No layoffs no cuts to wages but they did a hiring freeze, said not to expect bonuses, are still moving ahead with planned promotions, offered voluntary temporary partially paid leave for families to manage the burdens of virtual remote work and family needs, and the partners are taking a pay cut. I’m so proud of EY and it’s leadership. Layoffs don’t save a firm money - they actually cost a lot.
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Lack of leadership. EY is laying off people for no reason. Favoritism is EY's best friend. so if you are not one of the friend of a Partner who goes to play golf with them, you are sure in the checklist for layoff.
If you have not been let go this year, and expected to have promotion next year. EY will use you overtime through this year ,and separate you next year. very likely chance and pattern EY follows.
EY doesn't believe in commitment and loyalty at all, they just see money. Dishonestly and falsified is EY way to on seperation. Since they have good lawyer, they know they can get away with wrongful termination to cover their a–.
Major layoffs on 1st Sept 2020.
Layoff decisions coming from top with no input from partners on the ground. Friend is SM in top quartile of group, up for promotion, sold projects in last few months totalling $4M+. Laid off this last week with no warning. Told not performance but no future with company. Funny since was being road showed for possible promotion next year. Told by partner in upper ranks EY first cut those with performance issues and then those with larger comp pkgs that they didn't expect to be able to promote in next few years to get to 25% of cuts. No apparent input from partners on ground. In like business myself. Trying to understand how laying off your top performing people who are bringing in revenue makes sense in the long-run.
Definitely layoffs happening. Was told yesterday that I would either be moved or laid off in a few weeks.
The layoffs have just begun. In addition to "non-profitable" partners and the aforementioned senior managers (although I think it is way more than 200 SMs), they are now going after the admin partners. There will be additional layoffs and the people remaining can expect a pay cut. EY isn't being amazing - leadership is being disingenuous with the kumbaya All Hands meetings.
They just laid off 200 senior managers.