This should quell any doubts.
This was the scene outside 300 Madison Ave. in New York last night. A sad day indeed. Leave a caption or your eulogy in the comments.
Category: PwC
Good Times at PwC: Supporting the iPhone and The Return of Christmaskuh
As you know, it’s been rebrand-orama in land of P. Dubs recently. With all that going on, you may have been distracted from the fact that there are more important, less controversial decisions being made. For example, employees will be celebrating the birth of Christ/The Festival of Lights/whatever it is you do by enjoying an open bar and finally making awkward sexual advances on co-workers.
From the mail bag, some communicado from Bob Moritz:
Holiday celebrations were clearly a casualty of the challenging economy. Many of you told us that while it was the right decision given the economic environment—especially when we repurposed our holiday spending to give back to our communities—you missed getting together with colleagues to celebrate during the December holiday season. While we will continue to focus on charitable giving, we’re pleased to see a return to office holiday celebrations this year. Look for more from your market leaders on events happening locally.
Additionally, PwC has finally caved to moxie of Steve Jobs:
Many of you are already using iPhones or have been holding off purchasing one because the firm doesn’t support them. I’m pleased to announce that, later this fall, we’ll be offering iPhones from AT&T, and at least one Android model from each of our approved cellular carriers (AT&T, Verizon, Sprint and T-Mobile), as part of PwC’s smartphone and cellular program.
How’s that for good news? Express your glee (that means break out in song) below.
BREAKING: At Least One PwC Employee Isn’t Sold on the Rebranding
It’s been just over a week since we broke the story on PwC’s rebranding. Now that everyone else has caught up to the story, we’ll share with you some fresh news on the makeover.
To be perfectly honest, I’m not a fan of the new branding. In your email you wrote “…we are altering what we believe is an outdated visual identity to better express the kind of vibrant and relationship-based firm we have evolved into.” I find it ironic that you referred to our former visual identity as outdated when our new brand looks like a throwback – a 70s color scheme meets an IT startup.
I completely agree with the comments on the website where the brand is repeatedly referred to as child-like and unprofessional. I feel like the explanation for the symbol is also very complex. The *connectedthinking brand was simple and easy to understand. With the new symbol, everything has a meaning, from the colors to the solid blocks to the transparent blocks. A symbol should be fairly self explanatory – this one requires too much explanation.
I love the fact that the company has been focusing more on changing behaviors and placing a greater emphasis on building relationships. However, I fail to see where a new brand would affect this. Colors and symbols don’t represent PwC, the staff does. In one of the online discussions it was pointed out that following a salary freeze one year and layoffs the following year, it almost seems foolish to spend so much money to “reinvent” ourselves. To quote a wise PwC employee, “A new brand isn’t going to win business, motivated people will.” I find it hard to believe that this new, colorful symbol will be the motivation that people need to help expand our business and improve relationships with clients. A better way to motivate the staff would be more incentives – bonuses, rewards, raises – positive reinforcement. Pavlov was definitely on to something with the concept. Interactive gallery stations complete with iPads to show off the brand? Activities revolving around the launch of this new brand? Is this really the best method of spending funds?
Also disturbing to me is the environmental impact this could have. I can’t imagine that this won’t set back the Firm-wide goal of reducing our carbon footprint. Letterhead, business cards, report covers, envelopes (to name a few paper products) all need to be reprinted. It seems like an incredible waste to discard everything we already have in favor of this new brand (we received an email letting us know that after October 4th we are not to use any of the old paper products). I hope we are at least planting a bunch of trees to help compensate Mother Nature for the amount of paper that will be wasted with this change.
It’s disappointing to feel like we have taken two steps forward and three steps back. I realize that it is what it is, but I felt that I should voice my opinion from down here on the totem pole.
It’s been suggested that October 4th will be the great PwC Shredding Day that will no doubt involve a convoy of Shred-it trucks out 300 Madison (and offices nationwide for that matter) along with employees dropping their old business cards into every fish bowl they can find.
So mark it on your calendars and definitely document the shredding in action or perhaps a bonfire (done safely and in full accordance with the law) and send us the pictures.
