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.