The accounting firm “Hong Kong BDO”, second only to the “Big 4”, has recently laid off staff, with 20 to 30 people expected to be affected. It is understood that the company has proposed two retirement plans If the employee is resigning “voluntarily”, the company will issue a letter of reference (Letter of Reference) , but there will be no payment in lieu of notice if the employee receives payment instead; knowingly, the former employee John (pseudonym) will not be given a letter of information lamenting that the current situation is that the birds are gone and the hidden arches. The Hong Kong Association of Accountants analyzed that Hong Kong’s IPO prospects have not improved, and the industry can only “rest on its laurels”.
BDO is a Tier 2 leader in the accountancy industry, and news of layoffs has been reported recently. Former employee John told “Optical Media” that he received a disclosure from a current employee that BDO had asked some employees to take three weeks of unpaid leave understood what he was doing!
It is understood that the company provides two options for counseling out. “You are resigning and a letter of information will be sent to you, but no compensation!” knowingly, the company’s letters of recommendation will not be provided. Iain said the current staff say 20 to 30 people are expected to be laid off, some at the supervisor level.
John believes that the poor economy is the main reason for the layoffs. “Big 4 and Tier 2 all rely on listed companies to find food. In this environment, there are fewer IPOs, and with so many people applying to return here, it is important to reduce costs cut.” Who are we going to let go first?” At the end of last year, Deloitte, a member of the Big 4, asked some of the workers for 15 days of unpaid leave. to take. , they would be “deceived.”
Xiaohongshu has circulated news of layoffs at BDO, describing it as an investigation winter. However, some accountants said that the amount of layoffs this time is around 20 to 30 people.
Despite the ongoing responsibilities in the accounting industry, John lamented that the current situation is like a bird’s nest. As a Tier 2 company, BDO requires investments or reduced audit fees to compete for business from the Big 4. When revenues decrease, employees become targets for cost-cutting.
He analyzed that the Big 4 will still employ people, but the workload is expected to be greater and they will have more thankless tasks. In contrast, small and medium-sized accounting firms are less affected because they mainly perform audit work for unregistered commercial companies, and small and medium-sized enterprises usually rarely change accounting firms. .
“Optical Media” asked BDO if the news about layoffs is true, the scale and the reasons for the layoffs, and is still waiting for an answer.
Hong Kong Union of Accountants: The industry needs to “rest on its laurels”
Mr. Liu, chairman of the Hong Kong Accountants Union, told “Optical Media” that Hong Kong’s IPOs are currently mostly Chinese companies, while there are very few IPOs from foreign and local companies ” There won’t be too many IPOs this year.
He pointed out that under the current situation of “rest on capital”, it is not regulated that there will be further layoffs at Big 4 and Tier 2 He is worried that employers will increase profits through layoffs, which will increase the workload of the current employees “Maybe five people have to do one job.” The money means steady delivery…
Analyzing the information, Hong Kong’s IPO funds raised in the first quarter of this year was only 4.7 billion yuan, and the global ranking fell to 10th. LC Lawyers, the legal arm of Ernst & Young in Hong Kong, decided to close earlier this year.
2024-05-02 10:13:50
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