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Rising Star
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I am WAY TOO nice to be in public accounting….
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For professional service firms, we plan on a certain amount of growth and a certain amount of turnover When those are not as planned, you slow down hiring or have layoffs.
Really, the economy and market are not that strong. Not a lot of IPOs and acquisitions/divestitures. Companies managing earnings and challenging what they spend
I was a casualty of the KPMG lay-offs in 2023. The reason given was not enough people left the company as they had budgeted for and had to let people go. They let go of people in my group who were fully chargeable for that upcoming tax busy season.
Unpopular opinion, but the best and brightest aren’t being let go - for the most part. Nor are the best and brightest the ones being truly replaced with offshoring.
Ultimately - and not a lot of folks want to hear it - it’s up to those that remain onshore (if you want to blame offshoring) to perform at a high level. Mediocre is not going to pass it anymore in an employers’ market.
This is BDO tax for sure. They're sending majority of the work to India to be cost efficient so some of the staff struggle finding work and have to reach out to other offices to get their billable hours. Managers give little support and career advisors is a joke.
Also have to deal with the politics in the office. If one of the "popular" managers don't like you then other managers will have that first impression. You need to be liked by the right people in your team to be safe...and get more work and experience in various projects. I've seen so many staff deal with drama like we're in high school...after 10 years working there, nothing has improved to make me proud to be at BDO.
Yall keep making excuses.
It’s offshoring. Everyone is sending work to India.
There are many articles from firms and professional organizations that not enough students are entering the accounting profession. If the work increasingly will be outsourced to India, what is the point of pursing an accounting degree, and what is the future of this profession in the U.S.??
Rising Star
There haven’t been any crazy changes in the last 100 days or so? Ok 👍
They’re laying off employees here while hiring overseas. I’m sure the cost of labor plays a major role, it’s cheaper to offshore positions than to retain jobs in the US
this hits so hard
RSM laid off over 200 people in tax this Monday and then bragged about having a 56% margin last year on the all hands call.
Offshoring = High margins
Have you been hiding under a rock? What do you mean no significant changes? The whole industry is in the process of being shipped overseas
Not sure where you are getting 70 percent from. Even the Big 4 who have been at this a lot longer are nowhere close to that. The reality is if the firm could double in India it would be about 30 percent.
Stop fear mongering
In addition to all the above, federal contracts were a significant source of revenue for many firms
India
Clients are hesitant to spend money due to uncertainty, which impacts professional services firms directly with any planning/consulting services as well as M&A work if they are putting deals on hold. That’s just part of the puzzle - many more factors too.
Tax is cooked with offshoring
How am I (an associate) supposed to be good at my job when they don’t give me any work to practice with?
Using it as an excuse to offshore
The responses to this thread is fair, but no one’s talking about the push to replace bodies with tech as well, not just offshoring.
They want to offshore more work to india and give more jobs to visa workers from india even if they aren't qualified to do the job. Regardless of our political leanings, we all need to make it well known to anyone in office or running for office we do not want this and it is not good for us.
Budgets & planning are looking at the future. The future, at least in the next 6-12 months, seems uncertain due to the political climate. So, companies in industry are pausing new investment and reconsidering hiring service providers. This trickles down to service providers who have to read the market and react accordingly
The firms also anticipate a certain level of attrition and I just saw an article a few days ago there is not as many people leaving these firms as anticipated.
JP Morgan is predicting a 60% chance of a recession even if Trump repeals his tariffs. We are already halfway there since Q1 saw negative growth.
So companies are holding off on spending and cutting what they can if it’s not a necessary expense.
Check the current stock market…
Is this recession in the room with us?
The public accounting model assumes 20% turnover.
All the jobs are being shipped to India. They'd rather pay 2-3 people there than pay 1 person here
High interest rates = less growth
I also agree with lots of offshoring. Covid helped accelerate that