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Outsourcing domestic jobs abroad is a piece of the equation
Lower attrition to a degree. But I’d argue offshoring is a far bigger factor, and AI increasingly so. Why keep or hire US folks when you can hire offshore for pennies on the dollar and then just expect the remaining US folks to clean it up without a word because they don’t want to be laid off next
It’s happened every year since 2022, so safe to say you should expect it at least one layoff cycle every year going forward.
Outsourcing to cheap labor nations is a huge factor. With each task you hand off to India, South America, Africa, or SE Asia, you take another step towards training your replacement.
Exactly my thought as well. Feels like outsourcing is just hurting the next generation that will become managers
i think low attrition rates (meaning people leaving the company less then what was originally anticipated) played a factor or at least thats what they say. The federal jobs in the IRS is simply because the new administration just wants less people working for them
AI is going to replace us quite soon.
I don't believe the narratives. Layoffs are a regular part of the industry. There are plenty of openings, and those willing to work are finding opportunities. Of course, there's often a mismatch between what people want and what they're getting — but that's a different story.
So yes, even if layoffs are happening, organizations are hiring too.
I strongly don’t want to believe the negative narrative, especially since I’m looking for work myself — and believing it's true would be crushing.
Have you ever thought from this angle that companies don't want to give a hike or promotion to the existing rightfully demanding employees so they think its easier to replace them with the new desperate crowd and then repeat the cycle in few years again! Its true, if you know industry know it for good, don't create panics.
I thought there was an accounting shortage?
Please note AI isn't very great at the technicalities of accounting decision makings, a lot of intricacies go into decsion making process required under the IFRS and GAAP. The complexities are always new and unique in themselves and may not repeat, the business world is becoming complex day by day, there is not enough repository for AI to train on yet ( or probably not available in public domain), so please chill and up your game from basic accounting and you're good.
Where have these layoffs been happening? I feel like every year people declare public accounting of dead because of 1-5% at some companies get laid off.
Yea it’s rough getting laid as a first or 2nd year associate, and an awful look for PwC
The bots are coming for all industries
It just seems after 2020 there’s been news of either hiring freezes or layoffs every year April-June. First its public accounting firms at the top 10 with its 1-5%layoffs. But this season it seems it’s both public and private industries.
I suppose with AI, offshore, plus the political climate, this year seems the worse for the business sector.
That used to be the lay of the land. That’s a myth now.
Soft economy... Now they just thin the heard every review cycle most are in non peak season after audits/taxes completed.
Layoffs in May was always the norm in accounting firms. No surprise that it went back to that now since the new administration has created so much uncertainty in business.
My parents worked at Big4’s and layoffs were basically part of the business model when they graduated college, this last round seemed to be as a result of overstaffing though