PwC’s Other New Color: Green(er)
Newly autumnal-hued PwC still has nature on the brain, this time reflecting on the kick-ass job they did by reducing their carbon footprint 20% since FY07.
For those of you scoring at home (read: Al Gore) that’s two years ahead of schedule.
Through a two-fold strategy, consisting of solutions around workspaces, air travel and commuting, as well as through the engagement of its people to make behavior changes, the firm has reduced its carbon emissions by more than 62,000 CO2 metric tons since FY07, its baseline emission levels.
Being a shameless tree hugger, we applaud the efforts of PwC and also KPMG who announced the reaching of their greeny goals – also ahead of plan – back in July.
However, the thing we’re a little skeptical about are the goals that each firm set for themselves. If they are blowing these carbon emission reduction targets out of the water and ahead of schedule it seems like they may have set the bar a little low. You figure that if you throw some recycle bins in the common areas, encourage more video conferencing and replace all the old light bulbs with the long-life version, you’re already ahead of the game.
PwC did a good job at detailing how they’ve been recognized for their efforts but they still remain vague about any future plans to continue their efforts:
“At PwC we take an integrated approach to reducing our waste, emissions, and discharges by elevating our green efforts and embracing new business practices,” said Shannon Schuyler, corporate responsibility leader, PwC. “We will continue to work toward sustaining the reduction we have already made, as well as partner with our experts in the S&CC practice to set new goals and targets in the future. To us, supporting a healthier and more sustainable environment is part of being a responsible leader.”
KPMG, on the other hand, was very specific about their efforts and what they had planned for the future including the Living Green Teams (with uniforms), recycling laptops and taking a stab at this paperless audit idea.
Granted, getting serious about reducing emissions is something that has only been sexy for the last 2-3 years so maybe the firm will ratchet up the goals, along with detailing specific measures, over the long-term.
PwC Meets 20 Percent Carbon-Reduction Goal Two Years Ahead of Schedule [PR Newswire]
Grant Thornton Didn’t Promote Me, Do I Go to PwC?
Today in accounting firm musical chairs, a SA3 who got passed over for promotion at GT has an offer to joining soon-to-be rebranded PwC as an SA1/2. WHAT TO DO?!?
Have a question about your career? Worried that you’re too hot for the Big 4 and your hot brain will be overlooked? Trying to decide if you should give it all up and join the circus? Email us at advice@goingconcern.com and we’ll let you know if you should consider becoming the next human cannonball.
Back to our accountant in peril:
I’m a recurring S3 (financial) who was passed up on the manager position because of internal politics [Ed. note: reader admits that this is their opinion]. I have a offer with PWC to join their asset management group as a S1/S2.
Is this career suicide? I have until today to tell GT if i’m leaving or tell PWC that i have to rescind the offer.
I’ve had it with GT and although they said there is a good chance next [year] to make manager, i dont believe the hype.
Timing if of the essence, so we’re on this – Looking forward to a promotion to manager and getting passed over is a tough pill to swallow. All of your hard work that you’ve put in over the last five or so years (that feel like ten) no feels wasted. As you say, you’re not buying the hype any more and we don’t blame you. However, succumbing to your frustration and allowing PwC to knock you down a notch (or two) on the ladder is the last thing we think you should do.
You shouldn’t let any firm take advantage of your vulnerability and devalue your experience just because you were in Casa de Chipman. If you were an associate, the situation might be different but if you’re on the throes of making manager and now it might be at least another year before you’re even being considered for manager, feels like a disservice.
That being said, it doesn’t sound like you’re happy at GT. And being miserable at work sucks. If you’re crawling out of bed, hating your commute and the faces of your co-workers make you want to projectile vomit on their laptops, that’s a serious sign that you need to GTFO.
Luckily, you’ve got options, friend. If you trust your performance coach/counselor, ask them if there are possibilities within GT that you can explore (possibly a practice rotation?).
But if you’re truly burned out on GT, don’t do something rash like take the first offer thrown in front of you. Take your time and make the next career move that’s perfect for you. Don’t settle for the glitz of PwC just because they make it sound like the best shit since paperless audits (they aren’t that cool anyway). Your experience is valuable, go find a company that will reward you for it.
Is PwC Getting a Makeover?
