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Rumour; Ernst & Young Cancels Bonus Scheme & Doubles Staff Referral Bonus
Posted by The Spy | Posted in Ernst & Young, Firm Gossip | Posted on 9.42am
For those standing outside the Big4 accounting firms who read our now regular posts pertaining to “en masse” employee departures, our reportage appears to be perceived as sensationalist or hyperbolic.
Not that the rest of our faux journalism isn’t sensationalalist or hyperbolic, of course!
But to the the extent that we have eyes and ears on the ground in the Big 4 (being in our view a comprehensive extent), the repeated intelligence we’re receiving is that in all groups, across all Big4 accoutning firms, the best quality, most highly rated people are leaving.
It is not until firms begin to make changes that impliedly recognise a skills issue, that the rumours we report can be substantiated.
And earlier this week, our spy from Ernst & Young had the following major scoop to report:
EY is apparently not paying bonuses this year, despite staff being told last year that a new bonus scheme was being implemented. Staff in tax are leaving in droves, and management are so desperate to recruit more people that they have doubled the recruitment referral bonus. For new starters under Manager level, this means you can get paid $8,000 for referring your mate (up from $4,000).
Doubling the referral bonus!?!
Is this the first concrete proof that a post-GFC skills shortage is now threatening the Big4?
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I know a few people in EY tax, they all seem pretty happy to me. Of course, there’s always a few that look for career changes, but that’s just the way business works.
I’d be surprised if there was much in this.
You obviously don’t know the same people I do. By my estimation there’s about three happy people in EY tax Australia wide.
Fair comment. I can’t claim to know everyone in there. Perhaps I’ve just dealt with the three happy people at EY tax and have managed to avoid the Negative Nancys.
Can someone tell me which tax division receives bonuses??? I work at EY in Tax and have never received a bonus in my 7 years. Instead we get higher salaries than other divisions to compensate for the no-bonus.
@Cyril, im with you. All my team seem happy so think it is a big generalisation to say no-one in Tax is happy!
the new bonus scheme was no Bonus!!
Hmmm I work at EY in Tax and I don’t see people leaving in droves!