Thu Sep 19 11:27:00 UTC 2024: ## Accenture Delays Promotions, Salary Increases Amidst Consulting Sector Challenges

**New Delhi:** Global consulting and technology giant Accenture is delaying staff promotions and salary increases for its employees in India and Sri Lanka, citing ongoing challenges in the consultancy sector.

In an internal memo, Accenture announced that promotions, traditionally announced in December, will now be revealed in June 2024. This decision affects the company’s over 750,000 employees worldwide.

The move comes after Accenture announced last October that it would not be giving salary increases in India and Sri Lanka for 2023, except in legally mandated or essential cases. The company also reportedly plans to delay senior management promotions until June 2024.

Accenture’s shares experienced a significant drop in March after the company lowered its revenue growth forecast for fiscal 2024. The new projection of up to 3 percent growth is down from the previous estimate of 5 percent.

Like many of its competitors, Accenture significantly expanded its workforce during the pandemic to meet rising demand. However, the company has since announced plans to reduce its staff by 19,000 positions over the next 18 months, representing about 2.5 percent of its total workforce.

Other consulting firms, such as McKinsey & Co., Ernst & Young, and PricewaterhouseCoopers, have also implemented staff cuts in response to the economic slowdown. Despite these challenges, a recent increase in demand for automation and AI projects has provided some positive momentum.

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