The 27,000-strong workforce of Deloitte in the UK may be reduced by over 800. If reports are to be believed, the British professional services firm is planning to reduce its team in the UK by three per cent.
As per a report by Bloomberg, the multinational is facing a dip in demand and not many workers are willing to leave or move on to other firms amidst the uncertainty in the economy. There appears to be a reduction in open roles. Therefore, the company, which is one of the Big Four, has decided to restructure and take care of the redundant roles. Those impacted in the process have been assured support and respectful treatment by the company.
It hasn’t been long since Deloitte Global posted an impressive revenue of $64.9 billion for the previous financial year. This is probably a record high for any accounting firm so far. Media reports say that Deloitte UK witnessed more than 20 per cent hike in the distributable profit in May 2022, at $888 million.
The average profit for each partner stood at £1.05 million.
It is pertinent to mention here that Deloitte is not the only one of the Big Four that is trimming its workforce. Ernst & Young let go about five per cent of its finance team in the UK, while PricewaterhouseCoopers (PwC) decided to impose pay cuts and cancelled bonuses for its UK team.