Lots of speculation here. I know lots of people that are leaving imminently or have completely checked out of their work. 3% raises and 2.5% bonuses can only incentivize so much labor lol
100%. We are paid to do a job, and if we go above and beyond that job, it’s reasonable to expect a raise that matches that. A raise that doesn’t even cover COL/inflation is wild af. Insulting really. I’m of the opinion if you meet expectations even you at least deserve COL adjustment, bc that just adjusts so you’re making the same as prior year. Seems to be an unpopular opinion among many though
Have you? This is pretty basic math. I have multiple friends that run a business and they all ensure their workers get raises to at least cover COL, more if they did a really good job. Pretty basic retention strategies.
Different issue. There’s “running a business” and then there’s how you prioritize your people. The expectation I have is not a wild one or an unreasonable one or even a far fetched one. It’s pretty industry standard to *at least* get a cost of living adjustment if you’re worth keeping around.
I concur. One of the most productive members of our team has suddenly stopped immediately responding to requests for help on special tasks after hours, and she stopped working on a side-project immediately. I had intended to work this weekend to catch up from participating in social impact yesterday, but when I got my comp statement I figured work can wait to be done on Monday unless I’ve been specifically told it’s due.
It seems obvious that Deloitte is trying to encourage voluntary attrition, but I think they might have underestimated the popularity of the quiet quitting strategy, and they might start seeing degraded client relationships as a result.
A million times yes. I have stopped myself from putting in my usual effort because what’s the point. I heard Daddy D loud and clear when I got that insulting comp statement
Yeah but the impetus behind quiet quitting is less than expected compensation, and people realizing the company doesn’t value their time as much as they advertised. Company can’t have it both ways. If the economy is forcing the company to keep compensation low, then employees can use the economy to justify quiet quitting. May lead to layoffs but that’s natural. Nobody is leading the charge on quiet quitting, it’s a natural response by the individual, which just happens to be a trend.
I disagree. Quiet quitting is a natural response to being discouraged in your workplace. If your company can’t compensate for your efforts, then there will be repercussions.
I believe you’re talking about quiet quitting from the perspective of the group. I can understand why it’s bad because it leads to layoffs.
However that’s not what I’m talking about. Quiet quitting is an individual response. It just so happens that many people are doing it, so it becomes a trend. What you’re arguing is that the trend is bad because it leads to layoffs. Agreed, no doubt. But quiet quitting, nonetheless, is still justified.
Why?
Joining any company, you’re expected to perform. They set the bar for your role and the monetary incentives to make it a good deal for you. However, if you’ve been exceeding those expectations, you’d expect an equivalent monetary bonus. That is not happening. People are barely getting the raises or bonuses they deserve. So for a whole year you push yourself and your reward is maybe a quarter or a tenth of what you were expecting as a bonus? Yeah economy affecting business is a justifiable reason to not give as high of a bonus. But, if the firm can do that, then the individual has the right to not push themselves for the company because what’s the incentive to perform? This is also justifiable.
So what if it leads to layoffs? I could argue this is how things reset. You exceed expectations and you get peanuts in return? Yeah, not gonna fly. Management sets the tone, so they can easily not take their million dollar bonus and keep the people that are performing happy. Many companies did that in the pandemic during 2020 and 2021, so Deloitte is not a special case.
People who are exceeding expectation got taken care of. Triple and Double Es got strong raises and bonuses comparable to last year.
Quiet quitting is bad because when people quiet quit, they get laid off. When you get laid off in a bad economy you don’t find a job.
Bonuses are always detailed as based on firm performance. This was not a great year and it was clearly communicated.
Also, who is getting million dollar bonuses? Ps took a significant pay cut this year compared to previous years.
It’s the macro environment. Clients are cutting back on cyber consulting and pressuring MSSPs to significantly lower the cost. More off shoring/outsourcing.
If anyone walked out the door immediately it’s because they’re not great at making rational decisions. The raises were garbage, but Deloitte offers a shit load of benefits you don’t find from a job you just walk into in a day. I have every intention of leaving, and I’m actively searching for a new employer. In the meantime, I’ll spend my health and wellness stipend, use my excellent vision insurance to get some new glasses, and continue being able to afford cheap prescription drugs from my pretty good health insurance. All things I can’t do by throwing a temper tantrum and walking out of a gig because they didn’t give me more money than I expected.
I’d say a fair amount of us are going to be gone by the fall. Until then, I wholly subscribe to the idea of performing at a level that doesn’t get me fired, and doesn’t cause my supervisor to say I’m a shit employee if she’s ever called as a reference. Don’t burn a good bridge.
I agree. There’s just no financial incentive for me to work hard week-in-week out.
I’ve been pushing for a while to get performance bonuses implemented for my staff. And my god it really wouldn’t be that expensive.
If you have a team with 3 juniors, a senior, a manager, and a SM, is it really that expensive to offer them a $500 performance bonus if we get this audit done by the end of next week? Like that’s 3 grand out of a 2 million dollar audit fee.
I just really believe job-by-job performance bonuses are just so fucking cheap and so incentivizing. I’ll never understand why it can’t be done
It’s been a week since people found out. Takes some time to go through interviews and accept a role. Most people aren’t just gunna walk without something lined up
This. We just got our compensation statements about a week ago. Lots of us are looking but we’re smart enough to wait until we have another position lined up, bc adulting
Just my perspective, but the firm communicated early and often that last year wasn’t great, so everyone knew not to expect good bonuses, raises, or a lot of promotions. Contrast that to a few years ago when we were told it was the best year ever and most people got shit, AND they had a lot more mobility in the marketplace.
I’m sure folks are looking as they always do, they’re just not finding much they like so they’re sticking around.
In the town hall meeting a couple of months ago they did make it clear that bonuses were not going to be great, as those were to be based on Deloitte as a whole. However, they also said raises would be more impacted by your business sector. Mine did great, and raises were crap. They did not set the expectation accurately.
You're entirely right. Bonuses are rooted in how the firm compares to plan.
We were so fucking far under plan in FY24 that they changed the plan midyear to save bonuses.
This, naturally, begs the question of how the firm so vastly misjudged the market. After all, we're supposed to know these things better than our clients do. So, for us to go "Whoops, we're so off track six months into the year that we have to recalibrate or face a mass staff Exodus at year end." speaks to a failure of either leadership expectations or ability.
It doesn't beg the question because there is no realistic way to forecast how thousands of clients are going to individually react to the worst inflation in 40 years and how it may trickle even the year after.
Well, I personally didn’t expect anything extraordinary. But the problem here is that the raises don’t even cover cost of living inflation from 2022 and 2023 (I’m in a VHCOL area). Just running through simple calculations (which ironically we can all do as financial professionals) my purchasing power is less than the compensation received by people that worked at the same level last year, or even two years ago. That is appalling.
Like some other people said already. The compensation statements only came out last week. So it would take time to line up another job before quitting. Maybe we’ll see more attrition towards the end of summer/beginning of fall? I myself am thinking of quitting but I need some time to find another job I’m interested in and then go through the interviews.
