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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.
Few engagement postponed because they require travelling, but overall people are working from home and the ones that should be on the bench are taking their payed days off ! We even have some significant wins..
Rising Star
OP, when is your fiscal year end? Like when are bonus and raises paid out?
Bonuses paid in Aug - raises effective in Oct.
@OP which country are you from? PwC US has not declared any changes to CRT, promotions or bonuses. Everything is currently TBD
Chief
What level are you op?
Deals may be getting won, payment is still a huge question mark. You also have to consider the sectors. If your firm has both federal and commercial engagements, they may be severely impacted for the commercial projects
To frame it differently, my friend works at a hedge fund. If they are up on the year he still gets a huge bonus. No one in his office is saying, ah, due to covid uncertainty even though we are up, no variable comp. Why should consulting be any different? Sounds like an earnings shell game if his team is actually killing it.