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Deloitte layoffs 2008

Deloitte layoffs 2008

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Having seen layoffs during as well as post acquisition, I can tell you that layoffs generally focus on:. Partners' pets that fall into any of these categories will get snuck onto a billable project qualified or otherwise just long enough to see the "culling" subside.

The most at-risk group are expensive resources that don't directly bill or own pursuits such as Managers, technical specialists e. They'll usually spare first year analysts until they're sure they can't use them as replacements for more expensive resources on a project.

Better be prepared to pretend to be an experienced consultant on some boring ass project in ND this winter. I would have thought managers would be relatively safe, given the investment in talent development required to grow competent consulting managers? Feels like they would be the least easy to replace once the economy recovers. Partners need someone to rely on to actually run projects so that they can focus on selling. That burden often gets either pushed upwards i.

Often times, managers especially in tech consulting are in sort of the twilight zone of consulting during times of margin compression - far too expensive to slot into "doer" roles, often in roles where the margins get pretty compressed relative to other resources who can be in the same role e.

This, of course, assumes that we're talking about run-of-the-mill managers which there are plenty of in most large consulting firms. High performers at all levels are likely to be OK unless it gets really, really bad and they have to go completely bare-bones.

The question is not if you are dreading the final meeting but if you were deloitted to work there They said that layoffs would span June and July. Well it happened. Was very brief and not very personal. Was told that my last day would be tomorrow today and they will ship me a box to send back my laptop, badge, etc.

Deloitte Mum On Layoffs | Big Four accounting firm won't explain impact on Connecticut

Expected a lot more from Deloitte as a firm on how they managed this process. Can you give any details on severance? Please let us know how it goes. Hoping for the best for you, whatever it is that you may need during this rough time.

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I got the same email and had my meeting today. I thought I was going to be promoted to the position of managing director. Effective immediately.As the COVID pandemic drives profound societal and organizational shifts, leaders have the opportunity to return to work by designing the future of work, building on the lessons and practices their organizations executed during the crisis. In March, more than a third of humanity was in lockdown. Explore the Human Capital Trends collection.

Watch the video. Go straight to smart. Get the Deloitte Insights app. Create a custom PDF.

deloitte layoffs 2008

And yet amid the tragedy and uncertainty ran a strong undercurrent of hope. Individuals and communities responded with empathy and strength. And ecosystems banded together to leverage their collective and complementary capabilities to effect meaningful change. The social enterprise went to work. But as new technologies and digital transformations dominated conversations in boardrooms, human concerns were considered separate from, if not directly in conflict with, technological advances.

In each chapter, we show how organizations that embrace a new set of attributes anchored in purpose, potential, and perspective can create lasting value for themselves, their workforce, and society at large. As organizations looked to adapt their ways of working in response to the crisis, they found that, in many—though not all—parts of the world, technology was not the greatest challenge.

In those where it was, the crisis highlighted the digital divide within countries, across regions, and in rural communities and urban digital deserts. This crisis presents a unique opportunity for organizations that can overcome the instinct of treating humans and machines on parallel paths to instead build connections that can pave a path forward, one that can nurture growth and innovation in the weeks, months, and years to come.

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It also serves as a window into what can happen if the intersection of humanity and technology and the opportunity to operate as a true social enterprise are not fully embraced.

In light of COVID, the opportunity and risk may never be greater for organizations to transcend this paradox and see possibility in what lies ahead. COVID has challenged business leaders to do three things at once: stage the return to work, understand and leverage the advancements they enacted during the crisis, and chart a new path forward. Focusing on the return to work alone is not a viable option, as it will not allow organizations to capitalize on all that they have experienced and learned over the past few months.

Leading organizations will do the same. Rather than shrinking from, or preparing to fight, the oncoming storm of change, they draw energy from it. In the context of COVID, they will leverage the opportunity to return to work by designing the future of workemploying the lessons, practices, and goodwill they built during their accelerated crisis response.

This is by no means an exhaustive list, but rather a starting point: an opportunity to consciously reflect on what has happened over the past few weeks and months in an effort to embrace the possibility that lies ahead. Consider, for instance, how workers at some consumer products companies have found meaning and inspiration in their jobs as their companies increased production of or in some cases, pivoted to start developing disinfectants and sanitizers.

To strengthen the link between belonging and organizational performance, organizations need to do more than treat their workers fairly and respectfully; they must enable a deeper connection by drawing visible linkages as to how their contributions are making an impact on the organization and society as a whole. The pandemic has put more hours into the working day, creating exhaustion and burnout and simultaneously exposing the stress that many workers face in balancing professional and personal demands, as personal commitments and roles such as being a parent or caregiver could no longer be separated from work.Part of the plan is to align our headcount according to current and projected revenues.

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Like our competitors, we are affected by a number of economic events, including the overall slowdown in the U. It may not make those who have been let go feel better right now and they are commentingbut it should help them when looking for a new job.

Harrington said that some employees were offered other positions, including opportunities to relocate. She also said that Deloitte has not rescinded any offers to students and has no plans to do so.