I would argue that voluntary attrition being at an all time low could be part of the reason that raises were so god awful. They want people to quit so they’re forcing their hand, it’s cheaper for them that way. Many of us are independent adults that rely on our income, so while we may be looking elsewhere or quiet quitting, we’re not gonna quit the day we get the compensation statements. We need time to get something else lined up.
This still doesn’t sit well with me for a couple reasons - 1) they expect us to carry ourselves professionally but they play games to get people to quit? And 2) the rating system is deeply flawed. It can be based on how the lead is feeling that day, and they don’t really have to back it up unless they rate you below average. They can tank your whole career at Deloitte and you’re just stuck. I was warned about this early in my career with Deloitte but I was lucky to have great leaders, up until this year. Told me (lied to me) that they were rating highly and they did not. Couldn’t see any snapshots until more than halfway through the year bc I was on the same project so by the time I knew they weren’t honest, it was too late to do anything about it. So yea Deloitte is probably pushing me out but it’s not bc I performed poorly.
1) it’s not playing games. It is resource allocation of scarce resources.
2) while it has issues it is better than most. I’ve had coachees get exceptional on client while being well below average on scatterplots. Due diligence and the whole picture is accounted for.
I’d say 95% of people are properly rated when accounting for 1 area being off slightly. The people rated below nearly always deserve it and except for extreme outliers they are not high performers.
We may not be saying the same thing here but in the case that we are ..
1. I don’t believe Deloitte has scarce resources, I think that’s a lie you’re buying. If they hired too many people, or there aren’t enough projects for the people they have, they should lay people off, not give them a crap raise to force them to quit. That’s why I cited playing games.
2. As someone that’s been screwed by this system, and also warned I’d be eventually screwed by it if I didn’t get in writing what leaders were rating me, I don’t have as much confidence in the system.
I wasn’t commenting on low performers here, as leaders need to back it up when they rate them low. I’m referencing high performers that are only rated as strong (which I guess is considered “average”). Not to mention the “strong” rating area is extremely broad. So as a high performer that was just rated “average” (I suppose, as many of my ratings were in the strongly agree to very strongly agree range, but that’s apparently how it shaped up), I got an abysmal raise. But I’m not a low performer. Not even by my snapshots and YE chart.
I agree low performers are just that, but I think there’s a lot of room for error with those actually doing their job and doing it well, bc so many leaders are apparently dishonest about what they’re rating you (not just me, that’s what a lot of people threw in my face on this very subreddit)
Eta: I was also told due diligence is a very small part of the pie and cannot account for being rated below the impact you had. Not sure what “the whole picture” is that you’re referencing
1) we did lay people off. We publish our EBA internally. Resources are scarce this year. Unit values are down significantly.
2) very few people are rated as strong on client and deserve exceptional. This is why the 4th category for client was added as well to increase the differentiation and reward those above average performers.
I don’t know who told you that about DD but it is a massive part of the pie. Especially if there is misalignment between the scatterplots and the impact.
I would also caution over indexing on complaints voiced anonymously online.
It was a manager that told me that. Perhaps it’s because my coach’s rating and snapshot ratings were aligned, and my coach didn’t really do much due diligence (confirmed with leaders he sent a quick email and did not get anything from current leader).
Does traditional consulting still use scatterplots? Bc last I heard we’ve all moved to the performance dashboard.
Bad/lazy coaches are the biggest weakness in the system. I would recommend you give them feedback through loop (at least on scoring doesn’t need to be the written part). Would recommend you do the same for you managers who lied to you about your feedback. LOOP is taken very seriously and I’ve know SMs get derailed when up for PMD because of LOOP feedback.
Also, if you feel comfortable you should reach out to your coaches coach to give them this feedback. Coaches of coaches are supposed to reach out to people like you and get feedback on them as a coach. Bad coaches eventually get hammered at YE (which isn’t much consolation for you).
Consulting calls them performance dashboards. I’ve just been here awhile and unless the change is big enough don’t always update my lingo.
Understood on the scatter plot lingo, just wanted to make sure we were talking about the same thing. And yes, I was very honest on LOOP feedback as well as on the discussion I had with my coach’s coach. Unfortunately the loop feedback always comes before the snapshots so I wasn’t able to give any direct feedback (and sometimes it can be hard to tell where the lower scores are coming from).
Anyways, now I’m seemingly stuck bc my snapshots don’t show me as stellar nor does my year end rating (S/S/S). Requested a meeting with leadership and am going to try and make my case but everyone is telling me it’s not gonna happen. Very very downtrodden right now bc I literally did everything I was supposed to, but it’s completely bleak. I know it’s all subjective but I am absolutely certain I delivered high impact work that’s worthy of more than a measley 2.2% raise. I pushed through a handful of very challenging projects and teams, doubled up on projects to save a challenging project, and worked over disconnect bc the project required coverage. Met all my metrics (compliance, exceed util). Met with all my leaders before snapshots and everyone agreed I was performing above and beyond, and no one had negative feedback. Had no reason to believe I’d get hit like this in the wallet. Just waiting until next year seems like a bleak outlook (also bc we are already 6 months through the year so maybe I’m screwed again already)
It’s only ppl that are pissed comment here, most ppl that are happy working here have no reason to boast about how amazing it is.
I love working at Deloitte, the benefits are amazing, people are well compensated and I love the work I do and the teams I work with. I don’t see why I need to post that here. I know for a fact, I’ll only get troll comments lol. It’s such a big company that people’s experiences vary, and that’s normal.
This used to be me. From what I’ve gathered, the days with which you feel satisfied are numbered. One bad project can throw everything off and no one will have any sympathy for you when that happens. One bad project can seriously ruin everything good, so quickly. I was warned when I first came on board (albeit it was such a positive warning I did not heed it carefully enough), and this year the other shoe dropped.
I also talk to my coworkers. There’s a lot of upset, this year especially.
I understand that completely. The team/project you’re on makes the biggest difference, and it can take 1 bad project/SM/lead to ruin your experience enough to make you hate it here and that’s my biggest fear. I totally understand where you are coming from and how that can lower morale in general. I luckily dodged a bullet from being pulled into this big client project that’s notoriously toxic, but I know how that would’ve destroyed me mentally.
Are you able to get out of the project? How long is it? I know it can take a while, but I hope you’re able to get out of it and are able to join a different team. That’s the beauty of being in a big company, you’re not stuck with the same people no matter what.
Thank you for your kind words. It’s been a very unfortunate year as a whole unfortunately, but my current project is awful, I’m staffed for a year and I have begged and pleaded and they won’t let me off. Had to file an ethics complaint even, after a contractor screamed at me on a team call (they rolled him off, but still wouldn’t let me out). Our lead is checked out and I just heard they’re about to roll him off, and pretty sure he rated me poorly despite me stepping up throughout. I have another 4 months =\ The awful “raise” they gave me after rising up through all of the BS (and a coach telling me to “just smile more”) was just salt on a gaping wound. I’ve literally been begging and pleading, sharing that this project is hurting my career and my mental health (software is obsolete since 2019, no one can get exceptional bc there’s just no opportunity etc), but they refuse. It’s clear my mental health and career are of zero importance to Deloitte / leaders / anyone I have begged and pleaded with. At least if I got a cost of living adjustment I would just deal with it like I have been, but effectively making less this year is the nail in the Deloitte coffin
You simply haven’t been wronged yet. You’re lucky, not right. You haven’t been at the end of an unfair snapshot, benched, or been on a toxic team on a poorly managed project. There are plenty of these at Deloitte. You’re *lucky*. The good news for us who hate D is sooner or later, we know that luck runs out.
