{ "media_type": "text", "post_content": "UPDATE: ***“likely no merit based raises unless promotion”***\n\nUPDATE: Layoffs are possible, markets are “fluid.” Leadership will not commit to saying layoffs are off the table. \n\nOverview on Business \n\n1. Financial revenue decline \n2. Cost Savings \n\nNEW INFO\n\n1. 10% short on revenue plan\n2. Turnover down significantly, 2,000 excess employees\n3. Pricing pressures are creating economic headwinds", "post_id": "5f2312a72326b7001a336d1e", "reply_count": 18, "vote_count": 14, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting" }

UPDATE: ***“likely no merit based raises unless promotion”*** UPDATE: Layoffs are possible, markets are “fluid.” Leadership will not commit to saying layoffs are off the table. Overview on Business 1. Financial revenue decline 2. Cost Savings NEW INFO 1. 10% short on revenue plan 2. Turnover down significantly, 2,000 excess employees 3. Pricing pressures are creating economic headwinds

likehelpful
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Winter is coming.

like

This is after they made you stay up until 6am reviewing PPP loan applications?

likefunnyuplifting

the partners were probably like "here get some practice processing these loans because you're gonna need them in a couple months". sad.

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Well...

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likefunny

Not really a shocker. Pretty much expected bonuses and raises to be gone, people to be fired - sorry, performance dropped. GE hit next year is going to be huge, newly opened $400M training facility that’s collecting dust, day to day revenue down, very limited turnover, etc are all huge headwinds. I don’t see a lot changing going out to Q2 FY21 since most of that won’t/can’t be fixed by then unless they severely cut.

likesmart

@K1 While it sounds like a good idea on paper, can you imagine how run down it would get? Also that place was not designed with social distancing in mind. In fact its designed to be the exact opposite of socially distant. Probably would be a disaster

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at least they’re being transparent - RSM committed to no layoffs and then laid off half the seniors in our office

likeupliftinghelpful

absolutely will not be another round of layoffs after 10-15. Tax will most certainly not be over staffing plan and revenue is way up

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The "excess" employees always catches consulting firms in a downturn - they model in a very predictable voluntary attrition rate that grinds to a halt whenever things tighten up.

crazy times.

No raises at Crowe, even for promotions

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After banks, layoffs to begin at Big 4's brace for impact!

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Come on already..... ready to find out promotion decisions. Pray for me FB fam.

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