The major audit firms and consultancies of the country have taken a critical step to control the impact of COVID-19 and save the jobs of its employees. Major firms like PWC India, Deloitte, Ernst & Young have all decided to postpone the appraisal cycle of its employees. This also includes promotions, bonuses.
One of the top 4 accounting firms in the country KPMG India is planning to make a decision next week about the appraisal cycle of its employees. But the senior officials/partners of the company are planning to reject some of their salaries and incentives until this pandemic situation comes under control. Also, the appraisal cycle of its employees could be postponed. The company is currently evaluating all the options it has, before making any public announcement.
Deloitte India has been in regular touch with its employees, which made two calls to all of its employees last week in order to maintain clear communication and transparency from management to its employees. Also, the partners of Deloitte are advised to take a reduced share from the allocated partners’ pool until this situation becomes good.
Deloitte also said to its employees that the promotion cycle will again happen once the profits are seen by the company. Deloitte is also planning not to hire any new employees until and unless they are absolutely necessary. The candidates who are already given offers will join the company without any problem except the joining date will be pushed further.
PWC India is also making efforts to keep its employees safe and help them through these uncertainties in order to keep the organization more sustainable. EY India has decided to postpone/cancel the performance-based bonuses until further notice.
The quarterly budget announcements are also postponed by the top companies of the country. Market regulator Securities and Exchange Board of India has decided to extend the timelines for filing the quarterly and annual audits of the companies to June 30.