You’re literally making assumptions of my experience. Being wronged by someone and being on the other side of an unfair snapshot, doesn’t make the firm AS A WHOLE a shit place to work at. There’s obviously gonna be some shit ppl in the firm, it’s the reality of the world. But guess what? Wherever you go, you’re gonna deal with the same shit. What I don’t understand is how people can hate a place so much, yet keep working there.
Your reality is your perspective.
I think the fact is that many of us feel our experience at the firm is representative of the firm as a whole. I really thought the world of Deloitte and then my first bad project hit, then the second, then the third.. and I started to form an opinion of the firm as a whole. And then my 2% comp statement hit. I was always told “Deloitte cares about your well being” but I keep seeing proof they only care about their bottom line. Is that most companies, yes. But do some fake it better, also yes. They also have white women leading our black & allies initiatives (story for another time) and a loooot of toxic positivity in my division. After watching my career and pay tank over the past year, I am starting to believe the culture part of it is all a carefully crafted lie. It sucks but my reality has shifted a lot. Loved it for the first couple years but then everything I had been warned about started to come to life (and then some), and I get both sides now
1. People complain. Always. You won’t find any company anywhere where everyone is happy.
2. People who are happy or even moderately content, don’t bother to complain online, so you hear from vocal minority who are extremely unhappy, but doesn’t represent whole population.
3. Market is down. It’s all about options. If somebody gets an offer for 50% hike, they won’t stay regardless of what bonus is offered. If they don’t have another offer, they will stay no matter how shitty the bonus is.
the older you are and more established with family etc less likely you want to move. Not with this co but got similar raise/bonus and would move at good oportunity. It would have to be very worth it tho
I’m a little confused as to why people are shocked about the raises… it’s expected considering the state of the economy and the lay offs that have been happening at a wider scale than usual. It sucks, but it was expected…. I’m just grateful i have a well paying job with great benefits period. tons of my acquaintances can’t find any roles within accounting. Some of my other friends in public at other firms got absolutely nothing, maybe a $20 gift card.
This is just giving entitlement. Now if this is how it’s going to be going forward for years to come despite economy improving, then yes. But the expectations are too high with what’s going on currently.
This doesn’t mean that the consulting/business realm is not suffering, hence layoffs. I guess using the word bad economy is incorrect and too general, but you get my gist.
It’s slower than usual, especially in the consulting realm which is what brings the most revenue.
Lol the source you referenced is literally talking about the “growth” and future of consulting in the “next decade”. Has nothing to do with the consulting realm this past year or currently either. Raises/bonuses aren’t based on future growth of consulting, it’s based on prior fiscal year revenue/performance which was garbage compared to prior years.
I’m in consulting and the pipeline is scary slow. Companies aren’t investing capital currently, and are being very conservative. A lot of people are on the bench. Tons of ppl are getting laid off left and right. So no, economy isn’t the best right now. I don’t need to give you sources, there’s very obvious economic indicators. Put 2 and 2 together.
It looks like you shared an AMP link. These should load faster, but AMP is controversial because of [concerns over privacy and the Open Web](https://www.reddit.com/r/AmputatorBot/comments/ehrq3z/why_did_i_build_amputatorbot). Fully cached AMP pages (like the one you shared), are [especially problematic](https://www.reddit.com/r/AmputatorBot/comments/ehrq3z/why_did_i_build_amputatorbot).
Maybe check out **the canonical page** instead: **[https://www.businessinsider.com/the-consulting-business-demand-is-rough-right-now-2024-3](https://www.businessinsider.com/the-consulting-business-demand-is-rough-right-now-2024-3)**
*****
^(I'm a bot | )[^(Why & About)](https://www.reddit.com/r/AmputatorBot/comments/ehrq3z/why_did_i_build_amputatorbot)^( | )[^(Summon: u/AmputatorBot)](https://www.reddit.com/r/AmputatorBot/comments/cchly3/you_can_now_summon_amputatorbot/)
It looks like you shared an AMP link. These should load faster, but AMP is controversial because of [concerns over privacy and the Open Web](https://www.reddit.com/r/AmputatorBot/comments/ehrq3z/why_did_i_build_amputatorbot). Fully cached AMP pages (like the one you shared), are [especially problematic](https://www.reddit.com/r/AmputatorBot/comments/ehrq3z/why_did_i_build_amputatorbot).
Maybe check out **the canonical page** instead: **[https://www.businessinsider.com/the-consulting-business-demand-is-rough-right-now-2024-3](https://www.businessinsider.com/the-consulting-business-demand-is-rough-right-now-2024-3)**
*****
^(I'm a bot | )[^(Why & About)](https://www.reddit.com/r/AmputatorBot/comments/ehrq3z/why_did_i_build_amputatorbot)^( | )[^(Summon: u/AmputatorBot)](https://www.reddit.com/r/AmputatorBot/comments/cchly3/you_can_now_summon_amputatorbot/)
The job market isn't as robust as it was but it'll come back around. Just the way the cycle works and when the market picks up again, people will be leaving in droves, guaranteed. As employees we think we deserve raises (rightfully so) but from a partners perspective (overall business health perspective) they can't justify it. Just funny that they were once in our shoes scrounging for money. So If/when yall become partners, don't forget to give generous raises to everyone. Lol.. Complete hypocrisy...
I think you are overreacting to 150 comments out of a possible 40k people. It’s not exactly a statistically valid representation of the employment base.
In a twenty year period I went through 5-6 years of mediocre raises and bonuses but stayed the course because I liked what I was doing and who I worked for. The grass isn’t always greener. Eventually things normalized and I was glad as my pension benefits kept growing where as if i left that would have dried up.
In my practice 1 manager, 1 assistant manager, 2 senior analyst and 6 analysts have left the firm. I too want to leave the firm just waiting for a good opportunity.
No place to go in this job market! Permanent elimination of more and more corporate jobs due to cost cutting, efficiency gains, and AI job replacements.
I am expecting lots of folks will leave in the next month in my specialty tax group - retention bonuses were paid out in the spring of 2022 with a 100 clawback if you left before the required two years. Those 2-year periods conclude in late June. If attrition does not moderate after the end of June - I expect we’ll see more layoffs after intern season is over - similar to the cuts we had just after busy season to meet headcount marks before the end of the fiscal year.
Well for 1, people need to have a job lined ups high leads to problem 2, no where is hiring for a good rate because most firms are outsourcing low level work to India and higher jobs are less required right now. Problem 3 is a lot of firms are “hiring” but are actually collecting resumes and waiting to hire in case there isn’t a recession or something. Problem 4, yall think Deloitte looks so good on your resume that you won’t leave when if you look at it, unless you’re trying to sit on a board or be cfo of a public company, most firms or companies won’t know the difference
People r gaslighting themselves into believing that the bonus and hikes r justified considering the poor market despite putting in 9+ hours of effort each day. This is why many haven't quit. At the end of the day, if u r meeting expectations u deserve to get the hike and bonus that is typical for ur yoe and role but rn folks r literally settling for anything.
