Why do people post this crap on LinkedIn.
Thanks for doing your part to feed the pipeline, ma’am.
Why do people post this crap on LinkedIn.
Thanks for doing your part to feed the pipeline, ma’am.
Yesterday we told you about the unofficial “our bad” from Deloitte on the layoffs that happened last spring. While that doesn’t necessarily address any of the subsequent layoffs, it’s a start.
And we have a little update from our previous query about Deloitte compensation increases as well as some promotion time-frame news:
A Green Dot familiar with the situation told us the following:
– There will be raises this year
– People shouldn’t expect raises like the ones back in the SOX days
– As always, there will be an effort to reward strong performersAt the same time, promotions may be a different story, at least for the R-space, where they want to move away from the “3 years to senior” mentality, towards a “ready to be a senior” mentality. Promotion time-frames are expected to be lengthened, although comp will remain competitive.
We should note that the raises in this case refer to the NE AERS, so if you’re hearing different in your region, let us know. The “won’t be like the SOx years” message also reiterates what DWB said on Tuesday about curbing your enthusiasm, so at least try to be realistic.
Regarding the promotion news, the effect on “R-space” which for you non-Deloittes means the “Advisory Practice,” our source indicated that this has been in the works for some time but has been poorly enforced in the past, with most eligible promotees getting the bump after three years in the trenches.
Further, it sounds as though the extended promotion time-frame (i.e. replacing “ready” with a given number of years) will occur at all levels, especially from senior manager to partner. Our source then mused, “Since Partners own their [senior managers]… it’ll be interesting to see how turn-over ends up.” That will certainly resonate with those that already consider senior manager to be a parking lot on the road to partner.
Deloitte isn’t the only firm that has given serious consideration to the lengthening of the corporate ladder. Last December we discussed KPMG’s always-being-discussed plans to move away from the six-year manager track in their audit practice. Back then we said:
The rumor that the KPMG bigwigs have been considering a six year timeline to make manager in the audit practice has been kicked around for at least a couple years. Naturally, there were two schools of thought:
• Managers thought it was good idea
• SAs thought it was a terrible idea
Deloitte insisting that salaries will remain competitive should quell some concerns although there are some out there that do get hung up on titles. So while it seems that Deloitte will be getting back to merit increases for FY ’10, they’re being much quieter about it and may be getting serious about adding some rungs to the ladder. Climb with patience.
[UPDATE/Jason Bramwell] The Telegraph reported this past weekend that Deloitte UK gave its former diversity […]
The Wall St. Journal published a little Q&A with Deloitte CEO Joe Echevarria today to get an idea of what’s been going on since he took the reins as the head of the U.S. firm. It’s been nearly 100 days since JoeE got the nod and the flaks at Deloitte probably felt as though it was as good of a time as ever to roll out their new man.
Oddly enough, it’s been about 30 days since we told you that JE’s Westchester home was up for sale and since none of you cheapskates have bothered to help him out, this gives us the opportunity to remind you that it’s still up for grabs.
Anyway, this Q&A. It’s about what you might expect – but we’ll try to jazz it up for you.
For starters, did you know Joe worked at gas station in the Bronx? Yes, he’s already tougher than you’ll ever be. But while he was washing windows and filling up the locals, he noticed that the accountant didn’t seem to do diddly squat and made WAY more money than he did:
What stood out to me was I worked all day and I was making whatever minimum wage was at the time. The accountant came into the gas station once a month, did something, and walked out with a lot more money than I made in a week.
Back when Joe started at the firm, things were a lot different. For example: email. What is this fancy crap?:
I started at Haskins & Sells, the predecessor to Deloitte. I started in the audit practice. All the tasks were hierarchical in those days, so you had to work your way up. We weren’t in an environment where everything is electronic. We had to get mail. It didn’t just come over some laptop.
In his first 100 days, what’s been Joe’s biggest accomplishment? Making important leadership appointments? Overseeing the consolidation of regions? Nope. Listening to partner complaints:
One of the goals we’re beginning to accomplish is having a conversation. We opened up a communication vehicle with our partners and our directors that I call Social CEO. It gets the partners to engage, open dialogue, ask survey questions and ask questions of me or others. I get every comment.
How about this economy? We might be looking at a double-dip which could have some Green Dotties a little worried. But have no fear, Joe & Co. are all over it:
Once upon a time there was a view that there would be a rebound. I would say now the probabilities of a rebound are diminishing and the probability of a double dip is increasing. We have a set of plans that we would undertake for any of those scenarios. This isn’t new for us.
And if those plans don’t go as they should, there won’t be too many sad faces:
The first thing is we look at the costs that we incur and how much ahead we’re hiring. Maybe 18,000 [new hires] becomes 17,000.
See? No cause for concern.
For Deloitte CEO, Hard Economic Times Are Nothing New [WSJ]
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She just wants to work there so that she can see her mom more than once a week…
LOL LOL LOL