Fewer Jobs for Life - Partners Nudged/Forced Out
In the top-tiers it used to be: Whew, you made it. No need to worry. Even maybe now you could let yourself coast a bit. Recently the rug has been pulled from under some partners at KPMG and EV. Often with no warning. They might have even received a positive performance review. Financial Times reports: " KPMG and EY have removed members of their equity partnership – the senior practitioners who own the firm and share its profits – and instead offered them 'salaried partner' roles, several people with knowledge of the matter told the FT." The dynamic is: Those assessed as "underperformers" aren't building revenue in the partner pool of compensation. Therefore, they have become a liability. This can no longer be tolerated because: To recruit, retain and motivate top talent the money has to be better than what competitors are offering. With some branches of professional services such as consulting/auditing slowing down in demand, less overall revenue co...