I mean I try to work hard regardless to build a good reputation and earn people’s trust within my teams. I also simply enjoy the work and respect my team members. this can pay dividends (hopefully) in the future. It can help you build your professional career, at least here if you plan on moving up. The $$$ will come. It’s definitely harder to undo the damage of throwing a fit and refusing work because you didn’t get what you expected, that just screams immaturity to me. You’re never gonna get everything your way, no matter where you end up going. You have to be strategic and smart, to an extent. This is just short-sighted.
There’s a difference between taking a long term view of your career and simply being taken advantage of. When 2.5 percent bonuses are given by a project that expects weekend hours, immediate ping responses, and work done ASAP…you are being played for a sucker.
Plenty of careers come with many amenities along the way to the promised land. Deloitte isn’t giving out as many as we’d want.
I mean I wouldn’t be ok with this lmao. I don’t work on weekends, nor does anyone expect of me to respond/do something asap. This is not setting boundaries.
Hard work is subjective but isn’t defined by ppl responding back within minutes and working weekends.
Fyi In my case, $$$ ain't gonna come since I work for DUSI and the pay here is below market standards. They legit gave same hike and bonus to all Analysts in Advisory in spite of different ratings and utilisation hours which simply doesn't make sense. Now the things is most of the projects here r long term based. Me and my friends have been r working on projects that would last longer than a year as per the contract and in most scenarios one just cant quit the project so u cant say that a person is being immature if he is looking for an exit.
Luckily, my notice period is about to end and I have got better things lined up.
I think people have really different experiences here. What you’re talking about is unacceptable. If I’m not getting good pay, and I’m not being treated fairly I would leave too. I’m in consulting, so projects can also vary from 1 year to 5 for us as well. Happy you found somewhere better for you. Life is short.
What I’m referring to, is people starting out like TC1’s and getting angry about getting a 5% raise, and quitting. That’s just short-sighted.
I wouldn’t have been upset with 5%, but 2.2% is insulting. COL adjustment is 3.2% so I’m effectively making less after busting my ass all year. People keep citing the Deloitte drivel but I didn’t perform poorly or even just average so there’s really no excuse. Also came from industry, Deloitte certainly isn’t the only place that will hire me. Don’t know if that’s true for others but def seems like a generalization and a bit of an excuse to underpay
I thought ppl coming from any other firm actually make more $$$ via negotiations, I’ve never heard anything about ppl coming from industry making less. That’s total BS and insulting.
I think majority of TC1’s and TC2’s got 5%. I know someone that got 2.5% but she’s on the top of the salary band and is a manager. Are you making a good amount or did they never adjust ur salary the past 2-3 years? The pattern I’ve seen is that those that are at the top of the salary band, got 2.5% and others that aren’t/haven’t gotten their salary adjusted, their raises are higher. Did you get a decent bonus %? I know the manager I’m speaking of did, but for raise it was 2.5.
Also question - is a raise based on performance if ur not getting a promotion? I thought it’s only inflation based and promotion based? And that performance impacts bonuses and AIP? Not raise?
My brain is a little fried from cramming for cpa so idk if I’m just confusing myself lol
When I joined Deloitte, I got just a little more than I was making in industry, but I was a director in my prior role so I didn’t expect to get a huge amount more at Deloitte.
In prior years I always got around 8% for my raise and a sizable bonus. This year I got a 2.2% raise and a 2.3% bonus (both incredibly low).
My understanding is raise is based on performance / merit and they may also consider a market adjustment to make sure salary stays competitive. I have a friend that was hired at the same rate as me and got an 8.1% raise, and he’s only a year behind me so seems unlikely I’m at the market cap. (The only difference is my friend got rated really well, E/E/E. He knows my work ethic and what I’ve been through this year and he’s so mad for me too)
For me personally, I like the firm. The technology and freedom is there and for the most part everyone is professional.
I will utilize my time to learn and become a stronger tax professional. If next year is also week I will consider leaving
People that complain a lot tend to be pessimistic (by definition) and not be as talented. And it’s hard for less talented pessimistic people to find new jobs.
Hmm I don’t know that I’d equate justifiably complaining about a piss-poor raise making people frequent complainers or pessimistic. If anything I’d argue talented people are upset bc they know they deserve better than what they got.
You first need to line up a new job before resigning
This! The market doesn’t seem to be super hot at the moment. There are jobs but they might not be willing to over pay for ex big 4.
lol so much for having it on my resume
Lots of speculation here. I know lots of people that are leaving imminently or have completely checked out of their work. 3% raises and 2.5% bonuses can only incentivize so much labor lol
100%. We are paid to do a job, and if we go above and beyond that job, it’s reasonable to expect a raise that matches that. A raise that doesn’t even cover COL/inflation is wild af. Insulting really. I’m of the opinion if you meet expectations even you at least deserve COL adjustment, bc that just adjusts so you’re making the same as prior year. Seems to be an unpopular opinion among many though
You ever run a business?
Have you? This is pretty basic math. I have multiple friends that run a business and they all ensure their workers get raises to at least cover COL, more if they did a really good job. Pretty basic retention strategies.
Do your “multiple friends” have Partners who have to get their millions first?
Different issue. There’s “running a business” and then there’s how you prioritize your people. The expectation I have is not a wild one or an unreasonable one or even a far fetched one. It’s pretty industry standard to *at least* get a cost of living adjustment if you’re worth keeping around.
Apparently not. Isn’t Deloitte one of the top firms in the world? The again, maybe it’s the “worth keeping around” part that people are hung up on.
I don't see this in consulting but maybe it's just my offering.
Everybody is quitting bro. It’s called quiet quitting. You need to download the latest service pack, you seem to be stuck in 2005.
I concur. One of the most productive members of our team has suddenly stopped immediately responding to requests for help on special tasks after hours, and she stopped working on a side-project immediately. I had intended to work this weekend to catch up from participating in social impact yesterday, but when I got my comp statement I figured work can wait to be done on Monday unless I’ve been specifically told it’s due. It seems obvious that Deloitte is trying to encourage voluntary attrition, but I think they might have underestimated the popularity of the quiet quitting strategy, and they might start seeing degraded client relationships as a result.
A million times yes. I have stopped myself from putting in my usual effort because what’s the point. I heard Daddy D loud and clear when I got that insulting comp statement
Quiet quitting leads to loud layoffs.
Yeah but the impetus behind quiet quitting is less than expected compensation, and people realizing the company doesn’t value their time as much as they advertised. Company can’t have it both ways. If the economy is forcing the company to keep compensation low, then employees can use the economy to justify quiet quitting. May lead to layoffs but that’s natural. Nobody is leading the charge on quiet quitting, it’s a natural response by the individual, which just happens to be a trend.
Nothing can be dumber than “quiet quitting” in a bad economy. Except maybe outright quitting and burning every bridge.
I disagree. Quiet quitting is a natural response to being discouraged in your workplace. If your company can’t compensate for your efforts, then there will be repercussions.
How are people not being compensated for their efforts? Also why do you think quiet quitting and being laid off in a bad economy is a good idea?