This morning we received an anonymous tip pointing us to a URL that appears be a new look for PricewaterhouseCoopers. The image below is what is can be found over at brand.pwc.com.
It almost looks as if PwC is dropping the “PricewaterhouseCoopers” in favor of simply “PwC,” but that’s just us thinking out loud. If this is, in fact, a rebranding, we have a few questions:
1. When is going down? Just in time for the holidays?
2. Who voted on these Halloween colors? And why all lowercase letters?
3. Why no more PricewaterhouseCoopers? Too big of a mouthful for clients, spouses, kids, etc.?
PwC spokesman Kelly Howard declined to comment. But if you’ve got questions, comments, concerns, chapped hides and so on and so forth with regard to any of this, discuss below.
UPDATE: It’s our understanding that the branding will go “official” internally on Monday and be live October 4th (subject to change?) for the rest of us. Also, it sounds like “PricewaterhouseCoopers” will be used in some “certain cases.” The re-branding is apparently an attempt to create a more “consistent brand.” If you know more, get in touch.
UPDATE 2, September 15th: We’ve got it on good authority that TPTB rolled out the new look today, however it’s not entirely clear whether that’s due to us spoiling the surprise.
Will Defecting from E&Y to PwC Change Anything?
Today in makeshift accounting therapy, a fed up E&Y vet is contemplating a move to arch-rival PwC and wants to know if this is a suicide move.
Have a question about your career? Need advice on how to explain why your Fantasy Football league is always up on your laptop? Looking for advice on how to best flirt with recruits without being creepy? Send us an email with your query to advice@goingconcern.com and will give you the best free advice you’ll ever get.
As for our potential E&Y Benedict Arnold:
I’m at EY, looking at a position one-level above where I am at PWC. Is this a frying-pan/fire situation?
EY as “more people friendly” is a concern, because EY is horrifically NOT people friendly.
I’ve know the guy I would be working for at PWC very well and I think I’m maxed out at EY.
Okay, so not a lot to go on here but we’ll take a stab at this. First off, if you’re maxed out at E&Y then looking for a new gig is the right move. The timing isn’t bad (assuming you’re not in the tax practice) and it sounds like you’ve got a decent lead at PwC. That said…
What makes you think PwC will be better than E&Y? Has the guy that you would be working for told you explicitly that he’s having the time of his life over there? That, besides the PwC Experience, you’ll be getting 40-50 hour weeks, happy hours devoid of assaults and access to professional oral sex providers on a regular basis?
More questions to consider: Does “the guy” stand to get a referral bonus for poaching you? Can you see yourself working for him? This could turn out to one hell of an epic mistake if he gets a few thousand bucks and you end up working for a whip-wielding taskmaster.
Now that we’ve planted the skepticism seed, if “a position one level above” is a legit promotion (title and salary bump), that might be worth considering. If it’s more of a lateral move, then we’d suggest passing unless there were perks like we described above.
Other important things to consider: 1) You will be torching many bridges at E&Y. Are you okay with that? 2) Is your potential new job really what you want to do. We’re making the assumption that you like your work but you’re over life at E&Y. If you don’t like your work then you’ve got a whole other problem. 3) Do you really, really, really, really want to stay in Big 4? Have you seriously asked yourself that question?
Ultimately, the opportunity may be a great one but you’re still taking a big risk assuming your life will be infinitely better working at PwC over E&Y. Proceed with caution.
A Whole Mess of People Aren’t Impressed with PwC’s Offer to Buy Diamond M&T’s Stock
PwC isn’t necessarily to blame, mind you, at least not yet. As it stands, Faruqi & Faruqi are investigating Diamond’s Board of Directors for accepting the $12.50 offer that PwC made last month.
F&F cites “at least one financial analyst values Diamond’ common stock at $14.00 per share,” hence, gypping investors. This is just the latest in a long line of investigations that were announced since the deal was announced. HOWEVER!
As far as we can tell only one actual lawsuit has been filed, in Delaware and it also notes that the deal was structured “that bars other bidders from making an offer” and includes a $9 million termination fee.
