{"id":11853,"date":"2024-07-12T09:50:48","date_gmt":"2024-07-12T09:50:48","guid":{"rendered":"https:\/\/topat10.com\/?p=11853"},"modified":"2024-07-12T09:50:48","modified_gmt":"2024-07-12T09:50:48","slug":"is-this-the-end-of-summer-fridays-pwc-hits-the-brakes-as-growth-slows-and-salaries-get-squeezed","status":"publish","type":"post","link":"https:\/\/topat10.com\/?p=11853","title":{"rendered":"Is this the end of summer Fridays? PwC hits the brakes as growth slows and salaries get squeezed"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<p>PwC staffers have enjoyed the \u201cFriday feeling\u201d a bit more than their peers at the other Big 4 firms in the last few years, but that may be about to change.<\/p>\n<div>\n<p>The accountancy group is beginning to rein in perks from free time to meaty salary increases to make life a bit more uncomfortable for its employees as it struggles with a difficult market and an overstuffed workforce.<\/p>\n<p>The first target is its popular \u201csummer Fridays\u201d scheme allowing them to take a half day every week during the warmer months.\u00a0 Commonly found in New York, the scheme reportedly started as far back as the 1960s when execs downed tools early to pack their bags for holiday homes in the Hamptons. Some spots on the east end of Long Island are known for being as buzzy as Manhattan during the summer months, with business meetings and important networking held out of the city.<\/p>\n<p>In the U.K., PwC introduced a flexible summer working hours pilot in 2021, which formed part of a push to improve staff\u2019s work-life balance alongside hybrid working during the Covid-19 pandemic.\u00a0<\/p>\n<p>Employees <a href=\"https:\/\/www.pwc.co.uk\/press-room\/press-releases\/corporate-news\/pwc-extends-summer-working-hours-as-staff-hail-positive-effects-.html\" target=\"_blank\" aria-label=\"Go to https:\/\/www.pwc.co.uk\/press-room\/press-releases\/corporate-news\/pwc-extends-summer-working-hours-as-staff-hail-positive-effects-.html\" rel=\"noopener\" class=\"sc-82aca549-0 klXAci\">hailed the opportunity<\/a> to start their weekends early. Nearly three-quarters said it had improved their wellbeing \u201cto a great extent,\u201d detailing in an internal survey how they would spend their extra time with friends and family. The employees also had the relief of a quieter email inbox on the days they would finish early.<\/p>\n<p>However, the company has slowly curbed the pilot since its introduction.\u00a0<\/p>\n<p>When the program was introduced, staff got the chance to take a half-day for all 12 Fridays of the Summer. This was reduced to eight weeks last year.<\/p>\n<p>Now, that number has been slashed, and staff can only take six half-day Fridays over the Summer, the <a href=\"https:\/\/www.ft.com\/content\/8f51073a-3d81-4222-a496-16d04c517df6\" target=\"_blank\" aria-label=\"Go to https:\/\/www.ft.com\/content\/8f51073a-3d81-4222-a496-16d04c517df6\" rel=\"noopener\" class=\"sc-82aca549-0 klXAci\"><em>Financial Times <\/em>reported<\/a>.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Productive Fridays?<\/strong><\/h2>\n<p>While PwC hopes that returning its employees to a more rigid working week will boost productivity, the giant accountancy firm may be shooting itself in the foot.<\/p>\n<p>While there isn\u2019t much data to confirm it, Fridays are generally considered to be the least productive in a working week. It\u2019s typically the first day to go among companies that have introduced a four-day working week.<\/p>\n<p>A <a href=\"https:\/\/today.tamu.edu\/2023\/08\/02\/workers-are-less-productive-and-make-more-typos-in-the-afternoon-especially-on-fridays\/\" target=\"_blank\" aria-label=\"Go to https:\/\/today.tamu.edu\/2023\/08\/02\/workers-are-less-productive-and-make-more-typos-in-the-afternoon-especially-on-fridays\/\" rel=\"noopener\" class=\"sc-82aca549-0 klXAci\">study by Texas A&amp;M<\/a> of computer usage among nearly 800 in-office employees found a steep increase in usage on a Friday afternoon.<\/p>\n<p>Some companies have introduced \u201c<a href=\"https:\/\/fortune.com\/2024\/02\/16\/fridays-without-meetings-productivity-focus-flow\/\" target=\"_self\" aria-label=\"Go to https:\/\/fortune.com\/2024\/02\/16\/fridays-without-meetings-productivity-focus-flow\/\" class=\"sc-82aca549-0 klXAci\" rel=\"noopener\">no meeting Fridays<\/a>\u201d that allow workers to finish their major tasks before the week wraps up. \u201cCasual Fridays\u201d have long been used as a means to boost morale and eke out employees\u2019 final shred of weekly motivation.