Top accountancy firm offers its 11,000 staff sabbaticals or four-day week as credit c

chewmylegoff

Cornball wrote: »

BTW, this isn't anything new, Deloitte & Touche started redundancies 6 months ago.

deloitte have made redundancies in their corporate finance department, a direct response to reduced work in that area. several other firms have done the same, including smaller ones like vantis. deloitte haven't taken a general axe to their payroll. the kpmg thing looks to be more of a general cost cutting exercise. partners wanting to preserve their earnings no doubt.

as you said, if kpmg do make forced cuts, the axe will fall on the fee earners last.

chewmylegoff

Kez100 wrote: »

Why have they got less work? Surely if audits have been lost insolvency and these pre pack administrations must be increasing?

it's not the audits they lose, it's all the additional work they get from their audit clients on top of the statutory - non essentially business reviews and alike that companies cut back on during a recession. they also can't increase the price of audits as much.

themanbearpig

tmm_aka_tracy wrote: »

I work for KPMG and we received notice about this today. It is not compulsary for anybody to sign up to this scheme, although they do want to encourage as many people as possible to give them the maximum flexiblilties.

I'm not dissapointed that this decision has been taken, as I think that it makes sense to prepare for any downturn.

Id much rather know that I had a salary guaranteed at 80% for the next 18 months, than the fear that I'll have no salary six months from now through redundancy.

TMM

Which service line are working in? I've applied for a CA training contract with tax services at kpmg, and advisory in PWC, deloitte and EY.
Is there any area which is likely to be less impacted? I really don't want to do audit though, it just seems too boring. I'm getting worried they will stop taking on graduates hearing this news... bad times!

chucky

BettiePage wrote: »

Thought I'd leave something worthwhile for you to contribrute

saw your Profile http://forums.moneysavingexpert.com/member.html?u=130834 then saw your Homepage http://www.globalhousepricecrash.com and understood where you were coming from

Cornball

chewmylegoff wrote: »

deloitte have made redundancies in their corporate finance department, a direct response to reduced work in that area. several other firms have done the same, including smaller ones like vantis. deloitte haven't taken a general axe to their payroll. the kpmg thing looks to be more of a general cost cutting exercise. partners wanting to preserve their earnings no doubt.

as you said, if kpmg do make forced cuts, the axe will fall on the fee earners last.

Deloitte started culling their Support Services 6 months ago, under the guise of restructuring. A couple people I know were made redundant.

You are right about KPMG, though they have made a lot of their contractors redundantin the past few months and will be cutting more soon enough. That doesn't make the news as techinically they are paid through other companies, but some have been with KPMG for over 10 yrs.

BettiePage

chucky wrote: »

saw your Profile http://forums.moneysavingexpert.com/member.html?u=130834 then saw your Homepage http://www.globalhousepricecrash.com and understood where you were coming from

Which is?

Kenny4315

[quote=themanbearpig;17769439_Average_salary_in_this_building_is_close_to_£70k[/quote]

That's double what they should be getting.

tmm_aka_tracy

themanbearpig wrote: »

Which service line are working in? I've applied for a CA training contract with tax services at kpmg, and advisory in PWC, deloitte and EY.
Is there any area which is likely to be less impacted? I really don't want to do audit though, it just seems too boring. I'm getting worried they will stop taking on graduates hearing this news... bad times!

I'm in Advisory and at the moment we have a very large contract which should see us through to summer '10. We work mainly for public sector agencies but that doesnt really mean that I / We are safe.

For the record, I earn no where near £70K - even if you took all my benefits into account.

TMM

withnell

Kenny4315 wrote: »

crystal ball or what ...

http://forums.moneysavingexpert.com/showthread.html?t=1399331&page=11

I'd love to be earning 35k, and I joined over a year ago.... As I said above, it's not investment banking!

JayZed

Even if you look only at Advisory, there are so many different business lines, some of which are cyclical and others counter-cyclical. It's obviously (generally speaking) a bad time for transaction-based services like Corporate Finance or Transaction Services, but on the other hand it's boom time for Restructuring, and not a bad time for Forensic.

Speaking personally, I'm glad that management's taking steps to avoid redundancies. For the record, all they're doing at present is inviting people to indicate whether they would be willing to volunteer for four-day weeks etc (and not everyone who volunteers for reduced hours is going to get them - some departments are too busy).

Also for the record, "nearly all of them earn well over £50k" is simply not true.