What are big four companies doing in response to COVID? KPMG US is doing everything they can to prevent layoffs - getting rid of variable compensation bonuses and 401k match before making layoffs

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The framework is standard:
1. cut op costs
2. Offer FMLA, part time, or non paid time off
3. Reduce benefits - usually cut in variable pay, bonus, 401k match, etc.
4. Salary cuts - usually 25-50% at sr. Leadership and then 5-25% at lower levels
5. Forloughed
6. involuntary terminations

All of this will be based on comp. models and financial forecasting. I’ve seen (and sadly advised) these steps before. Each company will have different flavors of what this looks like (eg. No tuition reimbursement for 3 or cut holiday parry at 1).

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I’m not at Pwc anymore. Where I’m at is at stage 4.

I worry that companies will eliminate everything but not return anything once back to “normal”. Everyone I know that has been at places that cut pay/401k/benefits never received anything back. Companies use it to reduce their head count and future current liabilities and just carry on forward once everything corrects itself. They know they can because we continue working or are easily replaced anyways.

To note, Capgemini instituted a mandatory 80 hour vacation usage policy (I only get 96 hours) but is still handing out variable comp. They continue to take away Staff, Senior, and Manger benefits but protect upper level. I was looking for a new job before this and it’s why I will continue looking for a new job after this.

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This was my exact thought but I don’t have a high enough title to question why it’s happened. I just get told “solidarity”.

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They haven’t officially done away with 401k match yet

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No ice cream / Steaks this summer

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