Firm That’s Firing Talent Acquisition People Says It Can’t Find People to Hire

Posted on by Going Concern News Desk
exterior of PwC building with logo

This BBC interview with PwC global chairman Mohamed Kande was included in Monday’s news brief but it deserves its own article if for no other reason than to give our “schadenfreude” tag a little workout.

Smithers, fetch the tiny violins!

The growth of artificial intelligence (AI) may eventually lead to fewer entry-level graduates being hired, the boss of accountancy giant PwC has told the BBC. [Ed. note: “AI”]

However, global chairman Mohamed Kande said AI was not behind recent job cuts at the firm, adding that the company actually needed to hire hundreds of new AI engineers but was struggling to find them.

Not even two weeks ago it was widely reported that PwC US is gutting its creative department and undergoing “transformation” in talent acquisition, or “optimizing roles in wake of changing tools” as the firm told its people internally (all just jargon for “layoffs”). According to our tipsters, talent acquisition staff will be staying on through the holidays and exiting the firm at the beginning of the year.

But let’s go back to Mr. Kande and PwC’s global struggle to find people:

Every year, the company hires thousands of new graduates in entry-level positions – including 1,300 in the UK and 3,200 in the US last year – but it recently dropped long-term plans to continue increasing its headcount.

In 2021, PwC said it wanted to hire 100,000 people over the course of five years – but Mr Kande said this would no longer be possible.

“When we made the plans to hire that many people, the world looked very, very different,” he said.

“Now we have artificial intelligence. We want to hire, but I don’t know if it’s going to be the same level of people that we hire – it will be a different set of people.”

Last year, PwC cut more than 5,600 roles across its worldwide operation.

Well good luck with that. And we mean that in the pettiest, most passive-aggressive way possible.

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AICPA Outlook Survey: This Double-Dip Recession Just May Be Happening

Just in time for President Obama’s jobs conversation to a joint session of Congress, the AICPA has released its latest quarterly economic outlook survey results. Long story short: sentiments aren’t high among financial professionals surveyed.


The outlook for the U.S. economy turned negative in the third quarter for the first time since 2009 as prospects for recovery waned and concerns about a second recession rose, according to the latest AICPA Economic Outlook Survey of Chief Financial Officers, Controllers and CPAs in executive and senior management accounting roles.

The CPA Outlook Index, a broad-based composite index that captures the expectations of CPA financial executives and management accountants, declined 8 points to 58 this quarter, down from 66 in the prior period. The survey, conducted in August, tallied 1,305 qualified responses from CPAs who hold leadership positions, such as chief financial officers or controllers in their companies.

“For the second consecutive quarter, the CPA Outlook Index declined as turbulence in the political and economic environment eroded the sense earlier this year that a recovery was taking hold,” said Carol Scott, AICPA vice president for business, industry and government. “A majority of our CPA members in executive financial roles now fear a second recession may be likely.”

The decline in the CPA Outlook Index was fueled by a sharp drop in sentiment about the U.S. economy.

A whopping 61 percent majority of respondents said they think it is “somewhat likely” or “very likely” the U.S. will fall into a double-dip recession. Only 9 percent of CPAs serving in executive positions expressed optimism about the U.S. economy in the third quarter, down 24 percentage points from 33 percent who were optimistic in the second quarter.

It is reasonable to point out here that though the CPA Outlook Index turned negative this quarter, it is still above the 4-year low of 32 in the first quarter of 2009.

U.S. economy optimism plummeted a whopping 28 points from 53 to 25. Of the major index components, none changed positively quarter-over-quarter for 2011.

While the outlook for respondents’ own organizations is not as rosy as it was earlier this year, it has not dropped as sharply as the outlook for the US economy. Optimists also still outnumber pessimists, with 41% of the CPA decision-makers indicating that they are optimistic about the outlook for their own organizations over the next 12 months, while only 21% are pessimistic. Expectation for expansion also dropped again this quarter but a majority of respondents (53%) still expect to expand at least somewhat in the next 12 months. This is down from 61% who expected expansion last quarter.

Executive summary of the survey results can be found here.

5 thoughts on “Firm That’s Firing Talent Acquisition People Says It Can’t Find People to Hire”

  1. I’m one of the laid off. I’m very glad to get away from that situation. I just wished I’d have looked for a job much sooner. My performance had suffered some due to health issues. Much likely due to the stress of the job. Live and learn.

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    1. IT and especially consulting can be excessively demanding for indefinite periods. I’m glad you’ll be finding a more humane situation. 🤞

  2. I got selected for audit senior role and joining fate wad finalised. Post that, i received the call dtating they have arw putting on hold. This is not expected from such reputed organisation

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