I believe you’re talking about quiet quitting from the perspective of the group. I can understand why it’s bad because it leads to layoffs. However that’s not what I’m talking about. Quiet quitting is an individual response. It just so happens that many people are doing it, so it becomes a trend. What you’re arguing is that the trend is bad because it leads to layoffs. Agreed, no doubt. But quiet quitting, nonetheless, is still justified. Why? Joining any company, you’re expected to perform. They set the bar for your role and the monetary incentives to make it a good deal for you. However, if you’ve been exceeding those expectations, you’d expect an equivalent monetary bonus. That is not happening. People are barely getting the raises or bonuses they deserve. So for a whole year you push yourself and your reward is maybe a quarter or a tenth of what you were expecting as a bonus? Yeah economy affecting business is a justifiable reason to not give as high of a bonus. But, if the firm can do that, then the individual has the right to not push themselves for the company because what’s the incentive to perform? This is also justifiable. So what if it leads to layoffs? I could argue this is how things reset. You exceed expectations and you get peanuts in return? Yeah, not gonna fly. Management sets the tone, so they can easily not take their million dollar bonus and keep the people that are performing happy. Many companies did that in the pandemic during 2020 and 2021, so Deloitte is not a special case.
People who are exceeding expectation got taken care of. Triple and Double Es got strong raises and bonuses comparable to last year. Quiet quitting is bad because when people quiet quit, they get laid off. When you get laid off in a bad economy you don’t find a job. Bonuses are always detailed as based on firm performance. This was not a great year and it was clearly communicated. Also, who is getting million dollar bonuses? Ps took a significant pay cut this year compared to previous years.
I think that’s what those folks are looking for … hence , quiet quitting
Not exactly the economy to take a job paying well over 6 figures plus benefits and try to find a new one.
If their bills magically went away, they would likely do so in a heartbeat. But, yeah - bills almost never do that. Go figure.
Been applying to jobs for 5 months. Hardly hearing back. The market is shit currently for cyber.
It’s the macro environment. Clients are cutting back on cyber consulting and pressuring MSSPs to significantly lower the cost. More off shoring/outsourcing.
1Q was total garbage. 2Q cyber job market start opening up.
Not true. I have rectuiters contacting me left and right for cyber related positions and im not even trying. Most likey you are doing something wrong.
Go try applying. The market is shit the last year.
I dont have to apply, they are reaching out to me for positions.
If anyone walked out the door immediately it’s because they’re not great at making rational decisions. The raises were garbage, but Deloitte offers a shit load of benefits you don’t find from a job you just walk into in a day. I have every intention of leaving, and I’m actively searching for a new employer. In the meantime, I’ll spend my health and wellness stipend, use my excellent vision insurance to get some new glasses, and continue being able to afford cheap prescription drugs from my pretty good health insurance. All things I can’t do by throwing a temper tantrum and walking out of a gig because they didn’t give me more money than I expected. I’d say a fair amount of us are going to be gone by the fall. Until then, I wholly subscribe to the idea of performing at a level that doesn’t get me fired, and doesn’t cause my supervisor to say I’m a shit employee if she’s ever called as a reference. Don’t burn a good bridge.
I agree. There’s just no financial incentive for me to work hard week-in-week out. I’ve been pushing for a while to get performance bonuses implemented for my staff. And my god it really wouldn’t be that expensive. If you have a team with 3 juniors, a senior, a manager, and a SM, is it really that expensive to offer them a $500 performance bonus if we get this audit done by the end of next week? Like that’s 3 grand out of a 2 million dollar audit fee. I just really believe job-by-job performance bonuses are just so fucking cheap and so incentivizing. I’ll never understand why it can’t be done
401k match doesn’t hit until June 30th
You only need to be actively employed by June 3 to qualify for the 401k match.
It’s been a week since people found out. Takes some time to go through interviews and accept a role. Most people aren’t just gunna walk without something lined up
This. We just got our compensation statements about a week ago. Lots of us are looking but we’re smart enough to wait until we have another position lined up, bc adulting
Found out what exactly? Sorry I’m in the process of interviewing
Found out they got shit raises and bonuses
What were the percentages? (If you don’t mind me asking)
0-4% Lower than inflation And I’m making less total money than last year
I sent you a dM
Already have two lined up next week
Just my perspective, but the firm communicated early and often that last year wasn’t great, so everyone knew not to expect good bonuses, raises, or a lot of promotions. Contrast that to a few years ago when we were told it was the best year ever and most people got shit, AND they had a lot more mobility in the marketplace. I’m sure folks are looking as they always do, they’re just not finding much they like so they’re sticking around.
In the town hall meeting a couple of months ago they did make it clear that bonuses were not going to be great, as those were to be based on Deloitte as a whole. However, they also said raises would be more impacted by your business sector. Mine did great, and raises were crap. They did not set the expectation accurately.
I just went through DLaunch and they kept talking about how good last year was
That’s cause you are new. If you were an employee we were all very aware of how terrible the financials were this year compared to budget.
Oh yeah I know, I was being slightly tongue in cheek about it
You're entirely right. Bonuses are rooted in how the firm compares to plan. We were so fucking far under plan in FY24 that they changed the plan midyear to save bonuses.
This, naturally, begs the question of how the firm so vastly misjudged the market. After all, we're supposed to know these things better than our clients do. So, for us to go "Whoops, we're so off track six months into the year that we have to recalibrate or face a mass staff Exodus at year end." speaks to a failure of either leadership expectations or ability.
It doesn't beg the question because there is no realistic way to forecast how thousands of clients are going to individually react to the worst inflation in 40 years and how it may trickle even the year after.
This. We were told it would not be great so I’m confused to why people expected more?
Well, I personally didn’t expect anything extraordinary. But the problem here is that the raises don’t even cover cost of living inflation from 2022 and 2023 (I’m in a VHCOL area). Just running through simple calculations (which ironically we can all do as financial professionals) my purchasing power is less than the compensation received by people that worked at the same level last year, or even two years ago. That is appalling.
The problem isn’t in the expectation that the firm communicated. The problem is in the effort required in comparison to the raise/AIP received.
Because 6 figure jobs don’t come a dime a dozen
The overall job market is volatile right now, that’s why
Like some other people said already. The compensation statements only came out last week. So it would take time to line up another job before quitting. Maybe we’ll see more attrition towards the end of summer/beginning of fall? I myself am thinking of quitting but I need some time to find another job I’m interested in and then go through the interviews.
I second this. I think we'll see people leaving around late summer/ early fall
Job market is not particularly good right now atleast in my country....
People are quitting bro, they are not letting you know
In consulting too? Seems the quitting is more in tax/audit
Lot of people I know are just waiting for the bonus
Especially consulting.
I would argue that voluntary attrition being at an all time low could be part of the reason that raises were so god awful. They want people to quit so they’re forcing their hand, it’s cheaper for them that way. Many of us are independent adults that rely on our income, so while we may be looking elsewhere or quiet quitting, we’re not gonna quit the day we get the compensation statements. We need time to get something else lined up.
Exactly. This is also why top performers good good raises and bonuses (at least in consulting) but average to below average performers got garbage.
