A multinational professional services brand of firms, PricewaterhouseCoopers (PwC) is delaying the promotions of graduates amid a slowdown in client demand.
The decision specifically affected the graduates who joined PwC’s consulting practice in late 2022. As reported by the reports of Financial Times, due to limited workload, certain junior consultants in the UK will be required to extend their time on the graduate scheme by an additional six months instead of being promoted.
Moreover, The reason behind the delay, as stated by PwC, is a decrease in business demand and challenging economic conditions.
PwC has recently communicated to nearly 100 graduates that, unlike the usual practice, they will not be eligible for promotion in July. Instead, these graduates will continue their tenure on the graduate scheme until January 2025.
PwC is not the only company that has delayed the promotions. India’s top IT companies including Infosys, Wipro, and HCLTech have delayed the salary hikes of their employees in 2023.
Accenture will not hike salaries for Indian and Sri Lankan employees for fiscal year 2023. The company is also postponing promotions across senior management until June 2024.
Earlier in November 2023, Commenting on the Survey Rajul Mathur, Consulting Leader, Work and Rewards, WTW India said, “Companies across industries are still closely monitoring their cost structures. Within the IT sector, a noticeable correction is expected with salary increments reducing from approximately 11 to 12% in the past to a projected 10% for 2024.“
“In contrast, sectors like Manufacturing, Pharmaceuticals, Media, Gaming, and Global Captive Centers (GCCs) are expanding and this is evident from their hiring plans and salary allocations for 2024,” he added.
“Despite a slowdown in IT recruitment, mid-sized companies, product and platform firms, and the GCCs of Financial Services companies are expected to continue to hire.” he further added
Note: We are also on WhatsApp, LinkedIn and YouTube, to get the latest news updates, Join our Channels. WhatsApp– Click here, to subscribe to YouTube – Click Here, and for Linked In– Click Here.