<\/p>\n<p>But in general, there is a feeling that betting on a Friday afternoon to inspire a turnaround in fortunes is akin to a Hail Mary.<\/p>\n<div class=\"wp-block-image\" style=\"margin:auto;max-width:1024px\"><figcaption>Wealthy Wall Street workers have used summer Fridays to escape to the Hamptons.<\/figcaption><p>Spencer Platt\/Getty Images<\/p>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>The dreaded Pip<\/strong><\/h2>\n<p>But based on PwC\u2019s other changes, the push away from flexibility might be less motivated by productivity and more as a means to push more employees out the door.<\/p>\n<p>The company struggled with falling revenue growth last year, announcing plans in November to cull around <a href=\"https:\/\/www.theguardian.com\/business\/2023\/nov\/07\/pwc-defends-plans-to-cut-600-jobs-rather-than-bosses-pay\" target=\"_blank\" aria-label=\"Go to https:\/\/www.theguardian.com\/business\/2023\/nov\/07\/pwc-defends-plans-to-cut-600-jobs-rather-than-bosses-pay\" rel=\"noopener\" class=\"sc-82aca549-0 klXAci\">600 U.K. jobs<\/a>.<\/p>\n<p>Alongside the curbing of Summer Fridays, PwC has also reduced annual salary increases for its staff. They can expect to see a 3% increase in their future paycheck, compared with the 9% raises they enjoyed just a couple of years ago.<\/p>\n<p>Those pay raises were deemed more necessary during the cost-of-living crisis when inflation shot into the double digits but are considered less necessary now that it returns to the Bank of England\u2019s target of 2%.\u00a0<\/p>\n<p>Meanwhile, more employees are reportedly being placed on dreaded performance improvement plans, known colloquially as \u201cPips,\u201d which prevents those on the plans from salary increases. They\u2019re usually considered the first step in a worker leaving the company.<\/p>\n<p>One unnamed associate told the <em>FT <\/em>that staff \u201cmessed up\u201d by overhiring during the pandemic boom, and staff were increasingly being put on Pips or offered voluntary redundancy packages.<\/p>\n<p>A PwC spokesperson told <em>Fortune<\/em>: \u201cWe continue to invest heavily in our people. The vast majority received a bonus and a 3% pay rise, and our summer working hours are continuing once again, albeit for a shorter period. Bonuses are discretionary, and there will always be cases where they are not given, such as where performance expectations are not met.\u201d<\/p>\n<p>Whether it\u2019s a means of pushing more staff out the door or simply the latest return to a pre-Covid work culture, few PwC staffers are likely to cheer their employer as they\u2019re glued to their laptop at 3 pm on a sunny July Friday.<\/p>\n<\/div>\n<div data-cy=\"subscriptionPlea\">Subscribe to the CEO Daily newsletter to get global CEO perspectives on the biggest stories in business. <a href=\"https:\/\/www.fortune.com\/newsletters\/ceo-daily?&amp;itm_source=fortune&amp;itm_medium=article_tout&amp;itm_campaign=finance\" target=\"_self\" aria-label=\"Go to https:\/\/www.fortune.com\/newsletters\/ceo-daily?&amp;itm_source=fortune&amp;itm_medium=article_tout&amp;itm_campaign=finance\" class=\"sc-82aca549-0 klXAci\" rel=\"noopener\">Sign up for free<\/a>.<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>PwC staffers have enjoyed the \u201cFriday feeling\u201d a bit more than their peers at the other Big 4 firms in the last few years, but that may be about to change. The accountancy group is beginning to rein in perks from free time to meaty salary increases to make life a bit more uncomfortable for [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":11854,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[123],"tags":[],"class_list":["post-11853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is this the end of summer Fridays? PwC hits the brakes as growth slows and salaries get squeezed | Unlock Informed Choices with Us<\/title>\n<meta name=\"description\" content=\"PwC is cutting the number of half-day Fridays its employees can take as part of measures to imporve its fortunes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/topat10.com\/?p=11853\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is this the end of summer Fridays? 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Hogg","author_link":"https:\/\/topat10.com\/?author=39"},"uagb_comment_info":0,"uagb_excerpt":"PwC staffers have enjoyed the \u201cFriday feeling\u201d a bit more than their peers at the other Big 4 firms in the last few years, but that may be about to change. 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