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played wrong cards by joining consulting a decade ago, I could have been in a bank
it's been coming. The consulting model was based on information asymmetry. But over time with the internet and now super accelerated by GenAI that information edge has gone down dramatically.
The only other reason you'd want a high premium consulting partner is to transfer risk. But that means you need to own the risk which in reality consultants don't like to do. This is why so many boutiques have risen over the years. Lower overhead and therefore more palatable rates and bang for buck.
We have always let go people every six months with our up or out model. That is why being at McK for anything more than 2+ years was a very strong signal to market…
Our leadership got the growth projections wrong in the 2020-22 period. We hired more than we should have and while no one wants to stay this publicly we also slightly lowered the standard and did not hire the calibre of people we typical do.
Consulting is fundamentally shifting but the firm also needed to right size
Not sure why they’re reporting on this now… like the others have said, we did most of this shedding through 2023-2024.
Time to start trade school
Old news. We are done shedding people. We are now actually aggressively hiring in North America, Europe and Asia.
Not really. Tbh if I was Canada I’d stop hiring for a bit. Maybe Calgary in Oil & Gas