Deloitte LayOff 250 Staff Members

Deloitte LayOff: Deloitte has quietly cut around 250 UK employees, or 1% of its workforce, as part of its performance management process, according to the Financial Times citing sources.

This marks the third round of layoffs in the past 13 months for the Big Four firm. The job cuts primarily affected staff in Deloitte’s advisory divisions and were not publicly announced.

Deloitte LayOffs Due To Underperforming Staff

The move follows a slowdown in demand for consulting services, with revenues in Deloitte’s consulting and financial advisory divisions both declining over the past financial year.

The development impacts roughly 1% of Deloitte’s UK workforce, and is believed to target individuals within the company who are perceived as under-performing.

An insider revealed that the cuts form part of a “performance management” process at the firm.

According to Mirror News, they also confirmed that those affected have “received appropriate payments for notice”. The Big Four, which also encompasses EY, KPMG and PwC, recruited heavily during the Covid-19 pandemic due to a surge in deals and demand for their services.

Also Read: Top 27 Machine Learning Companies & Startups in Nigeria

Layoff, A General Issue In The Corporate Market

However, over the past 18 months, companies have been shedding staff amid a relatively slow market for corporate consultants. 

Last year, EY cut around 300 jobs, PwC initiated a round of layoffs this summer, and KPMG axed over 200 roles at the end of last year while freezing pay for 12,000 of its 17,000 UK employees.

Meanwhile, the firm’s 749 UK equity partners earned over £1 million each on average for the fourth consecutive year, said the FT.

Deloitte has also restructured its UK operations, reducing its main business units from five to four.

Interact with us via our social media platforms:

Facebook: Silicon Africa.
Instagram: Siliconafricatech.
Twitter: @siliconafrite.