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Hi fishes,
Any guess how many people are laid off from Publicis sapient in past few days? Really scared for my future as I'm also under probation period and deeply regret for my choice of joining this firm...I don't understand why were they recruiting peeps when they were short of projects. Publicis Sapient
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Well to be fair, these firms went through some massive growth the past few years. After Enron, all the Big 4 minus Deloitte sold their advisory practices off and had noncompetes that prevented them from restarting their businesses until like 2007ish. For FS in particular, the financial crisis in 2008 led to a huge increase in regulatory work for the financial institutions, so FS consulting grew at a quick pace. Unfortunately leadership at PwC got greedy (and unrealistic) and continued to set aggressive growth goals - the reason why PwC FS is having layoffs now is because all of the regulatory work is mostly done, the work cost banks a fortune and none of them want to spend anymore money on us doing bullshit digital work that we have no experience in. On top of that, the stock market has been shaky since the start of the year, the economy as a whole has slowed, and many experts predict we are heading towards a recession... Especially given the uncertainty of politics both at home and abroad. So now on top of FS, other industries are beginning to cut back as well. And then on top of all of that, the industry slows towards the end of the calendar year because companies run out of consulting budget... So expect things to get worse the next few months.
And oh - not sure how big of a factor this is... But I've noticed an increase in industry firms hiring for internal strategy consultants. Many of the job postings even explicitly state you're not PMO for external consultants bc the company is stopping the hiring of external consultants. I think companies are getting smart over the fact that half of what we do is overpriced bullshit
Uhhh that was really long lol
TLDR: unstable economy + bad leadership = current state of consulting, esp PwC
Yup kept getting calls from big Swiss bank earlier this year stating they were building out their internal consulting team.
Ok ok I kid about Trump, Britts, but really!
I think they may be trolls. Like the leadership may be trying to manage our expectations to accept crappy raises and bonuses without complaining (because at least you weren't let go). I joke, that's insanely insensitive.... Ok but that's where I'm headed..
Thanks PWC1 for that explanation.