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The “Big Four” are expelled abroad, but they strengthen the teams in Portugal

The “Big Four” are expelled abroad, but they strengthen the teams in Portugal

Major consulting firms closed 2023 announcing layoffs in the UK and US, but confirmed they had no similar plans for Portugal. They are open to hiring in 2024

After a hiring boom during the pandemic, the world's largest consulting firms ended 2023 by announcing layoffs. With the economy slowing, demand forecasts failing and interest rates remaining at high levels, Deloitte, EY, KMPG and PWC have indicated the departure of hundreds of workers. But in Portugal they confirm that they have no plans in this regard. As for the Economic Cooperation Organization, the so-called Big Four reveal that they are open to hiring throughout this year.

“News [de saída de profissionais] “It reflects the reality of the markets in question, the UK and the US, and not a global trend,” confirms an official source from EY Portugal, in statements sent to the Economic Cooperation Organization.

In December, the Financial Times reported that EY was preparing to cut 150 jobs in the UK, at a time when the market was slowing. In the United States, the Wall Street Journal reported that “dozens of partners” will leave, in order to cut costs and overcome a slowdown in demand.

But EY's Portuguese arm seems to be escaping (and even resisting) this trend. “In Portugal, EY is expanding the team, adapting its response capacity to meet the demand and needs of its clients and projects, both ongoing and future,” an official source announced.

What proves the difference between the Portuguese scenario and the American and British scenario is the recent recruitments: at the beginning of January, 80 new professionals joined EY Portugal. An official source says: “The prospects, throughout this year, are to continue investing in attracting talent.”

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At another Big Four company, PricewaterhouseCoopers, this dichotomy is repeated. In November, Reuters announced that this consulting company was planning to cut about 600 jobs in the United Kingdom, where business growth was below expectations.

In contrast, the 2023 Portugal Championship was synonymous with the recruitment of 800 specialists, including “nearly 300 recent graduates,” an official ECO source said. “PwC in Portugal has no layoff plan, quite the opposite,” the consultant highlights.

He adds: “Beyond the areas of audit, tax and management consulting, the market recognizes PwC as an increasingly leading player in the areas of cybersecurity, ESG, SAP, Salesforce, Microsoft and deals, being one of the most attractive companies and the first choice for the best talent.” .

KPMG wants to maintain the “tradition” of hiring 500 employees annually

In the same vein as the consultants have already mentioned, KPMG told the ECO that in 2024 it intends to maintain a “tradition” of hiring around 500 people per year. “In recent years, we have employed about 500 people a year, and we hope we can continue to do so,” says an official source.

In the United Kingdom, according to Reuters, in the last quarter of 2023, the departure of about 100 professionals was being prepared. In the summer, job cuts were announced in the United States.

Despite this international context, KPMG Portugal ensures that it “maintains its consolidated strategy to increase revenues and headcount.”

“We believe in the talents of our youth and are investing more and more in their training and qualification, whether through partnerships with many higher education institutions, or as part of our decentralization strategy, which prompted us to recently open our technology center in Évora, which invests in talent in the region, in cooperation with PACT and the University Evora,” said an official source from KPMG.

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As for Deloitte, the Financial Times reported in September that there were plans to cut about 800 jobs in the UK. However, in Portugal, there are no plans in this regard, as the ECO knows, and there is even an opportunity for appointments throughout this year.