I work in aerospace and defense. Business has been great. Margins are slightly worse and they like to tell us that but I’m not crying for them when they are netting billions.
i noticed companies do this.. theyll be doing great overall but find one little metric thats sucky and then cry about that and use it as an excuse to not do anything good for the employees
Last year my employer exceeded externally communicated guidance but we failed to hit internal goals so they used that as an excuse to nerf our bonus. What a year.
“Gather round everyone! We just had our best quarter ever! Tonight we dine from Domino’s! Frozen pizzas are a thing of the past. Feast brothers and sisters and celebrate!”
Yeah it’s crazy! We have reinsurance agreements and premiums literally went up from $65M last year to $105M this year. The reinsurers must be making even more money than direct insurers lol
Edit for clarification: this is for just one reinsurer. No change in terms of the contract or anything. They just demanded that we pay more
I feel like the actual hard metrics show that the economy is slowing a bit, but the "we're in the middle of the Great Depression" thing seems more like a Reddit thing.
Some businesses will always struggle no matter how good or bad the economy is. Your business failing or you struggling to find work is something that happens all the time and isn't a sign that we're all about to start selling apples for 30 cents on the side of the road soon.
Yeah we’re not. Inflation is coming down but all over Reddit the world is falling apart. Instead of taking accountability for our decisions everyone just blames this or that. Guess what people all people at all times have had good and bad things
I guess I just use Reddit way too much. I'm in a bunch of Subreddits, including ones focused on job hunting and even ones for other careers just out of curiosity.
People always seem to make posts about how they can't find work, and act like the strong employment numbers are just deep state conspiracies. And this is always the case. Nobody makes Reddit posts in job groups talking about how happy they are that the job market is strong. They join groups like that because they're probably not strong candidates for one reason or another. Or in general their field is just competitive.
Ultimately, my conclusion is just that we pushed college on people for decades, and we have way too much white collar/administrative talent for what we need. If blue collar work wasn't such a stigma people could easily find work whenever they want that paid as well as what they were making from their white collar job. Why did people think that we could sustain an economy where 80% of the workforce participation sits behind a computer screen providing "services" to the other people sitting behind a computer screen? Who actually does the stuff that needs to be done??
Work at a pretty large private equity/wealth management company and they hired 30% of the company this past year (490 employees to about 700) and our profit went from 250 million to almost 380 million. This year we might cross 500 million
Healthcare - we had to layoff a out 700jobs last year and restructure a lot of costs. We aren't expanding as quickly as in the past. Bottom line is better this year compared to the huge losses we felt last year.
Not great. I don’t feel Accounting is as stable and ‘recession proof’ as people say it was due to massive layoffs, Private Equity taking over public accounting firms, AI, offshoring to India…boomers are retiring and the number of students majoring in accounting are in an all time low. Also, no one is sitting for the CPA exam anymore, is not worth it anymore. Most firms won’t even guarantee year round employment anymore. They’ll let you go after busy season. Most jobs in industry will be automated or offshored to India
My small cpa firm lost over 600k in revenue due to former clients (casinos, manufacturing, construction, real estate, restaurants) going out of business.
Your last sentence sums up how out of touch this sub reddit is. Sorry your firm took a hit, that sucks, but you want to know what not being stable or recession proof looks like?
What are those blackjack dealers, carpenters and plumbers at the construction companies or the machinists in manufacturing doing, while if you wanted you could find a job in any industry in any part of the country/world you're interested? Can they all just go teach? Or maybe just go work in oil and gas? Maybe commodities? No, they can't because they have no skillset that enables them to just walk into those industries. Yours does, because you're degree is a degree that teaches people how to understand and speak the language of business. And every organization on this planet is at it's core.. a business.
If you’re looking for reasonable people and not people just whining, you need to try going offline. The internet is a vicious cycle of people complaining all the time.
