Normally we start these posts with “and the hits keep coming” or some such thing but we’re rapidly running out of sassy intros so let’s just cut the crap and get straight to the news.
We’re hearing from multiple sources this afternoon that Moss Adams has joined the ranks of accounting firms instituting pay cuts and furloughs to get ahead of the current economic situation. Here’s the damage:
- 20% income reduction for partners through December 2020
- 5-20% salary reduction for everyone else beginning May 15, to be reassessed in four months
- 370 employees subject to 90-day furlough
- 240 employees subject to reduced work schedules for 90 days
Additionally, we’re told furloughed staff will still be able to receive medical benefits. As we understand it, the news was handed down from up high via video from CEO Chris Schmidt, but office managing partners are also informing affected staff directly. We don’t have information on who exactly was affected by furloughs as the firm didn’t share that with employees.
By revenue, Moss Adams is the 12th largest accounting firm in the United States, employing more than 3,070 professionals across more than 30 offices.
We will, of course, update you if we get any additional information but that seems to be the bulk of today’s news. If you have anything to add and/or were furloughed today and need a sympathetic ear, feel free to use the contact information below to get in touch. We’ll buy ya a Zoom beer or something.