This delicious-looking sundae is the promotion bonus at EY in 2020.
An EY all-hands webcast was held earlier this afternoon, and a lot of topics were apparently discussed, including raises … or a lack thereof, according to a source:
No raises this year. Only those getting promoted will get the promotion portion of the raises.
So from the sounds of it, those at EY who progress in rank, say from senior 1 to senior 2, won’t be getting a raise. However, those who go up in rank, say from senior 3 to manager, will get a raise.
The promotion portion is still TBD, we were told, but the source told us:
Last year it was 7.5% for a lot of people. They didn’t say if that would change or not.
In addition we were told:
They will adjust slightly for instances of compression. Make sure staff 2s make more than incoming staff for example.
So pretty much what PwC had to do last month when it had to make adjustments in pay so incoming staff 1s wouldn’t be making more than current staff 1s/soon-to-be staff 2s.
Some of the other topics that were discussed included:
- Kelly Grier, EY US chair and managing partner and Americas managing partner, reiterated no performance-based bonuses in 2020; maybe PBB next year.
- No one is returning to the office anytime soon.
- All partners took a pay cut but how much wasn’t specified.
- “Performance-based separations” resumed on July 1 but “layoffs” are a last resort that the firm is going to make every effort to avoid. “But no promises,” Grier said, according to our source.
Oh, and one other thing. As the webcast was wrapping up, our source told us:
She just said they are going to send us a small gift from the partners
Sounds like it’s going to be something like a Postmates gift card
She said “this is not meant to replace your bonuses or raises.”
Sounds like there are rumblings that the thank you gift from the partners may just be additional RAC awards
As partners are getting sent additional RAC budget to allocate out
Which most people just cash out to Amazon gift cards
I imagine some people would like the opportunity to talk about their lack of a raise or what they might buy with their Amazon gift card. So consider this your opportunity to let loose with what’s on your mind.