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These Firms are managed by a spreadsheet. Sunk costs are not relevant but hitting certain levels of profitability is important. If the spreadsheet says these employees must go then you have to do what the spreadsheet says. This is the other side of Oz’s curtain. On one side there is “Millennial Retention Theater” and this is the other side.
Because no company really wants to make the relationship worse. They know that people talk and they know that eventually some of these people will bring them business. Being laid off with a title and/or bonus is better than being laid off without.
Tax Manger 1, Millennial Retention Theater” is a term I made up for all of the signage, social media campaigns and narratives (that’s the Theater) that Firms use to recruit and retain staff and seniors. Broadly, the theme of these campaigns is “It’s all about you!” or “Take your career wherever your goals lead you.” This production is led by people within the Firm monitoring retention and recruiting metrics. The name of these programs is made up but that doesn’t mean they’re not real.
Please provide context. This sounds crazy.
@PwC1 please tell me that "millennium retention theater" is something you made up and not a real form initiative. I think it's something you made up, but B4 have come up with some truly stupid names for past initiatives
@PwC1 I like it. I'm familiar, in broad strokes, with firms' retention efforts. I think your term accurately captures the slight edge of ridiculousness in all these programs
In the thread about Houston some folks appeared to give actual facts. Is there anyone here who actually knows first hand about some of these lay offs. Is it all in tax? How many? What level? Had tax really upped hiring last year or so - and work didn't come in? I thought I heard that firm felt that potential tax reform would be money spinner for firms - even if ultimately was simplifying the tax cod le
Where did this happen?
Tax layoffs happening at various offices. Heard Houston and some NE offices. Mostly staff but some newly promoted seniors.
Where are “some NE offices”? There aren’t that many and I’m assuming you didn’t just mean Boston.
Staff in my group.
Because they needed to get through busy season deadlines. Laying off a Senior and throwing the engagement into disarray a week before filing is a good way to lose a client.
I know we had layoffs in Boston post 9/15. Is this related to those? My understanding is it was due to low performance so guessing they wouldn't have been promoted...
The only layoffs I am aware of in Boston were 2 rated individuals
EY5, yeah that was my understanding too
What rank? Indy had a SM and manager get fired - both had performance issues