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They are still recruiting. I get a lot of mail about Big 4 firms cutting H1Bs first and most severely. They have a legal responsibility to these employees that goes beyond what they do for others.

Are they upholding their obligations and making employees aware of their rights? By all reports, Deloitte has severance programs in place and is doing the best they can for employees under the circumstances. Please let your firm know they are expected to be smarter than that. Layoffs will occur across all departments and offices of the firm. While some of the reductions are based on performance reviews, Harrington said much of it is part of a cost-cutting measure.

IBM is laying off thousands of employees

Please tell a colleague about the blog. Drop me a line at fmckenna mckennapartners. Francine is Email this author All posts by Francine.

I am sure that the firm has not had the typical exodus of employees since industry is so tight. Is it unpleasant? It is atypical? It is fair? Depends on when end you are on. What we see here is a change in supply and demand.

Given the current economic slowdown and as businesses crumble or are acquired accelerated rate … there is less companies to service. As these companies merge we as public accountants also become redundant. Talk about being used and abused! I declined to post on it because I considered it unimportant. I have searched on WSJ online and so has Ms. Is that bad, not really. I think it shows bad leadership and greed amongst those running the firm however. Especially since their recruiting goals are near the same even in socal which has not had a good yr.And some have taken to sites like Fishbowl and Reddit to voice their concerns.

The prevailing wisdom among those in public accounting is that the Big 4 firms and the like are going to forego bonuses and raises, implement hiring freezes, and even force partners to take pay cuts before they start laying people off. A former PwC managing director, who worked at the firm during the financial crisis, told me yesterday via email:. The publicly-stated reasoning at the time was that they wanted to be sure to have ppl on the bench and ready when the economy turned around….

Not sure if the economy turned around as fast as expected. Despite firms taking measures to avoid layoffs, accountants are still concerned, according to a recent survey of Fishbowl members. From March 13 to March 16, more than 17, verified professionals who use the Fishbowl app answered the question: Do you believe the coronavirus will result in layoffs at your company? Among the 2, accountants who use the platform and took the survey, four in 10 said there will be job losses.

The numbers are even higher among employees of consulting firms, like Deloitte and Accenture, with nearly six in 10 consultants who took the survey predicting layoffs. If there are layoffs at public accounting firms, most people on Fishbowl believe those who work in tax and audit will be much more safer than those who work in advisory.

We really hope everyone survives this crisis and stays healthy—physically, mentally, and financially. Have something to add to this story? As always, all tips are anonymous. Another big Canadian firm is cutting employees during the pandemic, and the latest victims are from PwC. We got this tip around lunchtime on July Lay offs have started in a few offices in PwC Canada, including me.

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Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information. A former PwC managing director, who worked at the firm during the financial crisis, told me yesterday via email: PwC did that in No raises, no perf bonus, cut in ptr comp iirc but no mass layoffs.

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deloitte layoffs 2008

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Necessary Always Enabled.The shale revolution in the US oil and gas sector has received much attention, and rightly so, as the sector has defied history to create a new one. Subscribe to receive more economics content.

Led by shale resources, the US oil and gas sector has witnessed a remarkable transformation in terms of productivity and innovation since early s, thereby easing US energy security concerns and altering the geopolitics of crude oil and natural gas. With the shale revolution structurally transforming the oil and gas sector, how has the labor market shaped in the past 15 years? What changes have the recent innovations and technology gains brought about in terms of skill requirements and labor demand?

How will changing labor-market dynamics affect employment opportunities in the future? This article delves into the two subsectors—exploration and production upstream and oilfield services OFS —and analyzes the overall employment trend over the past 15 years. Nonetheless, the past may not be the best prologue to what lies ahead, given the uncertainty around how the labor market will likely shape up in the future as the sector adopts new technologies to increase well productivity and change cost structures.

Although the history of shale goes back to s, the shale revolution began in early s when drilling and production for natural gas in shale formations gathered strong momentum.

deloitte layoffs 2008

Rising natural gas prices and strong demand from power- and energy-intensive industries motivated the US oil and gas sector to explore new reserves of natural gas through a combination of horizontal drilling and hydraulic fracturing.

As the number of unconventional natural gas wells rose, the dramatic increase in production revived the natural gas industry and resulted in significant economic implications. While the natural gas component has remained important right until now, the early success in discovering shale gas resources gradually paved the way to the exploration of shale oil reserves by using the new techniques in the mids. High oil prices and depleting reserves likely drove US companies in the sector to explore and develop new oil resources by investing in new technologies.

Development of shale resources resulted in strong growth in investment and employment in the sector, with both spiking to the highest levels since figure 2. More thanjobs were added between and table 1. While the increase was seen across all occupations, demand for certain specific skills was exceptionally high. Employment of rig roustabouts and operators increased by an impressive 90 percent, primarily in the OFS subsector, owing to a sharp increase in the investment-led drilling activity.

This demand started with offshore and then progressed to onshore conventional and shale. Even as the shale gas revolution remained strong untilthe sector witnessed a gradual shift from gas to tight oil production during this phase. The global financial crisis caused temporary jobs losses, primarily in the OFS subsector figure 3. During —, employment among mid- and low-skilled professionals fell faster in the OFS subsector than the US industry average figure 3, second column, lower panel.