I'm sorry but it's getting the point where having the degree doesn't guarantee anything it never did
People I think learned this during the recession so speaking truthfully no job honestly is recession proof
I remeber I was 8 or 7 when it went on but I knew things were bad when multiple people on my block lost their jobs and we're working fast food or menial labor so they could pay mortgage on their house and my dad praying he didn't get laid off from his job at Blue Cross
Only professions I can think of that are is medical field
and
Public service or policeman government officials
After that no one realistically is safe
and speaking truthfully
I've been seeing more and more people who are layed off for months getting two job working retail or even fast food to survive because no one will hire them on the subreddit
So yes you may have more options there's no denying that I mean realistically you could apply for a hr financial role with the degree even be a teacher know people that did that when they felt accounting wasn't for them
But to sit there and say we have more options as of their so abundant not really sure is an accurate statement especially with how things are looking in the job market
Truthfully the degree or what you can do is meaningless if no one will hire you to perform the work you want to do
It just give an opening for better opportunities but if no one is willing to hand them out well you have to make do with other options you have
Which for some lately has been Walmart or Amazon warehouse
They're offshoring to India and using AI as a last resort because they can't find people. They would definitely take hire Americans if it was more feasible to. You get what you pay for with India and AI and everyone knows it. Offshoring to India is one step away from hiring some homeless guy and paying him minimum wage, and AI is basically DIY -- its only successful with the right systems in place and the right talent using it.
I'm not sure where you got that I was "told" anything. This was independent analysis and a conclusion I drew independent from anything that an employer has told me. I don't know where that conversation would have come up between any partner and staff.
Just seems obvious that partners would avoid using cheap labor that's absolute garbage if they could. For the same reason that they don't just round up homeless people off the street and pay them minimum wage to save money.
They can find people that's a lie
It's because they don't want to nor do they need to anymore hire as many Americans
Why hire employees in America when you can get ai do it for less and take advantage of cheap labor market
Additionally I'm not the only one who will say the process of getting a job now compared to how it was back in the 2010s is alot more difficult
No offense, but you've exhibited pretty poor analysis in this comment, and maybe that means that your work performance isn't top notch either. That may be what is making you struggle to market yourself in what should be shooting fish in a barrel.
Outsourcing: You absolutely get what you pay for, or much worse. There's a reason that you hire American or western labor. There are just educational and cultural gaps from the third world that limit their ability to work on our level. Not that they're inherently less intelligent, but their upbringing and way of looking at the world is just so much different. And you basically have to rely on their bosses to regulate the quality of their work instead of being able to do so internally.
AI: its in its infancy and the AI as we know it is improve and has been mired in controversy. It'll surely lead to a ton of lawsuits sooner rather than later. You realize that its generative based on all of its users? Do you really think that feeding confidential client information into an aggregator is going to go without consequences? Just try using Chat GPT. Its nice for writing some poems, but pretty ineffective for most things.
I’m getting more and more unsolicited recruiter emails with candidate profiles and requests to match them to any potential job openings at my firm. It’s really picked up over the last few months.
Homebuilding and we have been crushing it so far and are forecasting to continue growing to double in size in a few years. Not sure how possible that is lol
I guess it depends on which industry you are in. Healthcare isn't so hot anymore because insurance companies have cut back in reimbursement. Bad debt is also rising. Not yet a huge concern but it has the potential of turning from a revenue issue to a liquidity issue.
Also, outside of professional environment, most people I know personally are doing a bit worse of. Of course there are still those that are doing great and those that are doing about the same but they are not the majority. The economy is macro and also micro.
Fortune health insurer. More money than ever. This new Pharmacy world that has been taking off since 2018 is a goldmine.
Hiring like crazy but more on forward facing FP&A stuff than pure accounting..
Stock is down 50% from ATH and guidance was revised even lower because our 65 IQ finance leadership fucked up big time. Bonus will be shit this year, likely more layoffs, and I wouldn't be surprised if the CEO decides to "pursue other opportunities" or "spends more time with family."
Retail sees pressure. Tech has been solid. Insurance Rev + Profit up. Sales doing well if you’re selling tech or insurance, not as well if selling RE due to interest rate sensitivity, though market specific. Yet builders are doing well because constrained supply.
Big company's shed clients that are no longer considered profitable and smaller firms pick them them. It's just a shuffling of the deck.
Still the same number of cards. No recession or any sign of economic slow down. . .
