UK bonuses at Deloitte are set to reflect the consultancy giant’s performance across all its branches as it emerges that the firm is lagging behind its targets for 2025.
Despite a reported increase in revenue of over two per cent for the year ended 31 May 2024, the company has seen a stall in profits and a downturn in some of its divisions, such as consulting, as reported by City AM.
Richard Houston, UK senior partner at Deloitte, informed staff via a memo highlighted by the Financial Times, that their performance for the financial year 2025 was “below our original plan” but still “slightly ahead of last year.”
As a consequence, the consulting department faces bonus reductions averaging 20 per cent, and there will also be an impact on the partners’ remuneration levels. Expected pay rises will be moderated to 2.9 per cent from the higher rate of 5 per cent seen in the previous year.
Throughout the 2024 financial year, Deloitte experienced a drop of 5.2 per cent in average profit per equity partner (PEP), descending to £1.01 million.
However, the signs weren’t all negative: the Financial Times shared that Deloitte’s financial advisory services and tax and legal department surpassed expectations, prompting full bonus payouts to relevant staff members.
In response to enquiries, a spokesperson for Deloitte UK said: “Amid ongoing market uncertainty, we are pleased to recognise our people for their hard work with salary increases, bonuses, and promotions this year.”
“This is alongside other benefits such as fully funded private medical insurance, recently enhanced family policies, and our commitment to offering flexibility and choice in our ways of working,” they added.
Deloitte has recently revealed that its new technology centres located in Belfast, Cardiff, Manchester, and Newcastle are set to open their doors on 1 June, with a workforce comprising 750 of the firm’s current technology specialists.
The company has expressed its goal to double the size of this segment of the business, which delivers technology-driven solutions to clients, within the next three years. This expansion of its technology teams across the UK regions follows a period where Deloitte enacted several rounds of job cuts, including the dismissal of 250 underperforming employees last October.
