Accenture Plc is apparently going to postpone the majority of its worker promotions by six months, the latest symptom of a long-term slowdown that has harmed the consultant business. According to Bloomberg, the Dublin-based IT firm informed staff in an internal blog post last week that most promotions will be announced in June rather than December. The tech behemoth employs more than 750,000 people worldwide.

The blog purportedly mentions persistent economic difficulties in the consultancy business. This decision is the result of lower customer expenditure and a general slowdown in the professional services sector. Accenture's fiscal 2024 revenue target was reduced early this year, reflecting the challenges faced by the current economic situation.

Accenture informed its workers in India and Sri Lanka in October 2023 that they would not get pay raises for fiscal year 2023 due to unfavorable macroeconomic difficulties. In an email sent out by the nation, managing director Ajay Vij stated that staff will get individual yearly performance bonuses when eligible, but they will be much smaller than the prior year owing to the company's performance setback.

The corporation has also allegedly postponed senior management promotions until June 2024. "Given the context of our performance, we will not be providing any stay-at-level (base pay) increases this year except where legally mandated or committed in a few critical skill areas," according to him.

Other consulting companies, such as McKinsey & Co., Ernst & Young, and PricewaterhouseCoopers, are claimed to have taken similar tactics to deal with the downturn. While there has been a recent increase in demand for AI and automation-related projects, it has not been enough to counteract underlying economic challenges