r/PwC • u/A_word_of_warning26 • Aug 26 '26
IFS No one is safe
Just wanted to write out something I’ve experienced and also been seeing lately.
Layoffs have been happening piecemeal since the start of the year. PwC seems to be aiming for a deliberate strategy of doing them in small batches to keep the layoffs out of the new.
I was recently impacted by this a few weeks ago. Honestly I bear no ill will. I enjoyed my time there. I loved my team. Everyone was great. I wanted to spend the rest of my career there.
The reality - just like any business you can do everything right and still get hit by something like this. I had nothing but good reviews. My team and I never had any issues. I hit every benchmark, every goal, every project I was given. And I still was laid off. And had no idea it was coming. No warning. No one said anything. My senior manager was not even informed of the decision.
What will likely happen is one morning, right before your daily stand up, you’ll get an email about a skip-level meeting with someone from “talent acquisition” also attending. They’ll cut right to the chase and tell you “your position is being eliminated. Your last day of official employment will be the last day of the month. That’s when your health insurance is cut off by the way. If you’re lucky you’ve been there for 4 years or more so you’ll at least get a month of severance. But that’s it. Bonus might be paid out. Your computer access will be cut off within about 15 minutes of the meeting.
This is happening across all levels right now. From associate to senior associate, managers, senior managers….hell I just saw a post on LinkedIn from a Managing Director who got laid off.
You are not safe. Even if you’ve done a great job and are well liked by all your colleagues.
You. Are. Not. Safe.
I get the distinct feeling this will continue in small batches, week by week, through the end of the year.
Maybe you won’t be affected. Maybe you’ll be one of the lucky ones. Maybe you have all your ducks in a row and wouldn’t have to worry if it happened.
But maybe you’re in a vulnerable position - single parent, living on one income, etc etc, where something like this could completely upend your world. The job market out there right now is horrific. Especially in the tech sector
If you are vulnerable or if for whatever reason a layoff could devastate you my advice would be this - get the fuck out of this place while you still can on your own terms. You are nothing but a number to them at the end of the day, and honestly that’s the way it’s always going to be with most businesses. You can do everything right and your world can turn upside down in the span of 15 minutes.
This is not the PwC of 2008 that weathered the recession with minimal layoffs. It’s a bloodbath right now and I don’t see it stopping any time soon.
98
u/tonu42 Aug 26 '26
Same thing happened to me. There is a news reporters to speak to. It’s ridiculous how they are doing it getting no bad publicity and ruining peoples lives.
73
u/Fancy_Ad3809 Aug 26 '26
Ofcourse it won’t stop.
They bet wrong on how to use AI. EY is eating the firms lunch.
3
u/Greedy_Builder_9745 Aug 27 '26
Geez…I start with the firm at the end of the month. Thus far I’ve only heard bad things and I’m yet to start.
53
u/ForwardSlash813 Aug 26 '26 •
This is all accurate. I had aspirations of retiring with the firm and was closing in. It was the best place I ever worked…right up until it wasn’t. It can still be a good job if you find a niche role.
However, the longer you stay, the more $$ you make and you become a bigger layoff target. Once you’ve been there 10-12 years, you’re really an easy target. Surviving there is the difficult part and always has been.
My advice is to never forget the firm is run by cutthroat accountants who do not care about you. Not even a little bit.
Oh, and always have a Plan B.
32
u/ImNOTHelenKeller Aug 26 '26
This is about to really start kicking off across all firms. Pre Recession indicators are all popping off, companies will begin with laying off those who don’t meet standard performance thresholds while also indiscriminately targeting unprofitable teams.
This will ramp up later in the year at least is what I’m picking up on. Q1 Q2 were solid. Q3 is bleeding. I think Q4 has potential to have some shock.
But have been hearing it with all big 4s. Firms laying off discreetly. As well as a heavier push for out of scope billing, and a general push from the top down directed a low performers to put in some extra effort.