In contrast, the upstream subsector was still hiring strongly figure 3, second column, upper panel. Employment rebounded strongly afteras oil prices revived and stabilized.

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During —, employment growth across skills in both the subsectors with the exception of growth for low-skilled labor in the upstream subsector was stronger than the average US industry employment growth 1. Bytotal employment had risen to a recorddue to strong investment in technology, exploration, and drilling activity the number of US drilling rigs doubled to an all-time high of 2, during Besides exploration, the sector also focused on developing and testing new technologies to tap the bountiful shale oil reserves, thereby causing the demand for highly skilled professionals, such as geologists and petroleum engineers, to firm up figure 3.I work for Deloitte; I cannot tell you how many times I have been told our colleges in India are considered part of the US work force.

How many layoffs have happened over there? Seems the American workforce is disposable all in the name of greed. If the US consultants start getting paid like their Indian counterparts I am sure there will be as few lay offs here as there are in India. KPMG is laying off people and it's using India as part of its global leverage program to cut headcount. It's being positioned as a way free up time, but it's about cutting jobs in the U.

The firms do not cover their medical, and they are not required to withhold for American taxes such as social security and medicare.

They are a lot cheaper and a lot less risky because of this. EY is laying off people too in most of the practices to reduce cost Advisory, Core Business, Information Technology, etc What is bad sign, that they are laying off them without paying severance compensations. Most of the layoffs are motivated internally that laidoff employees were not so good, and this is after recent promotions and raises. People always hate to talk about when they are laid off. But as it has become every day's news headline since Yahoo started it with cutting of its task force last year, now a need of platform has been in demand where people can express their selves in words how they are feeling about their company, whey the got laid off was that justified or not.

And every thing they want to tell anonymously. And www. He was a Principal and head of diversity for over two decades, the firm did not even put this info of his passing on Deloittenet. For those who are interested his funeral is to be held on Monday in Maryland, he leaves behind a wife and 4 children. He was 48 when he passed. Yes, I saw that too.

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It is on Deloittenet today that Jason Harper passed away. Apparently when the first person posted the comment yesterday it was not on Deloittnet, but today it is head news on the site. I worked with Jason, I am a senior manager at Deloitte and I cannot begin to tell you what a tremendous loss this has been to me and everyone else who he has known at Deloitte.

I extend my condolences to his family through this difficult time. Indranil writes that if the US workers get paid like their Indian counterparts, we wouldn't be laid off. If the Indian counter parts are living in "poor" conditions due to the pay they recieve, then I agree. If not, then it's all relative and if you are a US Based employer, you should look out for US employees first.

More layoffs at KPMG were effected yesterday in Mclean, more to follow from other big four firms after busy season. The American contract employees are being replaced with Indian ones. You can't eat off of the fat of the land and then turn around and screw the people who are hiring you. All US Government contractors should be American citizens.

Steve - Its all about being competitive in a global economy. Whether in US or India, if you can get the same workdone at lesser pay, you will be preferred. Yes, Indians are living in "poor" conditions as compared to US counterparts. There is no excessive disposable income available for Indians as it is for US employees.

Deloitte is the most ruthless of all Big4. They hired about 80 people in Oct and laid off over 45 already.Particularly with the largest firms, which are inspected annually, the Board devotes considerable time and resources to critically evaluating whether the firm did in fact make sufficient progress in that period.

The Board can and does make the relevant criticisms public when a firm has failed to do so. So to clarify, Deloitte had until May 19, to get their methods up to par but failed to do so. Does this mean that the PCAOB has been stepping up its game and this is the first instance of many to come?

Our commitment extends from the top and cascades throughout our entire organization. We recognize that audit quality is fundamental to protecting investors and ensuring the effective functioning of the capital markets.

In our drive for continuous improvement, we have been making a series of investments focused on strengthening and improving our practice, and will continue to do so to make Deloitte the standard for audit quality.

In other words, a non-response response. Their response letter spelled out their feelings quite clearly:. Professional judgments of reasonable and highly competent people may differ as to the nature and extent of necessary auditing procedures,conclusions reached and required documentation. We believe that reasonable judgments should not be second guessed and therefore disagree with a number of comments as indicated[.

You can read the full report, including all the details from Part II that were previously unpublished, on page 2. The Board therefore takes very seriously the importance of firms making sufficient progress on quality control issues identified in an inspection report in the 12 months following the report.

Have something to add to this story? As always, all tips are anonymous. Another big Canadian firm is cutting employees during the pandemic, and the latest victims are from PwC. We got this tip around lunchtime on July Lay offs have started in a few offices in PwC Canada, including me.

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website.

These cookies do not store any personal information. Their response letter spelled out their feelings quite clearly: Professional judgments of reasonable and highly competent people may differ as to the nature and extent of necessary auditing procedures,conclusions reached and required documentation. Next page.

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These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience. Necessary Always Enabled.