PwC is reportedly making a new round of redundancies and is again delaying promotions for junior staff.
This is all in response to the slowdown in demand for professional services in the UK.
Some 100 middle managers have been offered voluntary redundancy. Roughly the same number of junior staff members are now facing a delay to their promotions. This happened last year too. Basically, it means those on the graduate scheme stay as associates for an extra six months. They are then promoted to senior associates and given a pay rise. This would normally happen after they had been with the firm for two years.
A source close to firm told the Sunday Times this was an attempt to stagger promotions and so there was not a large cohort being promoted all at once.
