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Any idea of the promotion and bonus 😅in EY
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Chief
At PwC we went through this in 2008/2009. To avoid cutting headcount raises were stopped and bonuses reduced. All the new hires offers were kept although the had terms modified (start dates, base). We weathered the storm and care out stronger in the other side. We don’t know what’s going to happen so they are taking precautions to be in the best shape possible to make it through the recovery.
Rising Star
I feel like some of these comments are using what’s coined as “toxic positivity” where they’re saying to be thankful you have a job and shut up. I don’t think that’s fair. You’re allowed to be frustrated, you just have to find the right crowd to vent to as to not rub it in people’s faces who are facing unemployment. You’re allowed to feel things.
I don’t know your situation, OP, but I’m very frustrated for the younger people in my office who have been up for a promotion for months whose bosses dragged their feet and yet they have to continue performing on a higher level for a lower title and peanuts for a salary. I completely get that no raises means more job protection which I love and appreciate from my company— the idea of someone losing their job because someone high up ~had~ to get their raise is bologna, but it’s still valid to be frustrated that there isn’t a more concrete plan showcasing who will receive recognition when the time comes about. Our raises and promotions are so political it’s a joke, but there are people in my office doing nearly associate director level work who are being compensated and slated as junior (or just above) levels. When promotions come about, it’s not going to be for the junior people killing themselves over the work in my office, it’ll be the people who log on for 3 hours a day and just hop back online when they get an email.
If you really know your job is secure, try to work out a plan with your boss to get you to that promotion after your company lifts the freeze. Ask what you need to work on now for the promotion and that way you can already start the checking off process. Get some of this documented in emails and regularly check in to see if your actions satisfied requirements/ ask for work that will allow you to reach these goals. At least then when the time comes you’ll be ready and will just need to “get in line” as opposed to being bamboozled by your boss who at that time may not admit or recognize the level you’ve been working at.
Rising Star
Nice post. Although, I would say if you're working for someone who only logs in to check emails for 3 hours a day; let's be honest, you're already fcked even before COVID, right?
Some say the best talents are kept through a crisis. I will also say the same for bosses. The cream rises to the top.
Instead of complaining about a promotion or raise be grateful you’re not out on the breadline this year wondering how you’re gonna feed your family or pay your bills. Yes it sucks, you worked hard and want to be compensated but shit has hit the fan. There are no exceptions.
Rising Star
At least at EY, our “performance based bonus” has always been based on firm-wide performance.
Rising Star
OP - this attitude is such a bad reflection on you and PwC
Definitely makes me want at Deloitte. Get the big D
What the hell OP. Many of your clients are literally going bankrupt. Cash flow is 100% an uncertainty. Did you really expect that they would increase their expenditures when the situation is wildly unpredictable? And then having to lay you off?
Everybody is losing, everybody will lose something. Be thankful you still have your job
Chief
Had a similar situation. Our team was winning huge accounts, the agency was have a great Q1. No raises, no bonuses until 2021.
The reality is your office is being told to prepare for the worst case scenario this year, so they’re cutting every future expense they can get their hands on.
It’s not fair, but it’s the reality of a global pandemic and an unpredictable marketplace 🤷♂️. It’ll keep going for awhile.
OP I have the same thoughts as you. My frustration mainly stems from the bonus side. I understand liquidity concerns, etc. but bonuses are based on the prior year’s performance and funds should theoretically already be set aside for that.
Think about it this way - if we had a crappy fiscal year except the last 2 months were great, do you think we would all get great bonuses or would the firms say “most of the fiscal year was bad, sorry.” Yet when the majority of the fiscal year is good except the last 1-2 months we won’t reap the benefits?
Op- Well done for all your hard work. And it’s very ok to feel the way you feel right now. But look at it this way, everyone got impacted with this pandemic, for some they lost their lives, others now have a bad lung or something, some are losing livelihoods and jobs, some bankruptcy. You may lose your promotion and bonus, hopefully that will be the worst case scenario for you and you can bounce back in a year. What you can do professionally is document and get that recognition from your team and leadership, so that once this phase is over, you can leverage that with future conversations for a promotion or bonus. Change is the only thing constant, use this as a learning opportunity to improve yourself and your future. And In this thing called life, this will not be the last time you will be disappointed. Good luck!