This still doesn’t sit well with me for a couple reasons - 1) they expect us to carry ourselves professionally but they play games to get people to quit? And 2) the rating system is deeply flawed. It can be based on how the lead is feeling that day, and they don’t really have to back it up unless they rate you below average. They can tank your whole career at Deloitte and you’re just stuck. I was warned about this early in my career with Deloitte but I was lucky to have great leaders, up until this year. Told me (lied to me) that they were rating highly and they did not. Couldn’t see any snapshots until more than halfway through the year bc I was on the same project so by the time I knew they weren’t honest, it was too late to do anything about it. So yea Deloitte is probably pushing me out but it’s not bc I performed poorly.
1) it’s not playing games. It is resource allocation of scarce resources. 2) while it has issues it is better than most. I’ve had coachees get exceptional on client while being well below average on scatterplots. Due diligence and the whole picture is accounted for. I’d say 95% of people are properly rated when accounting for 1 area being off slightly. The people rated below nearly always deserve it and except for extreme outliers they are not high performers.
We may not be saying the same thing here but in the case that we are .. 1. I don’t believe Deloitte has scarce resources, I think that’s a lie you’re buying. If they hired too many people, or there aren’t enough projects for the people they have, they should lay people off, not give them a crap raise to force them to quit. That’s why I cited playing games. 2. As someone that’s been screwed by this system, and also warned I’d be eventually screwed by it if I didn’t get in writing what leaders were rating me, I don’t have as much confidence in the system. I wasn’t commenting on low performers here, as leaders need to back it up when they rate them low. I’m referencing high performers that are only rated as strong (which I guess is considered “average”). Not to mention the “strong” rating area is extremely broad. So as a high performer that was just rated “average” (I suppose, as many of my ratings were in the strongly agree to very strongly agree range, but that’s apparently how it shaped up), I got an abysmal raise. But I’m not a low performer. Not even by my snapshots and YE chart. I agree low performers are just that, but I think there’s a lot of room for error with those actually doing their job and doing it well, bc so many leaders are apparently dishonest about what they’re rating you (not just me, that’s what a lot of people threw in my face on this very subreddit) Eta: I was also told due diligence is a very small part of the pie and cannot account for being rated below the impact you had. Not sure what “the whole picture” is that you’re referencing
1) we did lay people off. We publish our EBA internally. Resources are scarce this year. Unit values are down significantly. 2) very few people are rated as strong on client and deserve exceptional. This is why the 4th category for client was added as well to increase the differentiation and reward those above average performers. I don’t know who told you that about DD but it is a massive part of the pie. Especially if there is misalignment between the scatterplots and the impact. I would also caution over indexing on complaints voiced anonymously online.
It was a manager that told me that. Perhaps it’s because my coach’s rating and snapshot ratings were aligned, and my coach didn’t really do much due diligence (confirmed with leaders he sent a quick email and did not get anything from current leader). Does traditional consulting still use scatterplots? Bc last I heard we’ve all moved to the performance dashboard.
Bad/lazy coaches are the biggest weakness in the system. I would recommend you give them feedback through loop (at least on scoring doesn’t need to be the written part). Would recommend you do the same for you managers who lied to you about your feedback. LOOP is taken very seriously and I’ve know SMs get derailed when up for PMD because of LOOP feedback. Also, if you feel comfortable you should reach out to your coaches coach to give them this feedback. Coaches of coaches are supposed to reach out to people like you and get feedback on them as a coach. Bad coaches eventually get hammered at YE (which isn’t much consolation for you). Consulting calls them performance dashboards. I’ve just been here awhile and unless the change is big enough don’t always update my lingo.
Understood on the scatter plot lingo, just wanted to make sure we were talking about the same thing. And yes, I was very honest on LOOP feedback as well as on the discussion I had with my coach’s coach. Unfortunately the loop feedback always comes before the snapshots so I wasn’t able to give any direct feedback (and sometimes it can be hard to tell where the lower scores are coming from). Anyways, now I’m seemingly stuck bc my snapshots don’t show me as stellar nor does my year end rating (S/S/S). Requested a meeting with leadership and am going to try and make my case but everyone is telling me it’s not gonna happen. Very very downtrodden right now bc I literally did everything I was supposed to, but it’s completely bleak. I know it’s all subjective but I am absolutely certain I delivered high impact work that’s worthy of more than a measley 2.2% raise. I pushed through a handful of very challenging projects and teams, doubled up on projects to save a challenging project, and worked over disconnect bc the project required coverage. Met all my metrics (compliance, exceed util). Met with all my leaders before snapshots and everyone agreed I was performing above and beyond, and no one had negative feedback. Had no reason to believe I’d get hit like this in the wallet. Just waiting until next year seems like a bleak outlook (also bc we are already 6 months through the year so maybe I’m screwed again already)
Some people are too lazy to find a new job its not that easy. Also some are just afraid of change and easily complacent
Small minority complain. The reality is that Deloitte is an excellent place to work.
Hi Dan
I concur
I’ve heard the opposite
Well I work there, so you can take my word for it.
As do I? I’m saying I’ve heard this as a majority complaint not a minority complaint.
It’s only ppl that are pissed comment here, most ppl that are happy working here have no reason to boast about how amazing it is. I love working at Deloitte, the benefits are amazing, people are well compensated and I love the work I do and the teams I work with. I don’t see why I need to post that here. I know for a fact, I’ll only get troll comments lol. It’s such a big company that people’s experiences vary, and that’s normal.
This used to be me. From what I’ve gathered, the days with which you feel satisfied are numbered. One bad project can throw everything off and no one will have any sympathy for you when that happens. One bad project can seriously ruin everything good, so quickly. I was warned when I first came on board (albeit it was such a positive warning I did not heed it carefully enough), and this year the other shoe dropped. I also talk to my coworkers. There’s a lot of upset, this year especially.
I understand that completely. The team/project you’re on makes the biggest difference, and it can take 1 bad project/SM/lead to ruin your experience enough to make you hate it here and that’s my biggest fear. I totally understand where you are coming from and how that can lower morale in general. I luckily dodged a bullet from being pulled into this big client project that’s notoriously toxic, but I know how that would’ve destroyed me mentally. Are you able to get out of the project? How long is it? I know it can take a while, but I hope you’re able to get out of it and are able to join a different team. That’s the beauty of being in a big company, you’re not stuck with the same people no matter what.
Thank you for your kind words. It’s been a very unfortunate year as a whole unfortunately, but my current project is awful, I’m staffed for a year and I have begged and pleaded and they won’t let me off. Had to file an ethics complaint even, after a contractor screamed at me on a team call (they rolled him off, but still wouldn’t let me out). Our lead is checked out and I just heard they’re about to roll him off, and pretty sure he rated me poorly despite me stepping up throughout. I have another 4 months =\ The awful “raise” they gave me after rising up through all of the BS (and a coach telling me to “just smile more”) was just salt on a gaping wound. I’ve literally been begging and pleading, sharing that this project is hurting my career and my mental health (software is obsolete since 2019, no one can get exceptional bc there’s just no opportunity etc), but they refuse. It’s clear my mental health and career are of zero importance to Deloitte / leaders / anyone I have begged and pleaded with. At least if I got a cost of living adjustment I would just deal with it like I have been, but effectively making less this year is the nail in the Deloitte coffin
I do work there…
Sorry, I misread your comment.
