If we look back at the firms in ’Murica that have sent the most people packing during the COVID-19 pandemic, three immediately come to mind: Deloitte (obviously), Crowe, and RSM US, which had not one but two rounds of job cuts.
Those left standing at RSM must be feeling pretty resilient, having somehow dodged two heat-seeking missiles. But RSM management is still bringing the pain in other ways.
We’ve received a few tips on what’s going on at RSM regarding raises and bonuses this year. And Joe Adams’ troops are getting restless and frustrated, according to one RSMer:
Most of the people are very upset for the mixed messages from management. Starting with a message of “layoffs as a last resort,” then 3 weeks later the layoffs happened, to now no raises unless promoted at 5%.
Yep, that’s right, only those RSMers who are getting a promotion will see a 5% bump in pay, firm-wide.
But that’s not all: Bonuses will be paid at 70%. From another tipster:
The firm’s portion is funded 70%. There is still a portion that is based on individual performance/your rating.
When I asked this person what percentage RSM funded of the firm’s portion of employee bonuses last year, they said they couldn’t remember the exact amount but said it was more than 100%. According to a thread last year on Fishbowl about RSM bonuses, someone posted that in 2018 the firm funded its portion at 140% “since we crushed it.” That’s obviously not the case this year.
We were told that compensation calls will begin next month. RSM usually hands out bonuses on July 31.
During these unprecedented, uncertain, and unusual times, it’s not a huge surprise that RSM is being a little stingier with raises and bonuses this year. But know that money you didn’t get this time around could be helping someone who suffered misfortune recently. Team RSM member Davis Love III needs more of that sweet, sweet RSM money to build a new multimillion-dollar home.