Sad to know that even senior leaders can be fired. I might be at risk too
Dange ho jayenge, aisi baatein mat karo
Senior leaders, if their work can be automated or become obsolete, are much more probable targets of layoffs. Firing one senior person saves salary of 10s or even 100 freshers and most people anyway don't like upper leadership so hardly creates any negative image.
Deals are not happening as it used to. Macros uncertainty is keeping clients on budget tightening. The pre-sales consultants are having hard time to convince the clients
Also, pre sales is getting automated using ai. No need to have as many humans to manage bots.
Same trend playing out in trading firms.
McKinsey has huge software and analytics business. Shows that consulting is not the prime business. It's just a marketing front.
Kitna bhi gyna pel do. At the end, consultant relies on analyst running SQL queries.
And analyst relies on data entered in data bases.. There is no single own it all in modern industry.
The Consulting business isn’t a marketing front. It literally does no marketing for them. The only little marketing McKinsey gets is from their reports here and there.
I think you’re referring to the Knowledge Centre when you say SQL queries. Sure that is technical, but it’s always sold as a package to clients, not standalone.
I think this is a very incorrect take. Unless you have an actual breakdown of revenue from consulting vs analytics
The title of that article is kinda misleading.
"They laid off those partners because of the failed plan to split their accounting and consulting businesses and the $600 million loss they incurred from it"
https://twitter.com/buyandholdcpa/status/1734609949588902011?t=N1reIXRvS5-ZJaa0Sf5csQ&s=19
Well, it's most meritocratic for partners. You bring in business, you stay. No business = pls leave.
The boom times meant a lot of business in tech industry, hence made sense to have many partners in tech practice. But now tech has rationalised significantly, meaning less business and hence not a high requirement for partners. Some partners could transition to other industries, others will be asked to leave
Current recession giving ‘08 vibes to consulting companies in India:
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 hire...
While actual bonus amount hasn't changed, they've adjusted the % for high performers. 4 raters were previously paid 150% and 5 raters were paid 200%
Not like I had motivation to work hard enough for a 4 anyway but now it's not even wo...
It seems like the bear market effects are down upon consulting firms now too
Got to know from multiple people that were joining top consulting firms that their onboarding is deferred by 6 months (across places like Bain, McK etc)
A...
Ironic that consultants aren’t able to manage their hiring demand better 🤔
Did McKinsey hire McKinsey to figure out how McKinsey should do cost cutting in a negative macro environment?