Evidently EY missed its revenue target and as a result, some EYers are getting bad news about promotions, raises, and bonuses. Bad news meaning no, fuck you, and LOL.
While one might feel compelled to handwave these posts as a skill issue specific to the people who posted them (that certainly could be the case), the FY25 EY compensation thread is enlightening to say the least. Some highlighted comments from the consulting side, where the majority are reporting single-digit salary increases:
- M1->M2 with a 2.4% salary increase, 0.88% bonus: “Balls in my throat”
- A2 (no promotion) with a 2.13% salary increase, $1000 (1.04%) bonus: “😭”
- M3->M4 with a 0% salary increase, 2.93% bonus: “Rethinking life choices”
On the assurance side, you have majority double-digit salary increases, plenty of promotions, and zero crying emojis.
This S3 in consulting with a 0% salary increase and a 0.74% bonus gets it: “They want us to quit.”
Craig here gets it too:
This is a back door to way to reducing headcount without firing people. If you aren't getting a raise and have met all production goals, then they are indirectly telling you "you're fired".
— Craig Hausz, CPA (@CPATaxTeam) August 5, 2024
Repeat after me: They want you to quit.
They want you to quit.
They want you to quit.
Headlines about mass layoffs are ugly and make clients skittish. Why do that when they can just discourage people right out the door? It seems pretty obvious that’s what’s happening here.
To be clear, they’re doing layoffs too. Guess that attrition is still way too low.
For fiscal 2023, EY US reported 12 percent revenue growth from FY22 for total revenue of $21.5 billion. No specifics yet on just how bad the year ending June 30, 2024 ended up being.