Bain & Company 18% of opendoor, 50% of Twitter, 14% of stripe and 13% of Lyft all in 24 hours. In addition, Apple & Amazon have announced hiring freezes. Wondering what the sentiment is in consulting now. Anyone seeing potential layoffs or hiring freezes at their firms? EY Deloitte Accenture PwC McKinsey & Company Boston Consulting Group Bain & Company ZS Associates Oliver Wyman KPMG
We have more work than we can staff for
Pro
Our team also has more work than we can staff for, but it’s a pretty unique position to be in right now.
Rising Star
Fundamental differences between tech and consulting to the point that it's not even really logical to compare them.
Tech hires to create demand; it's all about growing the top line. Consulting hires to match expected demand and usually does it in a conservative way (meaning periods of high growth mean people get stretched thin); it's about growing top line but in a way that margin isn't impacted.
Rising Star
You really see this when you create pricing plans on proposals. They really emphasize having the least amount of employees they can lol
In the UK the consulting business usually increases when there is times of uncertainty like recessions or pandemics for example.
When people are worried they are willing to pay for someone to tell them how to stop worrying.
Someone will be picking up the work after the layoffs from tech. Guess who? Consultants!
Yup! Companies fire people and hire us to do the work. 2020 was a brutal landscape for a lot of industries but we have never had more work.
Slalom doing layoffs
@D3 they aren't calling them layoffs, but they moved end of year reviews to mid October so they could get rid of a lot of people earlier
S1 & pwc1: because he wants to cut cost and that ad revenue has been declining…
https://joinfishbowl.com/post_qp9efdftwc
If your intention is for proactive measures- definitely up skill and up your networking skills. At this point you will have a fair judgement of how you stand over your peers. When in doubt start giving interviews - anyways the process is taking a while (few months)… will give you time to make a move if need be.
https://layoffstracker.com/
Chief
We don't have enough people at Invent, man
Didn’t invent just have layoffs
A lot more brutal when you look at the tracker
Why is this brutal? How many of these start ups actually have a business model that translate to profit? How many overhired during the past year?
Twitter's headcount grew almost 50% between 2020 and 2021. Like wth are all those people doing?
Rising Star
Welcome to capitalism - no value for human being dignity - it is all dollars and cents and profits . What type of society we are living in ?
Friend just shared lyft lay off happened this morning
I think that sentiment has been in consulting for a while now…
What do you mean you do tech consulting - is that management consulting specifically for tech companies or do you do IT consulting and are calling it tech consulting
TC is a catch all term for many sub service lines
As long as you are generating revenue and staffed no worries
Meh. Still not exactly a view of the broader market. There will definitely be a slow down, but I'm assuming it will be heavily sector-dependant.
https://layoffs.fyi/
Seeing signs of layoffs.
No one to sell work to.
If you look at raw numbers, it looks less scary. This is what, 20,000 tops?
Rising Star
I’d love to have a chance to remove low performers but reality is we can’t even hire warm bodies.
Pro
Yep
most of these tech unicorns have barely one product that they sell. Twitter doesn't even have that . They over hired in 2021 like there is no tomorrow for nothing .