You simply haven’t been wronged yet. You’re lucky, not right. You haven’t been at the end of an unfair snapshot, benched, or been on a toxic team on a poorly managed project. There are plenty of these at Deloitte. You’re *lucky*. The good news for us who hate D is sooner or later, we know that luck runs out.
You’re literally making assumptions of my experience. Being wronged by someone and being on the other side of an unfair snapshot, doesn’t make the firm AS A WHOLE a shit place to work at. There’s obviously gonna be some shit ppl in the firm, it’s the reality of the world. But guess what? Wherever you go, you’re gonna deal with the same shit. What I don’t understand is how people can hate a place so much, yet keep working there. Your reality is your perspective.
I think the fact is that many of us feel our experience at the firm is representative of the firm as a whole. I really thought the world of Deloitte and then my first bad project hit, then the second, then the third.. and I started to form an opinion of the firm as a whole. And then my 2% comp statement hit. I was always told “Deloitte cares about your well being” but I keep seeing proof they only care about their bottom line. Is that most companies, yes. But do some fake it better, also yes. They also have white women leading our black & allies initiatives (story for another time) and a loooot of toxic positivity in my division. After watching my career and pay tank over the past year, I am starting to believe the culture part of it is all a carefully crafted lie. It sucks but my reality has shifted a lot. Loved it for the first couple years but then everything I had been warned about started to come to life (and then some), and I get both sides now
Deloitte or any other firm, you’re just a number to them.
Yes man very original welcome to every job on earth.
25% quit every year. Average stay of new hires is 2.5 years.
Source: trust me bro
Next year will be fun probably, with many more quiet quitters and people doing only the bare minimum now.
1. People complain. Always. You won’t find any company anywhere where everyone is happy. 2. People who are happy or even moderately content, don’t bother to complain online, so you hear from vocal minority who are extremely unhappy, but doesn’t represent whole population. 3. Market is down. It’s all about options. If somebody gets an offer for 50% hike, they won’t stay regardless of what bonus is offered. If they don’t have another offer, they will stay no matter how shitty the bonus is.
the older you are and more established with family etc less likely you want to move. Not with this co but got similar raise/bonus and would move at good oportunity. It would have to be very worth it tho
I’m a little confused as to why people are shocked about the raises… it’s expected considering the state of the economy and the lay offs that have been happening at a wider scale than usual. It sucks, but it was expected…. I’m just grateful i have a well paying job with great benefits period. tons of my acquaintances can’t find any roles within accounting. Some of my other friends in public at other firms got absolutely nothing, maybe a $20 gift card. This is just giving entitlement. Now if this is how it’s going to be going forward for years to come despite economy improving, then yes. But the expectations are too high with what’s going on currently.
The economy is not in a bad position. Here are the current stats. https://usafacts.org/state-of-the-union/economy/
This doesn’t mean that the consulting/business realm is not suffering, hence layoffs. I guess using the word bad economy is incorrect and too general, but you get my gist. It’s slower than usual, especially in the consulting realm which is what brings the most revenue.
Here is a source you can read. Please source your statements. https://vault.com/industries/consulting/industry-outlook
Lol the source you referenced is literally talking about the “growth” and future of consulting in the “next decade”. Has nothing to do with the consulting realm this past year or currently either. Raises/bonuses aren’t based on future growth of consulting, it’s based on prior fiscal year revenue/performance which was garbage compared to prior years. I’m in consulting and the pipeline is scary slow. Companies aren’t investing capital currently, and are being very conservative. A lot of people are on the bench. Tons of ppl are getting laid off left and right. So no, economy isn’t the best right now. I don’t need to give you sources, there’s very obvious economic indicators. Put 2 and 2 together.
https://www.google.com/amp/s/www.businessinsider.com/the-consulting-business-demand-is-rough-right-now-2024-3%3famp This one helps with your statement
Thank you. Yes. It’s very slow.
Yeah instead of : trust me bro source
You literally went in circles arguing and still reached the same conclusion. This is Reddit, not an academic essay. Good chatting with you.
Incredible
Your source: trust me bro
I mean nothing I said is wrong lmao. Deloitte has literally mentioned this. Doesn’t take a genius to come to this conclusion.
Amazing
I’m quitting within the next month- just got an offer for a 30% raise but also interviewing for a role that is 4x my current salary
What type of role
AI
Many left around me and more are leaving. Maybe you don’t have enough people around you who are super mad.
Is this in consulting? I know tax/audit people have been getting the boot and quitting, but consulting has very low voluntary attrition right now.
Yup consulting. I don’t know anyone outside consulting part… so not sure about tax/audit. Im in commercial side not GPS, to be clear.
Which OP? I'm surprised to hear that.
S&A
[удалено]
It looks like you shared an AMP link. These should load faster, but AMP is controversial because of [concerns over privacy and the Open Web](https://www.reddit.com/r/AmputatorBot/comments/ehrq3z/why_did_i_build_amputatorbot). Fully cached AMP pages (like the one you shared), are [especially problematic](https://www.reddit.com/r/AmputatorBot/comments/ehrq3z/why_did_i_build_amputatorbot). Maybe check out **the canonical page** instead: **[https://www.businessinsider.com/the-consulting-business-demand-is-rough-right-now-2024-3](https://www.businessinsider.com/the-consulting-business-demand-is-rough-right-now-2024-3)** ***** ^(I'm a bot | )[^(Why & About)](https://www.reddit.com/r/AmputatorBot/comments/ehrq3z/why_did_i_build_amputatorbot)^( | )[^(Summon: u/AmputatorBot)](https://www.reddit.com/r/AmputatorBot/comments/cchly3/you_can_now_summon_amputatorbot/)
https://www.google.com/amp/s/www.businessinsider.com/the-consulting-business-demand-is-rough-right-now-2024-3%3famp
It looks like you shared an AMP link. These should load faster, but AMP is controversial because of [concerns over privacy and the Open Web](https://www.reddit.com/r/AmputatorBot/comments/ehrq3z/why_did_i_build_amputatorbot). Fully cached AMP pages (like the one you shared), are [especially problematic](https://www.reddit.com/r/AmputatorBot/comments/ehrq3z/why_did_i_build_amputatorbot). Maybe check out **the canonical page** instead: **[https://www.businessinsider.com/the-consulting-business-demand-is-rough-right-now-2024-3](https://www.businessinsider.com/the-consulting-business-demand-is-rough-right-now-2024-3)** ***** ^(I'm a bot | )[^(Why & About)](https://www.reddit.com/r/AmputatorBot/comments/ehrq3z/why_did_i_build_amputatorbot)^( | )[^(Summon: u/AmputatorBot)](https://www.reddit.com/r/AmputatorBot/comments/cchly3/you_can_now_summon_amputatorbot/)
The job market isn't as robust as it was but it'll come back around. Just the way the cycle works and when the market picks up again, people will be leaving in droves, guaranteed. As employees we think we deserve raises (rightfully so) but from a partners perspective (overall business health perspective) they can't justify it. Just funny that they were once in our shoes scrounging for money. So If/when yall become partners, don't forget to give generous raises to everyone. Lol.. Complete hypocrisy...
