{"id":230703,"date":"2025-05-08T12:17:10","date_gmt":"2025-05-08T12:17:10","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/layoff-watch-25-pwc-aligns-the-firm-for-the-future-by-axing-1500-people\/"},"modified":"2025-05-08T12:17:10","modified_gmt":"2025-05-08T12:17:10","slug":"layoff-watch-25-pwc-aligns-the-firm-for-the-future-by-axing-1500-people","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=230703","title":{"rendered":"Layoff Watch &#8217;25: PwC &#8216;Aligns the Firm For the Future&#8217; By Axing 1500 People"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/cache.goingconcern.com\/uploads\/2010\/05\/Grant-thornton-logo.jpg\" alt=\"\" title=\"Grant-thornton-logo\" width=\"233\" height=\"88\" class=\"alignright size-full wp-image-9614\"\/>On Friday, Grant Thornton had a firm wide call to discuss several things including layoffs, compensation, and grab-bag questions.<\/p>\n<p><strong>Headcount Reductions<\/strong> \u2013 Steve-o believes that the worst is over and that \u201crestructuring efforts are substantially behind us.\u201d  <em>If<\/em> there happens to be additional \u201cheadcount transitions\u201d it will be to refine operations or part of the no                      He went on to say that the people that are GTers now will, \u201cin very large part,\u201d remain GTers.  So can we assume the action in <a href=\"http:\/\/www.goingconcern.com\/2010\/04\/layoff-watch-10-grant-thornton\/\">Cleveland<\/a> and <a href=\"http:\/\/www.goingconcern.com\/2010\/04\/layoff-and-exodus-watch-10-grant-thornton-chicago-and-new-york-seeing-movement\/\">Chicago<\/a> was the last of it?  <\/p>\n<p><!--more--><br \/><strong>Compensation<\/strong>: GT seems is making big push towards a \u201cpay for performance\u201d model for its employees which means compensation adjustments will focus on top performers (\u201c5s\u201d in GT world) and market based adjustments (i.e. keeping up the Joneses) won\u2019t be happening.  SC cited a downward trend of salaries in the accounting profession based on a survey that GT does with Mercer (sounds convenient) for the phasing out of market adjustments.  He said there <em>might<\/em> be some exceptions to this.  <\/p>\n<p>The size of the merit adjustments have not yet been determined because it all depends on how well 1) GT performs through the end of the year and 2) individual performance.  Chip said that enough people were belly aching about the old adjustment system that a change was warranted.   This will be implemented slightly for this fiscal year (can\u2019t get all Darwin about it 3\/4 of the way through the fiscal year) and will be the main methods for next year and going forward.<\/p>\n<p><strong>Bonuses<\/strong>: SC cleared this whole issue up saying that it has not been determined if bonuses will be paid this year.  It all depends no the firm\u2019s performance in the final quarter of the fiscal year.  He did say that he\u2019s pre-<em>tay<\/em>, pre-<em>tay<\/em>, pre-<em>tay<\/em> optimistic about the firm \u201cbeing in a position to pay bonuses\u201d but they\u2019re still crunching the numbers so there\u2019s no telling if it will be a mini-windfall, pocket change, or a set of steak knives. <\/p>\n<p>Not to worry though, as the top performers will certainly get <em><strong>something<\/strong><\/em> if everything goes well at the firm overall.<\/p>\n<p>This \u201cnew\u201d focus on pay for performance seems kind of  familiar since all the firms assign rankings to employees (with their own bizarro methodologies) and are paid accordingly.  It makes you wonder if those that fall in the meaty part of the GT curve will get such a small adjustment that it will be another twist on the <a href=\"http:\/\/www.goingconcern.com\/2009\/08\/ratings-raises-and-promotions-forced-ranking-in-the-big-4\/\">forced ranking trend amongst accounting firms<\/a>.  <\/p>\n<p>Steve-o then shared his general optimism about the direction of the economy and what it means for the firm, a few recent client wins, yada yada yada.  He also updated everyone with some very vague details on the firm\u2019s new strategy \u201cUnleashing Our Potential\u201d that will be rolling out in the next fiscal year.  Basically all non-partners will have the chance to drop their $0.02 on this strategeroy very soon but other than that we couldn\u2019t tell if the new strategy involved a lunar landing or full-scale assault on financial reporting fraud.<\/p>\n<p>Last but perhaps most importantly, Steve-o admitted to enjoying the Masters very much, however he was quite clear that he was less than thrilled to see <a href=\"http:\/\/www.goingconcern.com\/2010\/04\/what-are-people-saying-about-phil-mickelson\u2019s-1st-kpmg-masters-victory\/\">KPMG on Phil\u2019s lid<\/a>.   We\u2019re sure it\u2019s nothing personal against Phil but those may be fightin\u2019 words directed straight at <a href=\"http:\/\/www.goingconcern.com\/tag\/john-veihmeyer\/\">Johnny V<\/a>.<\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>On Friday, Grant Thornton had a firm wide call to discuss several things including layoffs, compensation, and grab-bag questions. Headcount Reductions \u2013 Steve-o believes that the worst is over and that \u201crestructuring efforts are substantially behind us.\u201d If there happens to be additional \u201cheadcount transitions\u201d it will be to refine operations or part of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":230704,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[32978,85879,41419,85880,4524,2481,40909,30059,3794,25899,395],"dealstore":[],"offerexpiration":[],"class_list":["post-230703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","tag-aligns","tag-attrition","tag-axing","tag-corporate-gobbledygook","tag-firm","tag-future","tag-layoff","tag-layoffs","tag-people","tag-pwc","tag-watch"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Layoff Watch &#039;25: PwC &#039;Aligns the Firm For the Future&#039; By Axing 1500 People - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=230703\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Layoff Watch &#039;25: PwC &#039;Aligns the Firm For the Future&#039; By Axing 1500 People - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"On Friday, Grant Thornton had a firm wide call to discuss several things including layoffs, compensation, and grab-bag questions. Headcount Reductions \u2013 Steve-o believes that the worst is over and that \u201crestructuring efforts are substantially behind us.\u201d If there happens to be additional \u201cheadcount transitions\u201d it will be to refine operations or part of the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fivemor.com\/?p=230703\" \/>\n<meta property=\"og:site_name\" content=\"Som2ny Network\" \/>\n<meta property=\"article:published_time\" content=\"2025-05-08T12:17:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/fivemor.com\/wp-content\/uploads\/2025\/05\/PwC-layoffs.webp.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1255\" \/>\n\t<meta property=\"og:image:height\" content=\"835\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/fivemor.com\/?p=230703#article\",\"isPartOf\":{\"@id\":\"https:\/\/fivemor.com\/?p=230703\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/fivemor.com\/#\/schema\/person\/b85e3c3dc0e1daea076524dc8810c371\"},\"headline\":\"Layoff Watch &#8217;25: PwC &#8216;Aligns the Firm For the Future&#8217; 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