Layoffs — has anyone’s company / firm “assured” them there would be no layoffs during this crazy time? And if so, how much truth do you think there is behind that?

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Deloitte said no covid layoffs but our year end review is now and I’m sure they will lay-off more than usual based on “performance”

likesmart

Zero confidence. They implemented mandatory PTO usage for the next two weeks. Once everyone is negative, they will lay-off.

likehelpful

Problem is that my pto isn’t accrued. I haven’t taken any this year and I accrue only 96 hours per year.

I’d be more concerned if a company made this promise. No one knows full financial impact yet so any assurance is just wishful thinking.

likehelpful

Mine said that but the language was vague. Not surprised since we have a lawyer as a CEO

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Visa ceo said no Covid related layoffs

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But the entity is “over capacity” so they can cut anyone because they have too many bodies.

likesmart

Surely every firm uses this as an excuse to trim the fat and eliminate the low performing and those on PIPs

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EY said there would be no layoffs related to Covid but like someone else said, that might just lead to performance based cuts 🤷🏻‍♂️

likehelpful

EY said for the "foreseeable future"...

who even knows what that means?

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Booz Allen said they wouldn’t lay anyone off due to covid until July 1.

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I'm sure they'll accelerate some layoffs that would have occurred anyway. But I expect some movements

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Mass layoffs now wouldn’t be good PR. Wait till the dust settles, that’s when they make their move.

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All Big4 will probably trim some fat after this all settles out. If you are on the bench I would start making moves.

likesmart

The wording my firm used was vague, and related to low-performing employees being laid off faster than usual. Although in my industry, the senior staff with experience who don’t have their CPAs yet (which prevents them from being promoted further) could also be vulnerable

In audit and tax, seniors are simultaneously the most scarce and in-demand when it comes to getting work done (I.e., there aren’t a lot of us and we pull a lot of weight) and are relatively cheap compared to higher level folks. I actually think senior associates would be the most immune to layoffs.

Source: I am an experienced senior associate without my CPA - though in progress! - and praying for the best.

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What do you think ? Flowery whispering is de rigueur for turkeys when Thanksgiving arrives

Mine. No lay off or pay cut.

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https://trak-in.cdn.ampproject.org/c/s/trak.in/tags/business/2022/08/20/1-2-lakh-cognizant-employees-resigned-in-90-days-36-attrition-is-cognizants-2nd-worst-quarter-ever/amp/
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