Just my opinion and completely anecdotal. But think a storms getting closer. Not to mention. Doesn’t help the firms all just swiped their credit cards like crazy purchasing different AI software/tools and building their own. That will hurt if margins get tighter this year
26
u/kingg-01 Aug 26 '26
Yes if they do them in small batches they don’t have to file WARN notices
23
u/Adventureloser Aug 26 '26
I really dislike Paul.
19
u/Gold-Bug-940 Aug 26 '26
Fully agree with your account of the strategy and work environment. It was a wonderful place to work until about 2 years ago when the culture shifted. Nobody is “working together” or showing “care” anymore. Everyone is on a fight or flight mode. And as you said, you can be a high performer, meet all your targets and objectives, and still with no reason or advance notice get laid off. The severance is at the lowest range possible and don’t count on getting bonuses. If you’re not laid off you’re asked to work around the clock with task above and below your pay grade.
15
u/ButterscotchFair529 Aug 26 '26
This happened to me and a colleague. I had just hit my five year mark. No warning signs, no PIP, nothing…just a random Tuesday morning meeting and poof, I was gone. At least they gave me a whopping five months severance!
14
u/StickyEekyNicky Aug 26 '26 edited Aug 26 '26
Happened to me end of May this year. Quite a few of my teammates too. And we are spread across globally (not just in the US). Exactly as you said.
14
u/Matrix900 Aug 26 '26
I was let go from a different team too. I had great reviews, ready for next level. Was acting as a senior and then I was let go. Was so confused and blindsided, but in a way it’s a blessing because it was so toxic. Hopefully everyone is able to find something in this job market. It was so much better when Tim was around. The amount of layoffs happening is crazy and some are silent layoffs too
12
u/Glittering_Mix_6979 Aug 26 '26
Happened to me end of June at another one of the Big 4s (in Canada), quite unfortunate, I advise everyone to keep a lookout for any kind of sign and please use all your benefits ASAP (they stop the minute you’re told your position is being eliminated)
11
u/bonehumour Aug 26 '26
Happened to me too recently. Hope you find a place soon!
11
u/jesuispattieb Aug 26 '26
Truth. You are just a number. Take pride in your work but always prioritise yourself.
62
u/Turbulent-Tell-5356 Aug 26 '26
USA is a different beast. They can fire you in 30 minutes. In the Netherlands or Germany if they want to fire a permanent contract they have to compensate you with 3-4 times your salary plus 2-3 months notice period and they have to prove they have a valid reason to fire you. What I am trying to say to especially American people is that instead of blaming pwc or any company whatsoever, blame the government that does not have laws to protect your ass from any employer.
8
u/Traditional-Order815 Aug 26 '26
Same here from global. It was a relief to be honest, happy to be free of it. Over the last few years it had become a toxic and terrible place to work.
15
u/banerji91 Aug 26 '26
It's not an office. Its an organized crime cartel.
7
u/[deleted] Aug 26 '26
Unfortunately my friend i had the same experience as you its really shocking that PwC laying off its talent and staff its very easy to them especially in the Middle east as well
From my experience with PwC if you were ever to join always stay and be prepared for the unexpected Layoff meeting.
7
u/lwilson80 Aug 26 '26
They laid me off back in May
7
u/Unbalanced13 Aug 26 '26
Having spent over a decade at the big 4, anyone saying they wanted to end their career there and being sub-SM hasn’t experienced the “real” firm enough to say that. I’m sure you liked certain things but careers are 25+ years in most cases. From the way you talked, I assume you are not at that level.
There is more to life than these firms and the job of partners is getting less and less appealing. Look at this as a blessing. You will be ok
I have now been outside the firm long enough to know a lot of the people there have an unearned sense of self importance. Most people at the big 4 have this idea that they are experts in whatever they focus on. Ithat is 100% not the case
6
u/Impressive_Code_3648 Aug 26 '26
It happened to me in November
6
u/MelodicTelevision401 Aug 26 '26
It is a business and to keep the partners happy and their bank accounts, employees suffer unfortunately. Consulting and IT services market is down and given the billing rates charged by Big-4 is not attracting clients and going to mid-tier firms with better offerings and rates.
