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KPMG Redundancies Announced Tomorrow!

 
#1 KPMG Redundancies Announced Tomorrow!
20/09/2012 10:16

TheHeadHunter

I've just heard from a senior source at KPMG that there will be around 300 redundancies announced within KPMG Consulting tomorrow.

It's pretty tough times in consulting at the moment and I keep asking myself when the market is going to start moving in the right direction?

If you find yourself in an awkward situation tomorrow and you need any advice on your next steps or what your options are then I'm sure there will be many people, like myself who would be happy to help.

I've noticed that the big consulting firms have really been struggling for profitability in the last 18 months and much of the growth in the market is coming from the small/medium sized consulting firms, what do you think?

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#2 RE: KPMG Redundancies Announced Tomorrow!
20/09/2012 19:50

Dick Brown to TheHeadHunter (#1)

You seem to an insider. Could you share the areas where the lay-offs would take place.

Dick

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#3 RE: KPMG Redundancies Announced Tomorrow!
20/09/2012 23:58

big mac to TheHeadHunter (#1)

That is really sad. I work for KPMG but in the APAC region and we are recruiting like crazy!

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#4 RE: KPMG Redundancies Announced Tomorrow!
21/09/2012 10:40

TheHeadHunter to Dick Brown (#2)

You seem to an insider. Could you share the areas where the lay-offs would take place.

Dick

It seems from what I've been told that it's going to be across a range of areas of Consulting - nothing particular. They will start with the lowest performing individuals across a range of functional areas followed by areas of the business where the pipe of work is pretty bad.

Bad times really :( Just when you think the market is turning the corner!

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#5 RE: KPMG Redundancies Announced Tomorrow!
21/09/2012 22:43

Dick Brown to TheHeadHunter (#1)

I have also heard from grapevine there are mass redundancies in PwC. Do you know anything about it.

Dick.

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#6 RE: KPMG Redundancies Announced Tomorrow!
22/09/2012 00:02

Imperial1309 to Dick Brown (#5)

I work at PwC and I've heard nothing about this and I tend to hear this sort of thing through various sources before it happens.

Also utilisation rates in most PwC competencies are back to a fairly healthy number after being dangerously low in the early to mid part of the year.

So I would say any mass redundancies across PwC Consulting is unlikely - though is always a possibility amongst the bottom 5-10%.

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#7 RE: KPMG Redundancies Announced Tomorrow!
25/09/2012 17:04

TheHeadHunter to Dick Brown (#5)

I have also heard from grapevine there are mass redundancies in PwC. Do you know anything about it.

Dick.

I've heard nothing about PWC redundancies. Will update if I hear anything credible.

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#8 RE: KPMG Redundancies Announced Tomorrow!
27/09/2012 14:26

Evergreen to TheHeadHunter (#7)

Hi

Does anyone have any updates on this?

thanks

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#9 RE: Part-time MA or MSc whilst working?
28/09/2012 18:47

meF to Evergreen (#8)

Spoke to a friend at KPMG yesterday who works as Manager in IT Advisory who confirmed 300 people were let go, mostly senior manager and manager grades in 'management consulting' practise. It has some sort of dodgy name, can't remember what it is.

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#10 RE: KPMG Redundancies Announced Tomorrow!
02/10/2012 14:19

Onward to TheHeadHunter (#4)

The resources community must understand that this is not about poor performers, and this is an important aspect; it is about leverage, wanting more lower grades to increase profitability.

Performance has made up only a third of the weighting for selection, the balance based upon future needs of the changing business. It would be short sighted to believe that 'poor performance' is the reason for mass redundancies across Senior grades, this is not the case and good/above average performers are included from this high performance organisation.

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#11 RE: KPMG Redundancies Announced Tomorrow!
10/10/2012 08:18

Anonosaurous to Onward (#10)

The resources community?! Wow!

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#12 RE: KPMG Redundancies Announced Tomorrow!
11/10/2012 15:50

sk_sunday to meF (#9)

Hi

I thought they announced that there are looking to get rid of 3% of the workforce in kpmg uk in August 2012 n bcoz dat number constitutes mo than 100 employees, by law they are forced to begin a 90 day consultation period which should end around mid November. I thought they can only notify the redundancies then-after the consultation period concludes.

And does anyone know if any audit jobs are at risk? Given the rather subdued market I wouldn't b surprised.

I think kpmg has a lot of intra-company transferees. These ppl shud b let go 1st wen it comes2 redundancies coz they cost mo to keep and at least at assistant manager level or below, they don't come with a skill set that cannot be located here. Plus they have a job in their home country to return to. Just my opinion. What do you guys think?

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