Consulting layoffs
Current recession giving ‘08 vibes to consulting companies in India: - Accenture Strategy considering layoffs - Deloitte (Consulting) considering layoffs - Mckinsey - already have done non-consulting layoffs - MBB - expected to push out joining dates for new hires by at least ~6 months (most likely new joiners who were expecting to join in July-Aug 23’ to join only starting Jan 24’) Slow pace of new projects, ramp down of existing big clients, massively over hiring in 2022 (key reason) has led to most people being on the bench. Wouldn’t be surprised if the ‘Up or Out’ model comes into action more aggressively for the upcoming appraisal review cycle(s). Brace for impact! (all unconfirmed, heard through ‘grapevine’)
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How is your MBB/ mgmt consulting looking right now
With the news about McK also offering severance based voluntary attrition, wanted to get a sense of how are things across MBB in India? The hiring has been over optimised, the batch of 2024 and the summer intern batch, count of new hires should go back to 2019 levels How is the promotion scene looking like? Are you hearing of headcount rationalization in the India offices? Folks were expecting natural attrition will help with HC nos, I don't think it has really played out that way
https://www.businessinsider.com/mckinsey-offering-staff-pay-career-coaching-if-they-leave-firm-2024-4