{ "media_type": "text", "post_content": "I’m hearing that a recession is undoubtedly going to happen. Will we be impacted as Consultants and if so, to what extent?", "post_id": "62767e2b0efe63002d4bd950", "reply_count": 173, "vote_count": 36, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }
null

I’m hearing that a recession is undoubtedly going to happen. Will we be impacted as Consultants and if so, to what extent?

likesmart
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D is actually very resilient. 1) We are private so we are not beholden to shareholders, so we can and willingly eat profits for longer term growth and market share 2) Unlike other firms who have spun off a lot of their business, our portfolio is wide so during a recession our public sector can carry a lot of the burden, as does tax/audit 3) when there has been turnover it is usually aligns with PY as we let low performers go. Essentially if you have a decent performer who is billable or has a desirable set of skills you have nothing to worry about

likefunnysmarthelpful

Distressed companies are going to need help & will be bought at a discount - normal economic flow.

Consulting without a doubt will be hit harder. So much wishful thinking on these threads. When your main product is your people and those people are in many cases providing non essential services to businesses, what do you think clients will cut first when tightening? Also what are all these consulting firms gonna do who hired up a storm of non traditional candidates in 2021?

Restructuring and cost containment is probably fine, and tech/ops folks may be fine too, but generally speaking, the bench will widen and folks will get axed.

There’s also a distinction to make with tech. High growth tech without high revenue will be hit hard. But big tech like faang shouldn’t need to do layoffs if they have stable revenue streams.

likesmart
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Well Deloitte cuts headcount at the slightest sniffle in the economy. But the labor force and unemployment is still extremely tight so I don’t think most companies will be that short sighted. Consulting also gets a lot of work during times of change so we may be positioned well to help tech companies cut/re-org

likefunnyhelpful

Did Deloitte HR leave??

Tbh, I think Corporate America broadly is rooting for a recession. Yah stock prices will be impacted in the short term (but they always come back) but what really worries the C-suite is they’ve lost control of their workers. A quick recession swings power away from labor back to management.

likefunny

Bruh u needa pay

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I’m drunk and this is making me sad

likefunny

Would someone lean over and smack VP1 upside the head ... please! "Avocado" 🤬

likefunny

Do a good job; you’ll be fine.

likehelpful

Yes, and if you’re good at your job, it’s very likely you’ll be on the right side of that business decision.

likesmart

I like to think of recessions as a discounted stock season. As long as you have marketable skills you will be fine.

likesmartfunny

This is why I think mass layoffs won’t occur this time. You’re always fighting the last war and the lesson learned then was the cut was too deep and the hiring afterward brought on less-qualified staff.

Fwiw, I think both approaches are off: nobody could have predicted the massive amount of government spending last recession.

Even if there’s a mild recession, the pullback in government spending (the GOP pretends to be fiscally responsible when Democratic president is in office) will not support firms.

Consultants will get laid off, and hiring will freeze, just like the pandemic. It's a super weird time right now - PWC and others are throwing money around to hire new talent, but there's a huge likelihood of a recession. Makes me nervous to take a new gig, since LiFo is often the approach in consulting.

like

Last in first out A3

likehelpful

Hey guys, I heard recession is canceled!

likefunnyhelpful

I am JPow, don’t tell anyone

likefunny

I’ll say that EY didn’t lay off anyone during covid. Private company that doesn’t have to worry about shareholder POV.

likesmarthelpful

EY did in fact “laid off” some people at end of of FY2020. It was done at a smaller scale and discreetly. If you were with the firm and connected, you should know.

like

Hopefully the bad ones get cut so I don't have to deal with them anymore

likefunny

Yeah I can't imagine them ever making manager. It would be a miracle for her...

Gps is likely to be relatively unaffected “iff” you have a clearance

like

Yes

The fact that this is such a popular thread should tell you all you need to know tbh.

likesmart

Those unemployment checks don’t sound too bad rn

likefunny

How can people talk without any facts…

likefunny

Politicians do it all the time

like

For sure D will be the first to lay off

like

Such a D move

likefunny

“A recession is undoubtedly gonna happen.” Damn since you know the future, I wish I had seen this before the Derby so I could ask you who was gonna win!

likesmart

Fuck you. The mounting numbers are showing a dark path ahead for many. Across NA unemployment at it's lowest, stocks highly volatile, inflatipn at a historix high, valuation stupid and central banks clueleas at the problems THEY created. All central banks. Best to prepare.

funny

Another factor: recessions aren’t binary. All aren’t 2009/10 or the front end of covid. We might have a recession, but it appears to he shallow and moderate, which will likely not impact consulting too much (could impact our hiring over the next year or so), but mostly on the commercial side. But also I think firms (mostly, mine) will be more selective on how they cut staff because they really shot themselves in the foot during covid.

like

Accenture did the same thing as Deloitte. They’ll both do the exact same thing again. There’s no lessons learned - they just follow the economy and demand for services.

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Which would be more impacted - consulting or tech companies?

like

I don’t think too much. Think about all the people who aren’t coming back

Yes there will be a recession and yes it will hit rhe consulting industry.

likefunny

Did your crystal ball tell you that?

like

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