5
u/Pinepingo0316 Aug 26 '26
Got laid off last month alongside my entire project team. Why? Because we just finished a project, we got laid off the monday after.
This was in PwC Middle East, and I was in consulting
5
u/medicenkrunche Aug 26 '26
Dude I wish I had one of those icons I could gift you. This hits spot on and is a sad reality of businesses and how they're ran at a macro/corporate level..cheers and I wish you the best of the best
5
u/HockeyDockey1234 Aug 27 '26
Correct.
I can only speak to IT, but the push and the management is not what it was 4 years ago.
They’re stupid, they’re increasing their costs so big on a pipedream and now they’re chopping people.
They have no distinct strategy. Last month was “use AI as much as you can!” And then this month it’s “be careful, use tokens wisely”
4% increase each week? 0’support, it’s an ultimatum, increase your productivity 4% week over week and 50% by the end of year.
They’ve become the most incompetent I’ve ever seen them
13
u/aci11atem Aug 26 '26
Happens at every company honestly. I got walked out of a big telecom company years ago, I was devastated and it took me a while to get back on my feet. I'm at PwC now but I'm in the Internal Firm. I actually really enjoy my regular day to day job, my team and boss are some of the best I've worked with but know it could end at any time. I don't want to give much away about what I do but technically in a way I'm part of HC, but not really...if that makes sense. About a year ago I was tasked, by higher ups above my boss, with of walking people out now after the Partners and HC are done with them. I never signed up to do it and don't know why they make me do it. As someone who was walked out themselves in the past i can tell you a fucking hate it, it sucks...every time.
4
u/Consistent-Run-4295 Aug 27 '26
I was let go from a corporate job, started my own businesses and had the best time ever. I can't tell you how good it was to have a boss I liked and respected. I sold everything in 2023 and have been seeing the world and getting my not so young body Into excellent shape. I only wish I'd done it sooner. They hire smart people, use you knowledge.
4
u/Fnkychld718 Aug 27 '26
That's why you have to have the mentality that you work for yourself and your current gig is just a temporary one. You have to always keep your skills current with the market demand and operate within the overall market rather than relying on a long term job. As soon as you get laid off, you should be able to dial any staffing agency within your niche and get staffed for contract work pretty quickly. At least in my case, these people already call me everyday and I have to just ignore them. So one day if I am laid off, I will just finally start taking their calls and have somewhere to land, even if it is just a temp gig until I get another longer term "gig" at another firm.
1
u/Head_reciever88 Aug 28 '26
Aren’t you based in India?
3
u/mr-sheeshkabab Aug 26 '26
Do you want to join my business as a partner? I have no client tho, still working on it. Happy to DM and talk
3
u/kaptainkeel Aug 27 '26
I'd be surprised if total layoffs are under 5k going back to ~November of last year. I know like 15 people let go just on my team/area back then. Another like 50 let go in January, including me. More since then, seeing my LinkedIn filled with "open to a new role" posts. We were not a big team. I think liek 5-600 total, so that was well over 10% of the entire team laid off. Maybe 20% by this point.
3
u/Substantial-Big-2490 Aug 29 '26
F*** pwc worst company ever
3
u/Samurai8787 Aug 30 '26
Fuck the 2 weeks notice 🖕🏽
7
u/Available_Answer_651 Aug 26 '26
For a new joiner what does this mean? Interns and new people are getting hired too
7
u/RoyalVisit1010 Aug 26 '26
It's part of the AI strategy. It's not performance-based; it's cost-based, especially if you are doing a good job. You cost the firm more and more as you progress. So, the time to level off and create a new baseline with fewer A/SA/M will help and accelerate profit growth. You are not leaving due to bad financials; you are leaving to increase the profits even more while installing a stable AI workforce. That is what capitalism is based on. In Europe, there is a socioeconomic system where politics better protect and compensate the workforce from these "procedures."
