PwC will cut around 600 jobs in the UK, according to a report. The company confirmed that it planned to make “voluntary severance offers” to some of its staff as attrition numbers were lower than usual.
The firm, which has 25,000 UK staff, is set to launch a voluntary redundancy program for between 500 and 600 employees. It will move to cut jobs if not enough workers opt for voluntary redundancy, with the bulk of the cuts being aimed at the advisory division.
PwC said: “In light of lower than normal attrition rates and subdued growth in parts of the business, we are making targeted voluntary severance offers to some of our people.
PwC is the latest of the Big Four to announce plans to trim its workforce with Deloitte, EY and KPMG all cutting hundreds of jobs. Staff at the large auditors are opting to stay put rather than move jobs due to a slowdown in dealmaking and concerns about the economy.
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The percentage of staff handing in their notice each year, known as the attrition rate, has fallen to about 10 per cent at PwC, which was first reported by the Financial Times.
Fewer people will end up leaving the firm as a result of the redundancy program compared with the normal level of departures, they added. Staff at all levels will be affected, but there will be a greater number of junior cuts because there are more staff at that level.
“You need to be a profitable business to play your part in society, whether funding apprenticeships or programmes in schools,” PwC UK chair Kevin Ellis told the FT when asked about the planned redundancies.
Partners at PwC UK saw their pay drop below £1 million ($1.2 million) for the latest financial year after a fall in profit - Bloomberg L.P.
Source: The Irish Times: "PwC to cut around 600 UK jobs after resignations drop" (https://www.irishtimes.com/business/2023/11/07/pwc-to-cut-around-600-uk-jobs-after-resignations-drop/)
