield savings products?

like

Hi, i have my joining with cognizant tomorrow(12 sep), i have received the onboarding pass but haven't received any onboarding meeting invite , when do they generally send the meeting invite?

like

For those of you in your mid-20’s, how often do you go on dates with your significant other? In a serious relationship for the first time since college and trying to gauge what folks consider normal for dating frequency (excluding nights in). Context - we’re 25, dating for 3 months, live 5 mins away from each other, decent WLB

like

Should I take Data Science Sr Analyst role at Accenture? Are projects and growth rate good at Accenture?
Please someone suggest.

like

My status at Accenture portal is Offer accepted.
When it will change to 'Hired' ?

like

Going to a new firm and bringing a client or two with deadlines before I leave — can I do the work now but bill the time later at my new firm as long as I don’t double bill at my current firm?

like

Corporate attorneys in NY, how many hours do you work? Please also list your year. Thanks!

like

Fried Frank LLP finance vs. Willkie finance - talk to me. Better experience, wfh, hours, culture, etc?

like

Currently an associate at a V30 and negotiating a partnership position at another V30. What is the correct way to maximize the pay in the negotiation as a lateral partner? I’m afraid of settling at a lower price than what they can do at the top end of the range! Do I anchor by asking for an outrageous figure or let them offer a salary figure first?

like

Today I have officially made the decision to stop taking any and all cases that involve children. I feel like a huge weight has been lifted!! I just had to share with other professionals that understand. Yes, this will be a financial blow, but I’m fine with it.

like

What are the opportunities in DI or D USI for Semi Qualified CA in Risk advisory or Internal Audit department? Also what is the range of pay scale. Please suggest whether I should apply for the job in deloitte?

like
like

How many days does Michelin usually take to release offer letter? I had salary discussion with HR on May 13th, 2022.

like

Hello, Can anyone help here in deciding. I have offer from
Publicis Sapient -- x fixed + 2 lakh bonus
EPAM Systems -- x+5 fixed +1 lakh bonus
Paytm -- x+ 7 fixed + 1 lakh bonus
Coforge -- x + 5 fixed + 3 lakh bonus
I have 10.7 years experience , i m in Devops profile I have 50 days notice period remaining.
I am thinking for Epam or Sapient but both are giving less than Paytm.
Should i negotiate with Sapient or Epam ?
My concern mainly is related to job security and work-from home.

like

Hello,
I had my interview with
Infosys for .net full stack developer.
It went well and i am hoping for a positive response.
Want to know how much should I expect Or at what pkg should I negotiate with them.
I am thinking of proposing 13-15 LPA negotiable.
4 YOE and 7 LPA currently
.Net full stack
Infosys

like

I have got an offer from HSBC India Offer: 24.7 LPA YOE: 7.8 Skills: Devops Position: Consultant Specialist Looks like a reasonable one?? And what else should I enquire before accepting the offer ??HSBC India

like

What skills must an entry level software engineer need to have to excel in service based company that is cognizant

like

Hi all I have few queries as I am planning to join Cisco next month. Is there any onsite opportunity in Cisco? Any yearly hike? Is it really flexible to change project?

Thanks in advance.

like

More than a year since I made anything folio worthy. I have produced stuff, stuff that was very close to being good just before it was dramatically worsen by suits, clueless leadership and the production agency. I'm losing interest very quickly, and I don't want to

like

Great lunch time specials around the city?

like

Additional Posts in Consulting

Stupid question: do you get to alt-travel? Not fly home to your home office on the weekends, but use that budget to fly somewhere else?

like

Any book recommendations on handling office politics?

like

Thoughts on Protiviti consulting? Not sure if its worth pursuing, mainly because I’ve not been exposed to their work

like

What are the best Sales books y’all read?

like

Interested in delivering Quote to Cash solutions as a Deloitte consultant?

We are aggressively hiring which means competitive compensation. It’s a buyers market. DM me for more info if you’re interested!

like

Best consulting companies in the social sector?

like

Best resources/books on getting personal finance in order?

like

Best consulting firms for the retail and CPG industries?

like

Anyone else scroll through LinkedIn and constantly feel behind in their career? Everyone I know is exiting from MBB to VC/PE and I’m still making peanuts at Big 4. How do you deal with knowing you’re mediocre/less sharp?

like

Do any strategy arms of Big 4 or MBB do pre-MBA internships?

like

First year in consulting, is it worth purchasing a car this early? I’m living at home and about a 45 minute car ride away from my home office. Any suggestions? What have you done?

like

Any good book recommendations for new Managers in consulting ?

like

Tips on going from consulting into private equity?

like

All I want to do is curl up in bed with hot tea and a good book. Recommendations for if I ever achieve said dream?

like

Hilton head or Myrtle Beach for a family of four (2 kids). Is Hilton head worth the premium? We plan on staying there for a month and just wanna be close to a beach. Safety is important.

like

90% utilization, great snapshots BUT no relationships with the partners in my practice + currently on beach. Everyone I've worked with is shocked. Was told there were HC quotas. Not meritocratic.

like

Anybody else choose this profession partially because they are aviation dorks? Flights are my favorite part of the week 🤓

like

Approached for a Director role at KPMG in IT advisory. Currently an experienced manager. Can KPMG people out there let me know the roles, responsibilities and targets for Director?

like

Have you found using a standing desk increase your productivity? How else do you increase your productivity? I am so distracted all the time

like

Finding it so hard to actually get up and go to the office.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal