Please ensure Javascript is enabled for purposes of website accessibility

Bonus Watch ’20: EY Employees Aren’t Getting Performance-Based Bonuses, But Their Jobs Are Safe For Now

Checked in with two sources this afternoon who confirmed what I saw posted on Fishbowl yesterday: no performance-based bonuses at EY this fiscal year, but that decision was made in order to prevent layoffs during the COVID-19 pandemic.

One source told me:

That’s what we heard on the webcast yesterday.

I think everyone appreciated that staying employed is preferable. Keeps down the uncertainty.

One EYer posted on Fishbowl yesterday that promotion bonuses and raises will still be given out this year:

However, one of my sources told me that raises still aren’t a certainty:

Can confirm there will be no performance based bonuses this year, raises may be impacted as well but that piece is not decided. EY does not wish to go the route of layoffs.

Also, the buzz on Fishbowl yesterday was that EY partners would be taking a pay cut, but we haven’t been able to confirm that yet:

It seems like the effect this pandemic has had on the firm is why EY is going down this road. One EYer posted on Fishbowl yesterday:

And one of my sources told me:

I’ve only ever heard about this after the virus issues so that tells me this is all due to the pandemic and the billable hours they’re losing.

We haven’t heard about bonuses being wiped out at any other firms besides EY. If these discussions are being held, or if a decision has been made, at your firm, let us know in the comments or get in touch with us using the contact info below.

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

downtown LA skyline

EY’s Landlord Didn’t Pay the Mortgage on the Downtown LA Office Building

Before we get into the situation, please note the issue discussed here is not EY’s fault. Rather, the office tower bearing the firm’s name at 725 South Figueroa Street in downtown Los Angeles has entered receivership after asset management company Brookfield stopped making payments on its debt in April. Commercial real estate firm Colliers has […]

screenshot of Carmine Di Sibio's May 23 Squawk on the Street appearance

Carmine Talks About AI Putting HR Out of a Job, Attrition, and a Rough Labor Market

EY Global Chairman and CEO Carmine Di Sibio and King Charles III stan showed up on Squawk on the Street today talking about the labor market and, more notably, how the firm is using an AI chatbot to answer payroll questions. The AI segment begins around 3:05. He also discussed hiring, saying they’ve been seeing […]