Staff at accounting giant Deloitte took pay cuts in April after they were told it would prevent job losses at the company. Then the axe was taken to 700 jobs and staff want to know why.
Employees at big four accounting giants Deloitte and KPMG have accused partners of prioritising profits over staff welfare by using the coronavirus pandemic to slash pay and rush through redundancies.
But the cuts were not matched by lighter workloads and two months later, Deloitte announced it would axe at least 700 roles including employees who had spent almost two decades at the company. Staff signed up to the in-house superannuation scheme also had life insurance payouts reduced by 20 per cent and many claim they were not told about these changes before they were implemented.
A Deloitte spokeswoman said the company stood by its moves to restructure the company. "We have made our decisions iteratively, based on the financial impact of the COVID crisis on our business, together with the information we have about the ever-changing state of the Australian economy." KPMG reported in August its annual revenue had increased by 7 per cent over the year to more than $1.9 billion, as the firm saw growth in all areas of the business including its auditing, tax, enterprise and management consulting divisions.
KPMG chief executive Gary Wingrove told staff in June the impact of the pandemic on the company had been "slightly better than we thought" and one-third of employees who were given salary reductions would be repaid.
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