EY is definitely having a major issue with retention, I am receiving farewell emails every other week at this point. I imagine it’s similar at other firms, as people are realizing they can gain better WLB elsewhere for more money. Why work 50-70hr weeks when you can work 40hr for more? Most left my group for better WLB and pay, so I think the only way to slow the bleeding is to provide more flexibility and more competitive comp. I myself am realizing I can be working half the hours while making more in industry.. not sure why I choose to rot at EY instead.
Deloitte’s was pretty bad for a while but seems to be slowing down as our YE was accelerated and is coming up soon. However, despite our leaderships claims this will be record compensation raise/promo/AIP wise I expect a mass exodus of talent again in the coming months.
I will argue that this turnover is not higher than normal for consulting. For the most part, people go into consulting for the exits. Will be impossible to tell unless we have actual data.
I don't know if how firms are slowing the bleeding is the right question for their approach. To extend the analogy, maybe it should be "how are firms ramping up transfusion efforts?" We have a long line of MBA and Ivy league undergrads waiting to join every year so we are treated like a replaceable commodity.
Deloitte seems to be having a similar issue
Rising Star
EY is definitely having a major issue with retention, I am receiving farewell emails every other week at this point. I imagine it’s similar at other firms, as people are realizing they can gain better WLB elsewhere for more money. Why work 50-70hr weeks when you can work 40hr for more? Most left my group for better WLB and pay, so I think the only way to slow the bleeding is to provide more flexibility and more competitive comp. I myself am realizing I can be working half the hours while making more in industry.. not sure why I choose to rot at EY instead.
Which group?
Perhaps we are making up for last year’s attrition? I.e., people who were looking to leave last year are only now leaving.
Good question. Just had 3 seniors give notice today alone.
Deloitte’s was pretty bad for a while but seems to be slowing down as our YE was accelerated and is coming up soon. However, despite our leaderships claims this will be record compensation raise/promo/AIP wise I expect a mass exodus of talent again in the coming months.
Gonna have two big waves: consulting YE promo results come out in 2 weeks then comp discussions end of May..
And I’ll probably be in one of the two 🥴
PwC has been hit hard as well
Still not enough 🤣
Deloitte is the same
If the level of hours that are happening now don’t reduce when we add back travel, churn will increase.
I will argue that this turnover is not higher than normal for consulting. For the most part, people go into consulting for the exits. Will be impossible to tell unless we have actual data.
The “lifers” in my group are leaving. That’s how I gauge it.
Accenture was pretty low for the industry when I was there
Slalom is having the same problem
Yes attrition is high here.
I don't know if how firms are slowing the bleeding is the right question for their approach. To extend the analogy, maybe it should be "how are firms ramping up transfusion efforts?" We have a long line of MBA and Ivy league undergrads waiting to join every year so we are treated like a replaceable commodity.
How's that for weekly inspiration?
Sad but true...and in all fairness we enjoy the pros of this model so we will have to bare the cons
B4s and MBB will always have a long line of eager recruits. On balance, the B4 and MBB are great places to launch, grow, and nurture a career.
With that said, I gave my two weeks and I am off to a wee independent consulting firm. How do you like them apple 🍎!