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Those who tuned into KPMG town hall, thoughts?
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Repeat after me - Market Adjustment
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Thoughts on tech advisory KPMG vs PwC
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Well since AFR rated Barbara Pocock the highest influential person with the consulting sector - perhaps you could ask her 🤣🤣🤣
That’s a fair response…! But do you know of delays, tho…
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Edmund, that you? 😝
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Love your work, especially your coverage of Big4 pay freeze and layoffs shenanigans of 2020 at Deloitte. Also enjoyed reading Aston's coverage of Qantas' shenanigans.
Journalists speaking truth to power are rare in this country - even at AFR/Fairfax, essentially becoming not much more than regurgitators of press releases and published statements.
Many miss the point that if one side says it's raining and the other side says it isn't, their job isn't to report what was said but to actually tell us if it's raining or not.
Keep up the good work.
Here’s the piece: https://www.afr.com/companies/professional-services/strategy-firm-bain-delays-new-starters-by-up-to-10-months-20231011-p5ebeh
First few prs:
Bain’s Australian office has delayed the start dates of its roughly two dozen new joiners until as late as October next year and will not confirm when they commence until “early 2024”, a sign the strategy consulting firm remains uncertain about its future workload.
The move, which has upset many of Bain’s 2024 recruits, contrasts with McKinsey and Boston Consulting Group, which both locked in start dates when their new local hires signed up earlier in the year.
The delay is the latest signal that the advisory sector is slowing. Increased scrutiny of the industry, triggered by the PwC tax leaks scandal, has led to a decline in public sector demand, while private sector demand has been hit by the general economic slowdown.
The local arm of big four firm EY has also delayed, by an average of three months, the 2024 start dates of 67 of its 555 graduates, or about 12 per cent of the cohort. Deloitte Australia, which has hired 1350 graduates, and KPMG Australia, which has hired about 1000, are not delaying 2024 start dates.
Accenture now continuously hires graduates throughout the year, bringing on more than 40 since September, and has not delayed any start dates. PwC Australia, still battling to win back public trust after the leaks scandal, declined to comment.
Hi Edmund! Haven’t seen many graduates around lately. But then again I work from home.
Nothing communicated about grads being delayed (yet) and we have vaccies due to start over the summer. Seems biz as usual. You’ll probably know closer to Dec/Jan depending on how soft Q2 is.
Just wanted to say, huge fan of AFR thanks for keeping us informed and the powers of be in check. I am not sure of the exact details but have mutual friends at Morgan Stanley in IB who might have had a delayed start
Thanks for all the help. The article will be out Sunday/monday. I’ll post it here too.
You know mine better than I do so you tell me!!
Haven’t heard about PwC, but I may inquire now…
Hey Ed, which firm has delayed start dates ?
Ok, I now think it’s at least one big four delaying some grads.
At Accenture ANZ, there has been a consistent rate of redundancies for months, with a newly implemented aged bench process. Any individual on the bench for 4-6-8 weeks is placed on a watch list, with redundancy consultation beginning at week 8 for departure by week 10. We have postponed graduate intakes, as our Analyst cohort has been challenging to staff. Consequently, facilitating the exit of Analysts from our FY23 intake. With already hundreds of people impacted - the pace is not slowing.