Mark Phillippoussis is apparently not the only half-wit who blew all his cash when times were better. The Firm Spy has been informed that much like the Poo, who begrudgingly sold his Hummer to repay debts, the KPMG partnership has also been forced to take extraordinary measures to stop the rot.
This from a KPMG spy earlier today:
…all workers, partners included, have been asked to vote in two weeks on a scheme designed to save jobs. The options are -
- agree to take a 20% pay cut in exchange for a 4-day working week;
- agree to take a sabbatical of up to 3 months on 30% pay
- or do nothing
It is a ‘vote’ in the sense that if more than 70% don’t vote in favour of it, there will be no mandate to implement it. However, if a mandate is given, there will not be a broad implementation of it, but rather a new discretion in the partners to implement it on an ad hoc basis. If no mandate is given, it is speculated that the first to be sacked (if required) will be those who did not vote in favour of it.
It almost beggars belief that an institution whose entire reason for existence is to advise on matters of fiscal prudence could so gravely have miscalculated the number of workers it would need. Not once, not twice, but thrice. On three separate occasions now the KPMG partnership has been forced to revise its employee numbers. First there was the KPMG KO, in which dozens were sacked without warning. Then there was the second wave of redundancies, taking the figure to a total of 200 sackings.
Will the third cut be the deepest? Send the Firm Spy your news and views!
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