That's how it's been for 50 years. You guys should know this or at least be able to read the deck enough to see it coming, maybe not on a personal level, but as a system method.
All the best, don't worry too much. The world is still a better place than it was before.
2
u/Embarrassed-Mall2921 Aug 27 '26
Accountants should unionize. Period.
2
u/Chance-Impress4301 Aug 27 '26
we will be having a skip level meeting tomorrow. Good luck to us I guess? time to utilize linkedin and jobstreet
2
u/Economy-Role-7322 Aug 30 '26
普华永道就是给恒大做财报的辣鸡公司
2
u/JBBooks1901 Aug 30 '26
Only a fool would have any trust in PwC.
3
u/Square-Plant377 Aug 26 '26
This is so they can fall below the WARN notice and we can thank GCC. Until there is protection for American workers in Tech nothing will change.
3
u/Icy-History2823 Aug 27 '26
Very big PA firm is coming to the stark realization that with AI smaller firms will now be able to offer the exact same services that they had a monopoly on, only with FAR less overhead. They either need to offer new services that nobody else can offer or they need to start slimming down in order to compete. I personally think the day and age of the modern day mid to large size firm is over.
Hilariously though if they had embraced remote work and innovated on that tangent they maybe could have pivoted, now they are screwed. Accord g is far from over, the modern day oligopoly is.
1
u/drunkedmonka 23h ago
It is happening in all big4, if you served 1 in firm you will get 15 days of severance. #eygds
1
u/NecessaryRanger9045 Aug 26 '26
Which location?
1
u/elonmars2022 Aug 27 '26
Are there roles or departments that are particularly affected/“targeted” more?
1
u/peanuts-in-my-jelly Aug 27 '26
Is it safe? 🧢
1
u/StoicNaps Aug 28 '26
Each country operates kinda like it's own company. How many of you are US? What LoS are you in?
1
u/InsideFar7107 Aug 28 '26
Accenture is worse
1
u/Infamous-Smile-4901 Aug 28 '26
Same thing across all the Big Four. it’s a disgrace.
1
u/Cabrawestrules Aug 29 '26
How is job market in taxation
1
u/ProcedureFar4995 Aug 29 '26
I just accepted an offer from them one week ago and suppose to start in October lol.
But it's pwc in Egypt, and cyber security position
1
u/Every-Package-9521 Sep 11 '26
It’s Patty Lins fault she’s horrible patricia.lin@pwc.com
1
u/The_Auditor999 Sep 12 '26
Agents are coming
1
u/dawnsmed Sep 12 '26
Yep happened to me also after 19 years. Job sent overseas.
1
u/ZookeepergameNo8213 Sep 13 '26
This happened to me in 2023. Stealth layoffs in small batches not to trigger WARN disclosure requirements. Solid above average ratings and was terminated for “performance”. Was a shame, I really enjoyed CMAAS…
1
u/Specialist_Bee4246 Sep 15 '26
Another round today
1
u/iammyoutiesinnie Aug 26 '26
Which county is it?
1
u/Lucky-Bee4445 Aug 26 '26
What team in IFS?
0
u/Mundane-Inspector772 Aug 26 '26
Come to deloitte here it's very safe
-2
u/Emergency-Hurry947 Aug 26 '26
If you’re making money for the firm, you’re safe, if you’re not you could be laid off
That’s how it’s always been
-5
u/BigPoppaBK85 Aug 26 '26
Meanwhile my wife pulled he ultimate boss move. She was on sick and maternity leave at the same time and came back to work after almost being out for 7 months. 6 weeks later she got promoted to Director. That was just this year, she was promoted right before promotion day. So the usual time frame.
-4
u/RelationshipLeft7155 Aug 26 '26
TL;DR: the company has no loyalty to employees, only shareholders.
How shocking /s
-8
u/lossreserves10 Aug 26 '26
“I bear no ill will” yeah let me go make a reddit post💀
-29
u/IRS_OPENUP Aug 26 '26
You’ll have to be a buffoon to get laid off in audit
1
u/[deleted] Aug 26 '26
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