Thread regarding Ernst & Young layoffs

Ernst and Young Laying Off Great People and Keeping Their High Paid Partners Who do Little For The Partnership

How much longer will clients be willing to pay longtime Partners their $1m-$2m salaries at EY who no longer deliver any value? Time for the good old boys and girls club to be sent packing. It’s the delivery staff who brings value to the clients.The Netflix series “AWAY“ depicts just what the Senior Partners at EY are doing, traveling their way to Mars with no idea what’s happening on earth. Laying people off and forcing Partners, MD’s, and staff to leave under the guise of underperformance, when it’s factually not true, is a lie, and is be a breach of their ethics and promise to the market. Shame on you! Big layoffs to come...

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Post ID: @OP+16RY6CIU

4 replies (most recent on top)

This isn't the new norm, this is how it was when I worked for them when they were E&W 35 years ago.

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Post ID: @mpiq+16RY6CIU

Companies will make up any excuse to get rid of people. At the end of the day, it's nothing to do with the employees but everything to do with meeting shareholder expectation for the next quarter earnings. Also, it's covid-19. Majority of the industries are making cuts to meet the numbers. You might be a great employee, but if you're over 50 and make a decent salary and have only skilled in a certain area, the company doesn't need you. They will replace you with some young guy with low salary and a quick thinker willing to work long hours (and weekends). This is just the reality. This is the new norm. Also, don't expect to get another job right away. It's a tough market out there. Lots of competition. You'll be lucky if you find a job in a few months. It's been three months now, and I haven't found a job yet. No one wants to hire old people with just a few set of skills - even if they are experts with those skills. Time to collect unemployment.

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Post ID: @3jbx+16RY6CIU

How were you notified of your lay off?

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Post ID: @1hia+16RY6CIU

Yes, they even lay off good performers and senior SM because they cannot provide them a path forward as promised for years. Instead of admitting that the firm has not been able to provide the growth they promised to high performers for years, they put it on the high performers saying it is a performance issue. They don’t want to tell the truth because then nobody would stay but there is very little path forward for senior managers!

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Post ID: @1qqr+16RY6CIU

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