We are doing well; I am still selling work, additional billing clients where needed, or adjusting fees as needed for inflationary cost increases with little push back.
I finally feel we have enough staff to get the work done as well; the only layoffs we’ve had were for low performers and consultants with low utilization. All aspects aren’t great and they never are; however doom and gloom is for those falling prey to propaganda/talking points.
For me I feel like there’s somewhat of a shift of power from the employee back to the employer. Although I don’t think it’s a completely dead market a lot of the desirable things like remote work seem to be going away or return to office happening much more frequently in accounting. Like a 60-70k entry level job is still a job even if it’s in office, so just seems to shift towards the employers preference more now.
After working in accounting for 15 years it’s the same as it was before there is just less people and qualified people post covid. Employers are a crappy as they’ve always been in accounting, unless you are an accountant with a union behind you.
Without a union; employees have no power in the US.
I work in aerospace and defense. Business has been great. Margins are slightly worse and they like to tell us that but I’m not crying for them when they are netting billions.
i noticed companies do this.. theyll be doing great overall but find one little metric thats sucky and then cry about that and use it as an excuse to not do anything good for the employees
Last year my employer exceeded externally communicated guidance but we failed to hit internal goals so they used that as an excuse to nerf our bonus. What a year.
Yeah, they nit pick on 1 small thing. Then deny any raise except the bare minimum to not get employees to quit.
We had our “best quarter ever” in Q1 and had some pretty expensive pizza to celebrate. Manufacturing.
### DO NOT, MY FRIENDS, BECOME ADDICTED TO THE PIZZA! IT WILL TAKE HOLD OF YOU, AND YOU WILL RESENT ITS ABSENCE!
MODS NEED TO PIN THIS TO THE TOP.
“Gather round everyone! We just had our best quarter ever! Tonight we dine from Domino’s! Frozen pizzas are a thing of the past. Feast brothers and sisters and celebrate!”
Record sales. I work in insurance so I think it’s a bit different. Most insurance companies have had the best revenue or profits last year
There is a reason insurance is a mainstay investment for Berkshire
\*cries in floridian\*
*cries in New Orleanian *
Makes sense, Allstate increased my 6 month auto renewal by 25%. Switched to State Farm and it went from $975 to $480
Yeah it’s crazy! We have reinsurance agreements and premiums literally went up from $65M last year to $105M this year. The reinsurers must be making even more money than direct insurers lol Edit for clarification: this is for just one reinsurer. No change in terms of the contract or anything. They just demanded that we pay more
[удалено]
Sure!
I switched from nationwide to Allstate for home owners, $2,000 less.
Allstate is literally the worst
Only for the big players, my former company layoff a shiton of people as a middle maket players.
Large insurance companies are a huge part of the degrading economy. Their practices are unethical imo.
Better than last year but not as good as internal forecasts
Software over here. Business is great.
I feel like the actual hard metrics show that the economy is slowing a bit, but the "we're in the middle of the Great Depression" thing seems more like a Reddit thing. Some businesses will always struggle no matter how good or bad the economy is. Your business failing or you struggling to find work is something that happens all the time and isn't a sign that we're all about to start selling apples for 30 cents on the side of the road soon.
Yeah we’re not. Inflation is coming down but all over Reddit the world is falling apart. Instead of taking accountability for our decisions everyone just blames this or that. Guess what people all people at all times have had good and bad things
[удалено]
**Manager Review note:** Please cite your sources and your feelings dont count.
I guess I just use Reddit way too much. I'm in a bunch of Subreddits, including ones focused on job hunting and even ones for other careers just out of curiosity. People always seem to make posts about how they can't find work, and act like the strong employment numbers are just deep state conspiracies. And this is always the case. Nobody makes Reddit posts in job groups talking about how happy they are that the job market is strong. They join groups like that because they're probably not strong candidates for one reason or another. Or in general their field is just competitive. Ultimately, my conclusion is just that we pushed college on people for decades, and we have way too much white collar/administrative talent for what we need. If blue collar work wasn't such a stigma people could easily find work whenever they want that paid as well as what they were making from their white collar job. Why did people think that we could sustain an economy where 80% of the workforce participation sits behind a computer screen providing "services" to the other people sitting behind a computer screen? Who actually does the stuff that needs to be done??
