Knowledge Workers Mutating into Endangered Species - Now, It's PwC Laying Off 1,800

 The Wall Street Journal delivers the latest breaking news on the growing threats to survival of white collar workers. At one time they were spoken off in awe as "knowledge workers." Now this: 

"PricewaterhouseCoopers’s U.S. unit is laying off about 1,800 workers, its first formal layoffs since 2009, and restructuring its technology group as the firm faces slowing demand for some of its advisory business"

Previously this year EY, KPMG and Deloitte has also conducted a Reduction-in-Force.

Those affected won't be notified until October. That's one gripe posters on professional anonymous network Fishbowl Consulting are having with this. Others are balking about the supposed stealth layoffs that already have been taking place:

• "Funny how the article states they haven’t done one in years. But we all know silent layoffs have been happening the past year"
• "PwC has been silently laying off since beginning of ‘23"

Units hit include business services, audit and tax. Categories of employees impacted range from associates to managing directors. 

Of course, introducing new technologies means shedding those without the needed skills. Demanded on resumes is the listing for "Advanced AI Skills." 

Overall, across many sectors unemployment among IT workers rose to 6% in August, up from 5.6% the previous month. 

Another knowledge worker category, with a side dish of creativity required, is media. It keeps getting crushed. This month even successful AXIOS cut 10% of staff.

Although applications to law school have increased almost 6%, legal isn't sitting pretty. LegalZoom reduced its global staff by 15%. Last month the sector lost 2,300 jobs, the fourth consecutive month of decline. 

Sure, at the top tier, such as the partners at Kirkland & Ellis and Paul Weiss, seem to be riding high. 

But even there the old-line job security could be gone. Recently merged entity A&O Shearman cut loose 10% of the equity partners. Professional anonymous networks Fishbowl Big Law and Reddit Big Law keep reporting how throughout large law firms partners who "quiet quit" are "counseled out." I have coached several of them. They have a particularly difficult time regrouping.

Some seasoned white collars will hang on to what they have and some new BAs/BSs will get in. But in general this weeding out of knowledge workers is a global phenomenon. Most recently India has been reported to be glutted with the highly educated who never have landed their first real job, sometimes not even after a decade.

What's being called a "White Collar Recession" can harden into a long-term slashing of demand. 

One takeaway: This is not to be taken personally. Reskill, including in the trades, immediately after getting the boot.

In business and life you usually have only one shot at whatever. Up the odds of success with Jane Genova. I am an intuitive coach, tarot reader and content-creator. Complimentary consultation (please text/phone 203-468-8579 or email janegenova374@gmail.com)