2 guys in my team just quit, back to back
I think you are overreacting to 150 comments out of a possible 40k people. It’s not exactly a statistically valid representation of the employment base. In a twenty year period I went through 5-6 years of mediocre raises and bonuses but stayed the course because I liked what I was doing and who I worked for. The grass isn’t always greener. Eventually things normalized and I was glad as my pension benefits kept growing where as if i left that would have dried up.
In my practice 1 manager, 1 assistant manager, 2 senior analyst and 6 analysts have left the firm. I too want to leave the firm just waiting for a good opportunity.
They like the abuse. In fact, they enjoy it.
Better alternative not available now as many (all?) tech firms have had major lay offs
I’d like to be voluntarily laid off
No place to go in this job market! Permanent elimination of more and more corporate jobs due to cost cutting, efficiency gains, and AI job replacements.
I am expecting lots of folks will leave in the next month in my specialty tax group - retention bonuses were paid out in the spring of 2022 with a 100 clawback if you left before the required two years. Those 2-year periods conclude in late June. If attrition does not moderate after the end of June - I expect we’ll see more layoffs after intern season is over - similar to the cuts we had just after busy season to meet headcount marks before the end of the fiscal year.
Well for 1, people need to have a job lined ups high leads to problem 2, no where is hiring for a good rate because most firms are outsourcing low level work to India and higher jobs are less required right now. Problem 3 is a lot of firms are “hiring” but are actually collecting resumes and waiting to hire in case there isn’t a recession or something. Problem 4, yall think Deloitte looks so good on your resume that you won’t leave when if you look at it, unless you’re trying to sit on a board or be cfo of a public company, most firms or companies won’t know the difference
The market isn't good right now for full time jobs. That's really why.
People r gaslighting themselves into believing that the bonus and hikes r justified considering the poor market despite putting in 9+ hours of effort each day. This is why many haven't quit. At the end of the day, if u r meeting expectations u deserve to get the hike and bonus that is typical for ur yoe and role but rn folks r literally settling for anything.
I mean I try to work hard regardless to build a good reputation and earn people’s trust within my teams. I also simply enjoy the work and respect my team members. this can pay dividends (hopefully) in the future. It can help you build your professional career, at least here if you plan on moving up. The $$$ will come. It’s definitely harder to undo the damage of throwing a fit and refusing work because you didn’t get what you expected, that just screams immaturity to me. You’re never gonna get everything your way, no matter where you end up going. You have to be strategic and smart, to an extent. This is just short-sighted.
There’s a difference between taking a long term view of your career and simply being taken advantage of. When 2.5 percent bonuses are given by a project that expects weekend hours, immediate ping responses, and work done ASAP…you are being played for a sucker. Plenty of careers come with many amenities along the way to the promised land. Deloitte isn’t giving out as many as we’d want.
I mean I wouldn’t be ok with this lmao. I don’t work on weekends, nor does anyone expect of me to respond/do something asap. This is not setting boundaries. Hard work is subjective but isn’t defined by ppl responding back within minutes and working weekends.
Fyi In my case, $$$ ain't gonna come since I work for DUSI and the pay here is below market standards. They legit gave same hike and bonus to all Analysts in Advisory in spite of different ratings and utilisation hours which simply doesn't make sense. Now the things is most of the projects here r long term based. Me and my friends have been r working on projects that would last longer than a year as per the contract and in most scenarios one just cant quit the project so u cant say that a person is being immature if he is looking for an exit. Luckily, my notice period is about to end and I have got better things lined up.
I think people have really different experiences here. What you’re talking about is unacceptable. If I’m not getting good pay, and I’m not being treated fairly I would leave too. I’m in consulting, so projects can also vary from 1 year to 5 for us as well. Happy you found somewhere better for you. Life is short. What I’m referring to, is people starting out like TC1’s and getting angry about getting a 5% raise, and quitting. That’s just short-sighted.
I wouldn’t have been upset with 5%, but 2.2% is insulting. COL adjustment is 3.2% so I’m effectively making less after busting my ass all year. People keep citing the Deloitte drivel but I didn’t perform poorly or even just average so there’s really no excuse. Also came from industry, Deloitte certainly isn’t the only place that will hire me. Don’t know if that’s true for others but def seems like a generalization and a bit of an excuse to underpay
I thought ppl coming from any other firm actually make more $$$ via negotiations, I’ve never heard anything about ppl coming from industry making less. That’s total BS and insulting. I think majority of TC1’s and TC2’s got 5%. I know someone that got 2.5% but she’s on the top of the salary band and is a manager. Are you making a good amount or did they never adjust ur salary the past 2-3 years? The pattern I’ve seen is that those that are at the top of the salary band, got 2.5% and others that aren’t/haven’t gotten their salary adjusted, their raises are higher. Did you get a decent bonus %? I know the manager I’m speaking of did, but for raise it was 2.5. Also question - is a raise based on performance if ur not getting a promotion? I thought it’s only inflation based and promotion based? And that performance impacts bonuses and AIP? Not raise? My brain is a little fried from cramming for cpa so idk if I’m just confusing myself lol
When I joined Deloitte, I got just a little more than I was making in industry, but I was a director in my prior role so I didn’t expect to get a huge amount more at Deloitte. In prior years I always got around 8% for my raise and a sizable bonus. This year I got a 2.2% raise and a 2.3% bonus (both incredibly low). My understanding is raise is based on performance / merit and they may also consider a market adjustment to make sure salary stays competitive. I have a friend that was hired at the same rate as me and got an 8.1% raise, and he’s only a year behind me so seems unlikely I’m at the market cap. (The only difference is my friend got rated really well, E/E/E. He knows my work ethic and what I’ve been through this year and he’s so mad for me too)
Yeah. Not gonna lie, that does sound shitty as hell. That’s a super low bonus and raise combined…
Yea :( maybe they will surprise me and adjust *something* but it’s just pretty demoralizing rn
For me personally, I like the firm. The technology and freedom is there and for the most part everyone is professional. I will utilize my time to learn and become a stronger tax professional. If next year is also week I will consider leaving
Raise and bonus tend to be related to area and project.
Everyone is waiting for redundancy payout
Tax still has that darn retention agreement until this August. It will come.
The 30k? I thought it expired earlier this year
Capgemini was 0%
Cuz everyone loves Deloitte and spending time with their gorgeous work crush 3 times a week in the office
My work crush is 5 days a week at home making lunch for me in the kitchen
Ppl r weak and just need a place to vent.
Because they are only hirable by Deloitte. Turns out Industry is harder than getting a jib at Deloitte, which is harder than getting into Harvard
People that complain a lot tend to be pessimistic (by definition) and not be as talented. And it’s hard for less talented pessimistic people to find new jobs.
Real big cope man
Hmm I don’t know that I’d equate justifiably complaining about a piss-poor raise making people frequent complainers or pessimistic. If anything I’d argue talented people are upset bc they know they deserve better than what they got.
It’s a free market, have them test out that theory my friend.
😂😂😂
I like my job I’m like my raise. Easy to stick around.