Consulting firm PwC is cutting back its summer perk of allowing staff to finish at lunchtime on Fridays.
Ian Elliott, chief people officer at the “big four” firm, has told staff that this arrangement will only be in place for six weeks this summer, down from eight last year. The scheme was piloted in 2021 and extended to 12 weeks in 2022.
According to a memo seen by the Financial Times, he said: “Given market conditions, it’s especially important that we carefully balance [summer working hours] with the needs of our clients, teams and work commitments, which should continue to take priority.”
PwC is also reported to have told employees to expect lower pay rises and bonuses compared to previous years.
Elliott has warned that the bonus pool would be “similar” to last year, and that pay rises would be smaller across a “number of areas”.
After a post-pandemic spike in demand for services, a number of professional services companies have announced plans to cut back on recruitment and pay rises after a market slowdown.
KPMG announced in June it would cut 200 jobs, after an announcement it would cut a similar number in December 2023. It has also frozen pay for around 12,000 staff.
Deloitte was among a number of firms to pull job offers for foreign graduates after the salary threshold for a skilled worker visa was increased.
PwC is also reported to have embarked on a series of “silent lay-offs” across the UK via a voluntary redundancy programme, with employees told not to share details of any voluntary severance packages.
A PwC spokesperson told the FT: “We continue to invest heavily in our people. The vast majority received a bonus and a 3% pay rise, and our summer working hours are continuing once again, albeit for a shorter period. Bonuses are discretionary, and there will always be cases where they are not given, such as where performance expectations are not met.”
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