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Fears of a recession are reasonably causing people to take a second look at their job security. Seeing as many lawyers are working in specialty tax within PA how many of you are worried about a potential slowdown/layoffs within specialty tax? If not why do you feel you won’t be as affected? Deloitte EY PwC KPMG BDO Grant Thornton RSM Baker Tilly Crowe Andersen CliftonLarsonAllen
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Soft layoffs at ProServe today ?
Hi All, I am about to have salary discussion for an opportunity with Credit Suisse. Can you please let me know what is the max salary that can be offered to 11 YOE Java developer joining in AVP position? Do they offer VP position to 11 YOE by any chance? Also how is the current situation within CS considering all the financial turmoil and layoff news? Will it be a wise decision to move to CS from Barclays at this point of time?
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This is a definitely a time where one would be glad to be a top performer and continue to maintain that. Have some friends who’ve gotten bad reviews and are now stressing about being PIP’d. Tough for sure.
Agree M5.
Also would add #3, your vertical/industry/practice outlook.
With interest rates continuing to go up, it doesn’t look like the consulting industry is going to recover for the foreseeable future. Fully anticipate more layoffs
M3 how did you make manager? Lok
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Layoffs for sure
AI. They say it free up time spent on trivial tasks then you can focus on things that matter. Learning AI is one of them. Then you will be layoff safe.
Layoffs are already here
Yep. K has done 4 rounds this year
Build or strengthen company unions. Demand better pay and benefits.
SC2 teachers would be one example
100% more layoffs in next 2-3 quarters
So late next year?
Anyone who said a recession is coming anytime in the past three years hates you and doesn’t want you to succeed
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Teams will continue to be lean for sure!
Most companies are trying to reduce overhead & the best way to do it is by reducing staff count. Only those who are absolutely indispensable will stay.
In times like these, continue building your network, make connections & hold on to your job unless you find something better. It’s going to be a long wait until the job market resumes normalcy.
Layoffs already happening. I was just impacted as were others at my company. It is what it is. This is the park and these things happen.
But there are lots of jobs out there so keep the faith and find another one.
Not at PwC…we don’t do layoffs ;)
It’s already happening
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what Ive always appreciated from consulting is that it keeps you real on which skills are in demand. Make sure you upskill on things that are in demand. What will happen in professional services organizations is that they will pivot to whatever skills are in demand. This will also mean that as they pivot some people will find that there is a gap between what they bring to the table and the market. Be open to new opportunities and dont say no to opportunities even if you think is your cup of tea.
Most layoffs that Ive seen is because people cant shift to what is in demand.
As an example... don't build your career as a PM. Way too many out there. Only if you are early in your career.
Also... the best opportunities to build a career around are the not so obvious ones. Less competition. So if someone knocks on your door with something you may not be interested in, don't just shut it down.
I think it's very early to tell and likely there will be different fields that will require specialization. Would you focus on building AI products? Im guessing that the implementation and architecture of large gen AI models will require specialization (specially when built at scale). Or as a user of AI? As a market analyst? If it were me today, for example, I'd try to get deeper into how to build and train Gen AI models. ChatGPT is just one product but the power of AI comes when its being used for applied fields IMO. Im guessing that in academia a lot of the focus is on algorithms and design principles, but architecture and engineering will be evolving over time as we get better at building them. If you are talking about "prompt engineering" I dont think there is any barrier to entry and the field will/is crowded easily.
Anyway, havent fully thought this through so obviously take my unfiltered thoughts with a big grain of salt.
If 2023 has taught us anything - we should all acknowledge that making these predictions is futile. A little bit of humility is in the order.
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Or that we can predict better than our leaders..
On the horizon???? My friend the question is - will layoffs ever end? High performers were getting laid off since May
They’ll end when costs align with revenue targets
Yeah. Housing market and inflationary pressures are going to add the overall economic conditions. I would expect if your firms have not gone through layoffs, there will be offical or unofficial layoffs in the next 6 months. I suspect around Feb-April time well see a massive correction that will impact everyone.
Let me text Jerome Powell and get back to you
Absolutely got laid off on Friday.
I am so sorry! I hope you find something better than the last job .. rooting for you!
It is either going to directly affect your firm or your clients'. So, establish a good brand. Get on a project and just keep billing... It won't guarantee survival, but it will improve your odds.
Professional/business services is a jobs growth area in our economy. You can relax
@D1 this just shows account of people not month-to-month or year to year trends just because one month had some hiring doesn’t mean that as an industry it is going like gangbusters.
@EY4 we also forget that during the pandemic, some businesses grow 100%+ if you have a layoff that has roughly about 5 to 10% you still have a net positive gain in person now over the last few years. I’m not saying it’s not hurtful I’m not saying that layoffs don’t suck but that’s the reality we’re add a net positive.
Unemployment does matter for this population. If you took any Econ class, you would understand that anyone that has more than a bachelors overall has a lower unemployment rate than the general population so the general unemployment number is actually higher than people in our industry, although that may have changed a bit because I’ve been reading articles indicating that People in tech and business are having a specific type of recession, but I just look at that as Clickbait given that the actual bureau of labor and statistics paint the picture to be a bit more rosier than people may consider given how much the media has cried wolf at this point around a recession.