Last October, Accenture announced it would not be giving salary increases to its employees in India and Sri Lanka for 2023 except where legally required or for essential roles.
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New Delhi: Accenture Plc, a leading global consulting and technology firm is pushing back the timing of most staff promotions by six months due to ongoing challenges in the consultancy sector. As per report by Bloomberg, in an internal blog post shared with employees, the tech firm announced that promotions, typically announced in December, will now be revealed in 2024. This adjustment will affect the company’s extensive workforce of over 750,000 employees around the world.
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Accenture Withholds Pay Raises in India and Sri Lanka
Last October, Accenture announced it would not be giving salary increases to its employees in India and Sri Lanka for 2023 except where legally required or for essential roles. With over 300,000 employees in India, the company also reportedly plans to delay senior management promotions until June 2024.
Accenture’s shares in March experienced their biggest drop in four years after the company lowered its revenue growth forecast for fiscal 2024. The new prediction of up to 3 per cent growth was down from the earlier estimate of 5 per cent.
Similar to many of its rivals, Accenture significantly increased its workforce during the pandemic to handle growing demand. However, more than a year ago the company revealed plans to reduce its staff by 19,000 positions—roughly 2.5 per cent of its total workforce—over the next 18 months.
Other consulting firms, such as McKinsey & Co., Ernst & Young, and PricewaterhouseCoopers have also cut staff in response to the economic slowdown. Despite this a recent increase in demand for automation and AI projects has provided a welcome boost.
