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Although Amazon has instituted a hiring freeze and layoffs are probably on their way, I went through the loop for a security engineer position at AWS. Before I attended the final interviews, Amazon placed the hiring freeze and called me to ask if I wanted to go ahead or cancel my application. I decided do go ahead Right now I'm waiting for their response and the position I applied to changed from "under consideration" to "no longer under consideration". Thoughts?
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My humble opinion on this. 1) pwc introduced the cohort system, similar to what MBB, booz, ATK or other firms have. Which is the right way to manage it. However the change management is painful because we hired a lot of people from industry at the top of the bands and that was never communicated. To be fair, I heard that is a very common problem in industry (eg, Google has that problem very frequently, they sweeten the deal for engineers to come in but then they can only offer 1-2% increases because they are at the top of the band) 2) the industry is slowing down for a different set of reasons, advisory had been growing double digits over the last few years and we probably over hired. So we made tougher decisions during CRTs. At least on s&, there were no headcount targets and most, if not all counsel outs, made sense. I might argue that in some cases, should have happened earlier but the partners wanted to respect the process and ended up awarding some people very long paid vacations. 3) there is discomfort in advisory because the value proposition of S& has not been clearly communicated and because a lot of my colleagues act like jerks and look down on pwc advisory not appreciating the fact that we made a lot of money and had a lot of growth opportunities thanks to the acquisition (eg, some direct promotes from A to SA which essentially doubled their comps, we became very aggressive with promotions -- SA to Mgr in 21 months, School to director in 3.5 yrs) 4) RPs fucked it up because they should have had the conversations all at once, no matter how painful. Having this scattered schedule creates the perception of a never ending cycle. All cuts should have been announced before promo day. If you are gonna rip off the bandaid, do it all at once.
Forecasting revenue in professional services is an impossible feature unless your work is long programs with steady revenues. You never know. We might believe that a particular client might have a need but could be nothing or $50M in work. You expect all your partners to bring something to the table but the timing of it is complicated. Plus, a lot of what we do is discretionary spending. If shit hits the fan, clients might pull spending. I think the firm should stop the cuts right now and see what happens. Cutting too deep accelerates attrition and you lose muscle to rebound when the market is positive again.
care to elaborate? just trying to understand what all the angst is about. Low performers let go or riff due to soft market?
Strategy& 1 - well said.
Internally just not at the sa level and below
Do you even use this app? There are a ton of posts about this, enough so that you can get the big picture.
Problem is they still don't know if the made enough cuts, right now there is still a proposed layoff before bonus payouts in October. This means that leadership has no clue or can't accurately forecast revenue for the firm