Accenture postpones promotions to June 2025 amid industry downturn
Accenture, a leading player in the global consultancy sector, has announced a six-month delay in the majority of its staff promotions. This decision comes as a response to an ongoing slump impacting the wider industry. The Dublin-based tech giant communicated this change to its employees via an internal blog post last week, moving most promotion announcements from December to June next year.
Promotion shift aligns with client demand visibility
The company first informed its managing directors about the rescheduling earlier this month. An Accenture representative stated that the firm is "permanently changing our primary promotion date from December to June, which is when we have better visibility of our clients' planning and demand." This strategic shift aims to align staff promotions with periods of increased clarity, regarding client needs and market demand.
Accenture's move reflects uncertainty
The decision by Accenture, a company listed on the New York Stock Exchange, underscores the prevailing uncertainty within the professional services sector. This comes as clients are reducing their expenditure, causing disruptions in the industry. In March, Accenture shares experienced their steepest fall in four years, after the company downgraded its outlook for fiscal 2024 revenue growth to a maximum of 3%, from an initial projection of 5%.
Industry rivals also feel the pinch of slowdown
Other industry giants like McKinsey & Co, Ernst & Young, and PricewaterhouseCoopers are also feeling the effects of this downturn, resorting to job cuts to mitigate the impact. However, a recent rise in demand for automation and AI-related projects has provided some relief. Accenture continues to maintain a significant global presence with approximately 750,000 employees spread across 120 countries.