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Diamond Management & Technology Consultants, Inc. (?Diamond? or the ?Company?) (NasdaqGS: DTPI) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to PricewaterhouseCoopers LLP (?PricewaterhouseCoopers?). The proposed transaction offers Diamond shareholders to only receive $12.50 in cash for each share they own. According to Thomson/First Call, at least one financial analyst values Diamond’ common stock at $14.00 per share.
Whether the Diamond’ Board of Directors breached their fiduciary duties to Diamond’ stockholders by failing to conduct an adequate and fair sales process to sell the Company prior to agreeing to this proposed transaction, whether the proposed transaction undervalues Diamond shares and by how much this proposed transaction undervalues the Company to the detriment of Diamond shareholders are the key focus of this investigation.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, through all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.
Faruqi & Faruqi, LLP Announces Investigation Related to the Acquisition of Diamond Management & Technology Consultants, Inc [Business Wire]
PWC, Diamond Management Sued Over $378 Million Buyout [Bloomberg BusinessWeek]
Experienced Recruiting Amongst The Big 4 Gets Aggressive
As you know the Big 4 are extremely competitive when it comes to picking up talent. Now that the firms have amped up their experienced hiring, things appear to be taking an interesting turn.
Case in point, the following email went out to PwC professionals in the Southeast:
Hello. I work for Ernst & Young’s Assurance Recruiting Team and, through my networking, came across your name. I was wondering if you would be interested in making contact for professional networking purposes.
We are currently seeking managers and senior managers in our Southeastern markets. Your referrals would be greatly appreciated as you know the best people in this industry! We are expanding our Assurance Experienced talent pool and look forward to hiring only the best and brightest talent!
There are twelve more reasons to consider EY as a strong career option!! Ernst & Young was just named to FORTUNE’s “100 Best Companies to Work For” list for the 12th year in a row–and ranked highest among the global professional services organizations. The reason? Our people. Together, we’ve created a culture of learning, flexibility, inclusiveness and community responsibility that truly makes a difference.
I have been a finance/accounting recruiter for six years and assure you that not all Big 4 firms are cut from the same cloth……it never hurts to have a dialogue!!!
Thanks in advance for your time and consideration. Have a wonderful summer!
Say what you want about these particular tactics but if there is a need in a particular office or region, it is Big 4 recruiters’ job to go out and find the talent to fill that demand. Other Big 4 firms seem like a pretty good place to start since they have the “talent” that the firms want. Plus, the email does state that the intent of the message is to “open a dialogue” which, sure, could lead to someone switching firms but let’s be real – this happens.
And don’t forget! This isn’t confined to Dixieland. You may recall that PwC in the UK had been allegedly poaching E&Y partners, as reported by the Times Online.
So if you want to get all defensive about a rival firm going behind enemy lines to do their jobs, so be it, but your firm is likely doing the exact same thing.
Earlier:
Grant Thornton Picks Up Four Tax-Exempt Experts from WTAS
People Are Still Talking About Those PwC Layoffs
Remember those PwC layoffs in Tampa a week or so back? Right. Anyway, the St. Petersburg Times decided to poke around this story a little bit more and discovered some things that most of you have known for awhile: there are two very different sides to large accounting firms and PwC is no exception.
PricewaterhouseCoopers has cultivated an image as one of corporate America’s upper-tier workplaces. Competitive pay. Great benefits. A perennial on Fortune’s list of Best Places to Work.
Human resources experts with the company have preached to clients about effectively managing workers and using layoffs as th es of crisis.
However, interviews with a half-dozen current and former Pricewaterhouse employees support a different picture of a financial evolution within the company in recent years. The accounting and professional services giant, known as PwC, has quietly and methodically slashed hundreds if not thousands of well-paying jobs, offshoring many functions to cheaper labor overseas.
A perennial on the Fortune list! It’s impressive to see the MSM catch on to the Big 4 M.O. so quickly. Anyway, the article goes on to explain that the accounting firms aren’t like regular corporations because, as we know, the “shareholders” are the partners of the firm:
Pricewaterhouse and the other top global accounting firms “make a lot of money, and they’ve had an increase in revenue for many years,” said Christopher Ames, president and CEO of the Ames Research Group, which analyzes financial data of the world’s largest professional services firms.