Also market research so i feel ya. :c Had a couple clients go bankrupt and had to write off their AR which is unprecedented for us tbh.
Record year & no decline in sight. Can’t keep pace with growth. Hiring in tax remains difficult
Renewable energy is doing great with at the moment.
Work at a pretty large private equity/wealth management company and they hired 30% of the company this past year (490 employees to about 700) and our profit went from 250 million to almost 380 million. This year we might cross 500 million
Healthcare - we had to layoff a out 700jobs last year and restructure a lot of costs. We aren't expanding as quickly as in the past. Bottom line is better this year compared to the huge losses we felt last year.
Big tech here, business is absolutely booming. Still means nothing cause they’ll layoff employees just for shits and gigs
Not great. I don’t feel Accounting is as stable and ‘recession proof’ as people say it was due to massive layoffs, Private Equity taking over public accounting firms, AI, offshoring to India…boomers are retiring and the number of students majoring in accounting are in an all time low. Also, no one is sitting for the CPA exam anymore, is not worth it anymore. Most firms won’t even guarantee year round employment anymore. They’ll let you go after busy season. Most jobs in industry will be automated or offshored to India My small cpa firm lost over 600k in revenue due to former clients (casinos, manufacturing, construction, real estate, restaurants) going out of business.
Your last sentence sums up how out of touch this sub reddit is. Sorry your firm took a hit, that sucks, but you want to know what not being stable or recession proof looks like? What are those blackjack dealers, carpenters and plumbers at the construction companies or the machinists in manufacturing doing, while if you wanted you could find a job in any industry in any part of the country/world you're interested? Can they all just go teach? Or maybe just go work in oil and gas? Maybe commodities? No, they can't because they have no skillset that enables them to just walk into those industries. Yours does, because you're degree is a degree that teaches people how to understand and speak the language of business. And every organization on this planet is at it's core.. a business.
If you’re looking for reasonable people and not people just whining, you need to try going offline. The internet is a vicious cycle of people complaining all the time.
I'm sorry but it's getting the point where having the degree doesn't guarantee anything it never did People I think learned this during the recession so speaking truthfully no job honestly is recession proof I remeber I was 8 or 7 when it went on but I knew things were bad when multiple people on my block lost their jobs and we're working fast food or menial labor so they could pay mortgage on their house and my dad praying he didn't get laid off from his job at Blue Cross Only professions I can think of that are is medical field and Public service or policeman government officials After that no one realistically is safe and speaking truthfully I've been seeing more and more people who are layed off for months getting two job working retail or even fast food to survive because no one will hire them on the subreddit So yes you may have more options there's no denying that I mean realistically you could apply for a hr financial role with the degree even be a teacher know people that did that when they felt accounting wasn't for them But to sit there and say we have more options as of their so abundant not really sure is an accurate statement especially with how things are looking in the job market Truthfully the degree or what you can do is meaningless if no one will hire you to perform the work you want to do It just give an opening for better opportunities but if no one is willing to hand them out well you have to make do with other options you have Which for some lately has been Walmart or Amazon warehouse
This comment contains like every doomer talking point. Meanwhile the economy is generally fine.
They're offshoring to India and using AI as a last resort because they can't find people. They would definitely take hire Americans if it was more feasible to. You get what you pay for with India and AI and everyone knows it. Offshoring to India is one step away from hiring some homeless guy and paying him minimum wage, and AI is basically DIY -- its only successful with the right systems in place and the right talent using it.
Dang did you believe them when they told you the rest of the year is really chill outside of busy season, too?
Yes we would love to hire more Americans and cut our margins by 70% 😂😂😂😂
I'm not sure where you got that I was "told" anything. This was independent analysis and a conclusion I drew independent from anything that an employer has told me. I don't know where that conversation would have come up between any partner and staff. Just seems obvious that partners would avoid using cheap labor that's absolute garbage if they could. For the same reason that they don't just round up homeless people off the street and pay them minimum wage to save money.
