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Deloitte tells UK employees that Big Four Farm’s profits were disappointed, so they will promote fewer people, reduce average pay rises and reduce consulting arm bonuses.
Employees in Deloitte’s consulting department will not receive a full bonus. This is reduced by 20% on average, and also affects the wage levels of our partners.
Houston, seen in the Financial Times, said it was “slightly ahead of last year” but “slightly ahead of last year,” but overall profits for the fiscal year were “below original plans.”
Big Four Farm consulting business “has been virtually below performance goals, especially in the face of challenging years,” Houston writes. Meanwhile, its audit practices were carried out below the profit plan. The memo did not detail the actual benefits achieved.
“At the start of FY25, it was expected that opportunities for increased economic stability and growth would gradually return. However, like changes in trade policy, early elections, geopolitical complexity and unexpected economic headwinds continue to cause market uncertainty,” Houston writes.
The company’s trading business and its tax and legal divisions line up for a complete bonus as they go beyond profit expectations.
Deloitte’s decision continues to navigate the post-pandemic slump in business demand amid the ongoing struggle of Big Four Farm consulting arms. Companies have had to cut down on employees employed during the pandemic boom in consulting projects.
Deloitte’s global revenues rose 3.1% in 2024, performing at its worst in 14 years, driven by a significant slowdown in the company’s consulting division. The company also signed a contract with its UK consulting business last year.
Deloitte drastically cut its travel and cost budget late last year, reducing the slowdown that it perceived in Tuesday’s memo “it wasn’t easy.” Some teams “can’t be together in person for the majority of the year,” he said, but the cuts helped the company directly pay the bonus this year.
Deloitte will increase wages for UK employees by 2.9% next year, reflecting “the need for attention given the current market outlook,” according to the memo, which will increase by 2.9%.
The company also promoted about 5,500 employees compared to last year’s 6,800 promotion, exceeding 7,000 that year.
Houston said the company’s bonus structure has shifted and will begin to include performance factors based on business line, in addition to those based on overall company performance. This change was “a deliberate change from the past to reflect fluctuations in overall business performance.”
Deloitte UK said: ” am pleased to be able to recognize people for their pay increase, bonuses and promotional efforts this year amid the ongoing market uncertainty. This is alongside other benefits, including fully funded private health insurance, recent strengthening family policies, and commitment to providing flexibility and choice.”
