Related Posts
Any word on layoffs at JPM?
Which B4 has the best M&A Tax department?
More Posts
Worst on boarding experience for CTS.
I think Elon Musk is hot.
Pro
Favourite Super Bowl spot?
Bowl Leader
Cause of death - Waiting for the response from HR
Need 11 likes to unlock features
Additional Posts in Accounting
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
B4 levers for slowdowns
1. Slow hiring
2. Stop hiring
3. Cut internal expenses like holiday parties, travel, hotels etc
4. Cut bonuses
5. Limit salary increases
6. Pip low performers, you probably know who you are today.
7.Layoff internal workers
9. Cut bill rates for clients to buy
10. Layoff people who are good
We have a ways to go before we get to 10, it seems like we’re still hiring in certain areas but not in others so idk
It got downsized.
We are nowhere near needing to reduce headcount. We are still in hiring mode in my practice. For all the younger people on here that have never seen this, boom and bust periods are a part of every business cycle. Just keep doing your job and doing it well - should reductions be needed someday (which I doubt - this has been a very minor recession and doesn't look like it is going to be bad from a historical perspective), they always start with the worst performers. I don't see us needing any reductions in professional staff in the next year, based upon current work and pipeline in my B4 practice.
And what’s your service line?
Pro
Don’t think accounting is going to do lay offs.
Pro
Audit only laid off during COVID to be nice to the people who were about to be fired for performance reasons (not joking.)
“Ok, we’ll call it a layoff. You’re welcome.”
Deloitte consulting is definitely going to do layoffs. Its a core part of their operating model regardless of economic conditions.
PwC doesn’t do layoffs. Distributions of associates getting pips may increase.
I’ve seen first hand the Big 4 unable to bid on new tax work because they don’t have capacity. I don’t see layoffs in Audit and Tax happening anytime soon.
We’re bidding everything at my big4. We’re just 30-40% higher than others. 🤷🏼♂️🤷🏼♂️🤷🏼♂️
I would guess no to layoffs but may slow down hiring or freeze hiring. It’s anyone’s guess, really, and all of this is very closely tied to how high the Fed keeps raising interest rates
I will say that CohnReznick had a crazy referral bonus incentive to refer new employees slated to end on 10/31 ($20,000 for ANY new tax or audit senior and $25,000 for ANY manager or above in tax or audit), and they recently opted to extend this hiring incentive till 12/31, so that at least shows you what CR thinks about hiring and layoffs right now
Meh. I don’t. We’re expanding and you need to pay up for good talent
I think layoffs are just a way to keep tech workers on edge so they lower their own value.
What recession!!!!!
The economy has grown in nominal terms the last 3 quarters. But when you factor in inflation then we are definitely backsliding...
KPMG did a small RiF in Digital Nexus (internal IT) about a month ago. I suspect it’s a sign of things to come…may not be company wide but will likely be targeted based on pipeline.
Reduction in force
We don’t even have enough staff to perform our current work 😂 at least in my practice layoffs would be negligible.
- employee within an annuity type practice
IF it is bad, I would image some groups would have some layoffs.
Maybe for advisory?
I literally can't see audit slowing down in hiring rn, but I know that the other service lines have slowed (think speciality lines)
As someone applying, I’ve spoken to PwC and KPMG recruiters who both said they are “evaluating the business need for additional Senior Associates” at this time. EY seems to be eager however.
Funny bc EY told me the same thing. I’m not in audit though.