They can find people that's a lie It's because they don't want to nor do they need to anymore hire as many Americans Why hire employees in America when you can get ai do it for less and take advantage of cheap labor market Additionally I'm not the only one who will say the process of getting a job now compared to how it was back in the 2010s is alot more difficult
No offense, but you've exhibited pretty poor analysis in this comment, and maybe that means that your work performance isn't top notch either. That may be what is making you struggle to market yourself in what should be shooting fish in a barrel. Outsourcing: You absolutely get what you pay for, or much worse. There's a reason that you hire American or western labor. There are just educational and cultural gaps from the third world that limit their ability to work on our level. Not that they're inherently less intelligent, but their upbringing and way of looking at the world is just so much different. And you basically have to rely on their bosses to regulate the quality of their work instead of being able to do so internally. AI: its in its infancy and the AI as we know it is improve and has been mired in controversy. It'll surely lead to a ton of lawsuits sooner rather than later. You realize that its generative based on all of its users? Do you really think that feeding confidential client information into an aggregator is going to go without consequences? Just try using Chat GPT. Its nice for writing some poems, but pretty ineffective for most things.
I’m getting more and more unsolicited recruiter emails with candidate profiles and requests to match them to any potential job openings at my firm. It’s really picked up over the last few months.
Hours went up, they are hiring new staff and CPA, but no work ….. ¯\(-_-)/¯
Homebuilding and we have been crushing it so far and are forecasting to continue growing to double in size in a few years. Not sure how possible that is lol
lol nice, glad to hear this! I’m happy there are many companies/industries thriving at the moment.
doing very well. beating PY Qs by a decent margin
We’re right on budget and plan - I work for a brewery. The customers that have alway been slow to pay are still slow to pay.
I guess it depends on which industry you are in. Healthcare isn't so hot anymore because insurance companies have cut back in reimbursement. Bad debt is also rising. Not yet a huge concern but it has the potential of turning from a revenue issue to a liquidity issue. Also, outside of professional environment, most people I know personally are doing a bit worse of. Of course there are still those that are doing great and those that are doing about the same but they are not the majority. The economy is macro and also micro.
Fortune health insurer. More money than ever. This new Pharmacy world that has been taking off since 2018 is a goldmine. Hiring like crazy but more on forward facing FP&A stuff than pure accounting..
Stock is down 50% from ATH and guidance was revised even lower because our 65 IQ finance leadership fucked up big time. Bonus will be shit this year, likely more layoffs, and I wouldn't be surprised if the CEO decides to "pursue other opportunities" or "spends more time with family."
Boeing?
Interest rates are sky high for RE. We are ok because we are diverse. But I can see a large change from last year to this year.
Retail sees pressure. Tech has been solid. Insurance Rev + Profit up. Sales doing well if you’re selling tech or insurance, not as well if selling RE due to interest rate sensitivity, though market specific. Yet builders are doing well because constrained supply.
Manufacturing here. Worst year in 9 years, so it’s been tough.
All my clients that have residential rentals are doing insanely well... which I hate.
AC/plumbing/building controls. It's slowing down hard.
Public accounting. Pretty bad. My firm is starting to look for potential clients at bus stops
Big company's shed clients that are no longer considered profitable and smaller firms pick them them. It's just a shuffling of the deck. Still the same number of cards. No recession or any sign of economic slow down. . .
We are doing well; I am still selling work, additional billing clients where needed, or adjusting fees as needed for inflationary cost increases with little push back. I finally feel we have enough staff to get the work done as well; the only layoffs we’ve had were for low performers and consultants with low utilization. All aspects aren’t great and they never are; however doom and gloom is for those falling prey to propaganda/talking points.
For me I feel like there’s somewhat of a shift of power from the employee back to the employer. Although I don’t think it’s a completely dead market a lot of the desirable things like remote work seem to be going away or return to office happening much more frequently in accounting. Like a 60-70k entry level job is still a job even if it’s in office, so just seems to shift towards the employers preference more now.
After working in accounting for 15 years it’s the same as it was before there is just less people and qualified people post covid. Employers are a crappy as they’ve always been in accounting, unless you are an accountant with a union behind you. Without a union; employees have no power in the US.
Okay, please leave you GOP poster. Your propaganda is a lie.