“These firms work differently than a publicly traded company. In the firms, the shareholders are the firm and there’s not that many of them. From the partners’ perspective, they want to keep that money … and they’ve done pretty well.”
Not only do the partners do well, St. Pete’s reveals a couple of other things we all know and that is 1) that getting a firm to admit that layoffs have even occurred is nothing short of water into wine and 2) the process and numbers involved are a complete mystery:
Confirmation of the latest layoffs was unusual. Many cuts happen below the radar. PwC has not filed any WARN layoff notices with the state this year for any cuts, including the latest one.
Consultant Francine McKenna, a former PwC employee who tracks the Big Four audit firms in her award-winning blog, re: TheAuditors, was shocked the company even confirmed the layoffs publicly. “They just don’t issue press releases,” said McKenna, who broke news of a previous PwC layoff in November.
Several PwC veterans said that is partly due to the process. A mass layoff is not typical; cuts come in small groups. Workers receive messages to “touch base” with a partner, a telltale sign they are about to lose their jobs. The total numbers are also murky, workers say, because a percentage of dismissed employees are offered either lateral jobs or lesser-paying jobs to stay with the firm.
Remember the November layoffs? If you don’t, it got ugly. The PwC loyalists got their claws out on that one.
PricewaterhouseCoopers spokesman Jon Stoner is quoted throughout but it’s mostly bites from the firm’s previous statement and he stonewalls reporter Jeff Harrington on any meaningful details.
For readers of this here fine publication, none of these tactics are new but Harrington dug up all the right dirt which is refreshing. He includes a quote from a former employee that probably sums it up for a lot of you, “It used to be a great place to work. They took care of their workers. “[Now,] it’s a company of bean counters, and all they care about is saving a few pennies.”
For PricewaterhouseCoopers, layoffs pad bottom line [St. Petersburg Times]
Comp Watch: Early Returns at Ernst & Young Keeping Pace with PwC
So far there are several reports of low to mid-teens and some as high as 20%, which some simply don’t believe.
We do have some specific details for assurance associates in New York and they don’t sound terrible:
NYC first year associate went from $55k to $64k, associate raises [are] coming in around 11-18%
So if you’re keeping score at home (and we know you are) it appears that the partner at E&Y who prognosticated that raises at his firm would beat PwC’s Raises appears to be right in some cases but perhaps not all.
Sooo, Ernie troops – are you happy? Disappointed? Suicidal? Ready to jump ship? Or calling your friends at PwC to brag how you’re keeping the pace? Discuss.
Earlier:
Are Ernst & Young and PwC Neck and Neck in the Compensation Race?
Layoff Watch ’10: PricewaterhouseCoopers Cuts 500 in Internal IT
Bay News 9 out of Tampa reports that PwC is cutting 500 jobs in its IT practice and quotes firm spokesman Jon Stoner:
“PWC is making these changes as part of a thoughtful, strategic plan that will allow the firm to best serve its clients,” he said. “The firm is one of the largest private employers and recruiters in the U.S. and as we make these changes, we are simultaneously increasing the number of jobs in other areas of the U.S. firm. All impacted employees will be encouraged to apply for other open positions at PWC.”
The report says that the 500 cuts is out 1,100 total, the majority of which were in Tampa. People got the word on Thursday afternoon including, “They haven’t been notified of any sort of severance package, but the company felt it was important to give the workers a heads-up and the time until the end of the year to apply for other open positions.”
Our contributor Francine McKenna writes that not only is this “an unprecedented press release” (an accurate statement if we’ve ever heard one) but that the number of layoffs is rumored to be closer to 800, “The additional 300 professionals are those who will not be offered an opportunity to apply for jobs with the rumored outsourced services provider, Tata Consultancy Services (TCS).”
This is latest major move by PwC in Florida market. Back in March we reported on PwC closing their tax practice in the nearby Orlando office. According to the email we obtained, the practice closed on May 3rd.
If you’ve been affected by the layoffs in Tampa or know more details around these cuts, get in touch and discuss these developments in the comments.
PricewaterhouseCoopers cuts 500 jobs in Tampa [Bay News 9]
PricewaterhouseCoopers Cuts Hundreds of Internal IT Professionals [Re: The Auditors]