Thank you so much for these words 🙏🏻
I get your point guys but consulting is always winning ! My SO is at BCG and we both are “selling” engagements on treasury and liquidity and COVID impact analysis, and post COVID strategies and roadmaps... business is very OK that s why I don’t get it !
BCG cancelled on their summer interns so...
Pro
Same here. And my team has actually won post-covid work.
But the last time this happened a ton of people got laid off and my pay got cut 20%. If my salary is at status quo I will consider that a win in this market.
I look at it this way. The strength of our performance heading into this downturn protects jobs and puts us in a better position to come out of it. If I can go to sleep at night and NOT worry about how I am going to pay the bills, that’s a big win.
Another thing to keep in mind is that doing the work and getting paid by the client are separate events, with payment often happening several months after project completion. Given many major companies (Nike, wework, Gap) did not even pay their rent for April, it’s quite possible that clients are dragging their feet on paying invoices or renegotiating consulting fees. And consulting firms may also be giving big discounts on future projects to keep the relationship going in the short term.
Your frustration is valid... not getting recognized for a good job as expected sucks. But the whole situation sucks and most people are going to suffer in some ways, big or small, when there’s a big economic downturn.
OP, this is such a poor attitude. Are you unaware of what is happening at our clients and across our firm? It’s great your team is not impacted, but that’s not the case in every group.
I am so grateful that:
- I still have a job
- I have not been furloughed
- I have not taken a pay cut (although this isn’t off the table)
- My PwC colleagues are able to keep their jobs
- Leadership has been transparent with us regarding what decisions they are still looking at.
It’s time to evaluate your values. If you’re not willing to make some sacrifices in the short-run, maybe it’s time you look elsewhere. The grass isn’t always greener.
Blanket policies of no raises and no layoffs create the wrong incentives. We all know that 20% of people who will go above and beyond on a project and will deliver over and over despite their peers not being willing to do so. We also know that group of people who aren’t making any huge mistakes but are obviously cruising. If keeping 100% employed means shitting on the 20% that have always gone above and beyond for the firm in their work and performance imho it’s better to put some people on the breadline in order to preserve the progression and motivation of your best people.
Those blanket policies may also create some resentment across service lines, with the audit/tax people upset that they’re making sacrifices to keep the consulting side afloat.
Chief
Projects might not be canceled but liquidity might be an issue - but i feel you. Mind sharing which office this is? I haven’t heard anything yet
Pro
I’m sorry to hear about your situation. There’s a lot that’s unfair about our current situation. Different people are affected in different ways, but we’re all affected. Things will get better.
Rising Star
OP, the fact that you think the impact of this at PwC is limited to “a few engagements postponed because they require traveling” shows you don’t really understand what’s going on. That’s great your group is selling work, but firm wide performance, and particularly cash collection, is going to plummet this Q. It’s going to erase the entire year.
Large, seemingly credit worthy companies are not paying their landlords to the point where the SEC and FASB are issuing special guidance for handling lease modifications (temporarily). If they don’t pay their rent they’re certainly not paying their consulting fees.
OP, what office? As far as I’ve heard, no bonuses haven’t been announced and they are still promoting.
Rising Star
Same here OP, our performance year just ended in March and we are getting minimal to zero bonus/raise. It’s unfair because the firm already cashed in the revenue for the last year so it seems odd to withhold our last year bonus, but, I assume they are making this hard decision to re allocate the $ to keep the business going. If that makes my job security safer, then I have to accept it
Strange op! You are thinking about promotions:). Are you thinking you are living in an island with a self sustained economy?
Let’s put it this way. If OP and some of the individuals that told OP to be grateful for a job both get laid off, who do you think have a better chance of employment?
Rising Star
Based on the critical thinking shown by OP’s post I’m going to put my money on the others.