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Rising Star
I think business models will need to change. I don't see have everyone travel on site every week to be viable anymore. Clients won't want to pay for it anymore.
Even more substantial than the financial benefits of travel are the feeling of being 'important', 'impactful' etc and the overall energy that engaging with others in person and plane hopping generates. That is now largely replaced with a constant nagging feeling of 'what the hell am I doing with my life here?' as the essence of the work is laid bare. Employers who promise meaningful work may benefit from some of the talent fallout from consulting etc
Well said. I’m no more or less important than I was before, but I certainly “feel” like I yield much less impact. Little to feed my ego these days (which is probably a great thing).
Most leadership wants to get back to travel as a business ASAP when it’s safe because they recognize this threat. Without perks, even many entry level non FS/Tech jobs beat consulting comp, which is worrisome. The other big thing they are worried about is losing sales due to in person presence from competitors. But yes, every single person I know under the age of 30 at Deloitte hates this environment and is trying to leave consulting.
Lack of stock options and weak 401K match bridges some of the gap between industry and consulting salary for entry level
The day of reckoning will come. The record will be straight.
I see a work crisis in general, not just consulting. Widespread discontent across all industries
My post was exactly what bcg 2 is referring to
I don’t see the decision to travel or not to being up to the consultancies. Many companies, seeing that working from home is viable for many roles, particularly backoffice ones, are planning to downsize office leases. This will take time and as they are hard to get out of quickly, and thus while we will travel again, we’re not going to be paid to travel when our clients aren’t themselves in the office. Most of my clients only expect to be in the office part time permanently post-pandemic and I don’t think folks should be budgeting to have meal and other expenses reimbursed going forward until we see what kind of travel load we have in the longer term.
@D1 no arguments here, I agree with you - I just don’t agree that it’s an excuse for firms to do absolutely nothing about this for an entire year and counting.
SA here, in total agreement with A1 above. Sure travel is sexy and the lifestyle is nice... when you’re able to bounce around and see different cities, which few of us were able to do at a junior level, and probably even fewer post-covid. But don’t use those shiny things as a distraction for the day-to-day work. It was never about the “perks” for me and a lot of my peers. It’s about learning, seeing real impact and purpose in my work, and feeling valued in the workplace.
Chief
Yes and no. Pepsi had an internal strategy team and we still wrote their strategy to buy back the bottlers.
The real reason is just economics. It makes a ton of sense even. A strategy project is, what, $1-1.5M? $2M for a big one? The right implementation project is $50M and it’s not like it’s 25x harder to sell a $50M project than a $2M project.
As long as companies are willing to pay BCG rates for integration work, partners will sell integration work. It’s easy to sell and it pays the bills. But it’s taken over the business. BCG is now much more about who puts up big numbers than who does interesting strategy work. You can’t be successful as a strategy focused partner. It’s all about programmatic work. And that’s fine, but it’s a choice to move away from strategy. There isn’t even a strategy practice area anymore. It got absorbed by the CD practice. No one could make partner in the strategy practice.
BCG is no longer a strategy shop, they’re a really expensive implementation shop that does loss leader strategy work to sell implementation projects. And that’s not a dig or anything at all, it’s a model that is working brilliantly. It’s printing money. It’s just not what I wanted to do.
Seeing this at EY as well
Rising Star
I’m enjoying the no travel; much more time with the family. But that may also be a factor as to why I chose ZS, less travel in general.
Rising Star
Yes, this is true across firms.
This is why I few so bad for my MBA classmates going into consulting... having done it for many years, it’s like going in purely for the Coolaid without any of the perks...
I think they should also probably open the fucking office working at home blows