Across the pond, a batch of recent graduates who were no doubt thrilled to get picked up by PwC in 2022 are now discovering an important life lesson: When it comes down to it, partners don’t care about you.
A recent FT piece says almost 100 baby consultants will not be getting the promotion they expected in July and will instead have to wait until January 2025.
PwC is forcing some junior consultants in the UK to spend an extra six months on its graduate scheme because there is not enough work to promote them.
Staff were told that the decision was taken because of a reduction in business demand, challenging market conditions and headcount pressures facing the firm.
The delay affects those who joined in fall of 2022. Specifically the batch who started in October and November of that year, the group that started in September are eligible for promotion. This promotion would of course mean better pay.
“None of us can understand the logic they’ve used to choose September grads over us,” said one affected person to FT. “They might as well have picked our names out of a hat.”
“Partners will purport to care about your development as a graduate but in reality that’s far from the truth. They only care until it affects their pockets.”
In its FY23 financial results, PwC UK revenue was up 16% to £5.8 billion ($7.3 billion USD), with increases across all business lines. Consulting revenue was up 30%, down a couple points from 33% in FY22. Partners at PwC UK took home about £906,000, down from the £1 million they took home the year prior that was partially boosted by the sale of PwC’s Global Mobility Tax and Immigration Services business to private equity firm Clayton, Dubilier & Rice for $2.2 billion (£1.83 billion).
In June of last year, PwC UK told its 25,000 people to expect smaller raises and bonuses, possibly pay freezes, because the market is so darn “challenging.”
PwC delays graduate scheme promotions as client demand slows [Financial Times]
