Big Four firm EY is both axing and promoting new jobs in Australia

After a series of recent cuts, the Aussie branch of Ernst & Young is reportedly preparing to axe a further 100 or so staff, although those made redundant may have the chance to uproot to Ballarat.

Amid ongoing headwinds in the strategy & management consulting sector, Ernst & Young has flagged a further one hundred job cuts following its previous downsizing efforts at the end of 2023, which resulted in the approximate loss of 230 employees.

Meanwhile, the Big Four firm is talking up its recruitment drive in Ballarat, which since its launch in the town in 2022 a 90-minute drive north-west of Melbourne has grown its local headcount to 25 professionals, slightly shy of its original promise of 200 new jobs, albeit with another five people expected to come onboard in the next month.

“We started this year expecting a market rebound and sustained growth through the 2025 financial period for the parts of our business that have experienced this challenging environment, but our expectations have not aligned with actual demand in these areas," an EY spokesperson told the AFR, in part blaming the recent misdeeds of PwC.

While the job-cuts are on the smaller end of the scale in terms of the advisory’s 7,000-odd-strong local workforce, and mirror moves being made by EY overseas, other reports have suggested the redundancies will be concentrated in its tech consulting business, which the firm alongside its Big Four rivals have made recent a song and dance about strategically pivoting towards.

“Based on current demand, we are considering making workforce adjustments to reflect market conditions,” the unnamed EY representative said. “In some particular circumstances, targeted restructuring may be required. These decisions are incredibly difficult and we will support people who may be impacted, including outplacement support and assistance.”

Ballarat office

Meanwhile, EY’s Ballarat office is calling out for applications, at the same time as global tech consulting giant Accenture has signalled its intention to set up shop in the former backwater as well. EY contends that its local operations, in conjunction with Federation Uni, have helped to keep talent in the region by providing residents with “career opportunities at a global professional services firm.”  

Both moves come after EY’s non-partner headcount fell by almost 500 last year, according to the AFR’s figures, with the business publication also reporting that insiders expect further cuts to be made across the firm in the coming months. EY is also apparently attempting to ‘exit’ some existing partners, despite its current beef with Alvarez & Marsal over recent defections.

As to its Ballarat recruitment drive, EY’s delivery centre boss Daniel Wong stated; “We’re dedicated to creating accessible, flexible, and inclusive employment opportunities for the community. With a focus on traineeships and re-skilling, the centre aims to empower individuals who may be starting their first job, retraining, re-entering the workforce, or otherwise seeking new challenges.”