September 19, 2018

Here’s Your Open Thread for EY Compensation Discussions (2014)

Yes, we know this is early but the natives are getting restless, as evidenced by our inboxes:

EY compensation and promotion talks have began in the NY area

We reached out to a friend of GC currently sentenced to 15 to life at EY in NY who could not confirm this:

I can’t confirm what you’ve been hearing. I haven’t heard anything in terms of comp discussions since our year end reviews are still being finalized and won’t be done for another 2-3 weeks at the earliest. Last year, the discussions were held mid-late august so even if they were early, I doubt it would be starting until late july at the earliest. Feel free to ask anything else. I’m bored as fuck right now.

This comment is in line with past years, with last year's EY compensation discussion heating up mid-August.

However, we hear that ratings and promotions are out there, it's just a matter of getting them to the anxious masses:

Should a compensation and promotion thread be started for EY? I hear some people in the firm have already received their promotion news (a bit early). Ratings and promos have already been released in TFZ to the counselors (since a couple of days ago). Should be interesting to see what people have to say.

And:

EY has released ratings and promotion in the TFZ system since 6/27/2014. Counselors can release the information from now until August 8th. We should start a thread for this.

Alright, alright, let no one say we don't deliver on requests. You asked for it, you get it. We'll leave this conversation open through summer so you will have to dig for it later, blame your eager beaver colleagues for demanding a thread RIGHT NAO.

Note: EY saw the largest year-over-year increase in revenues of the Big 4 (nearly 11%) however they are still lingering around at the 3rd spot on the Accounting Today Top 100, coming in a few million short after Deloitte and PwC.

OH and while you're waiting for the good (or bad) news, don't forget to take a second to fill out our nifty GC Compensation Survey.

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Layoff Watch ’10: Ernst & Young January Edition

Confused doesn’t even begin to describe what were feeling. We are hearing tons of rumors about layoffs in the Ernstiverse this week.

We’ve heard rumors from Denver to the East-Central (fka North-Central) and New York FSO. This includes both client serving professionals and support staff. We have already confirmed that two admins were let go earlier this week in New York.

The timing is especially strange since, you know, it’s January and in some offices the mandatory hours have already rolled out. Even if it were only support staff being let go, the timing is still unheard of. Why wait until January to let people go when having cuts in November? Maybe it’s just us but if we had survived that November cut, we would have thought that our job would be safe until at least the spring.
And since the roundtables seem to be SOP you wouldn’t think they would be anything to worry about but they definitely have people talking and wondering what will go down.

So far, Ernst & Young has not responded to our request for comment.
If you hear anything about your office get in touch in with us and discuss in the comments.

Problem of the Day: Your Staff Makes the Same Money As You (Maybe More)

money.jpgApparently it’s happening, people. With several firms freezing pay for this fiscal year, some already hinting at an additional freeze for fiscal year 2010, and with less fewer offers being made on campus, it’s not outside the realm of possibility that the new associate nearly has the same salary as you.
It goes without saying that this is a contentious issue amongst the staff and it can be made worse if it is known to exist between members of the same team.
If you’ve been busting your ass for the last two to three years and seen very little appreciation in the form of merit increases and suddenly the new associate walks in making virtually the same as you, your motivation may evaporate on all fronts.
From a staff perspective, no new associate, no matter how virtuous will ever ask, “Is that what a senior associate makes? I wouldn’t be comfortable making that much without any experience.” Nice thought but not gonna happen. Firms will claim that they have to keep salaries competitive in order to win the best talent and may even encourage it in order to foster the “competitive environment”.
So discuss how prevalent this is on your team, in your office, or at your firm. Is there any good solution here? We’re talking about money, so there has to be some opinions.