Justin Aina’s Post

Consulting firms such as McKinsey & Company, Boston Consulting Group (BCG) and Deloitte, which are paid to predict the future for the world’s biggest corporations, seem to have gotten their own destiny wrong. The fallout has been messy, report Lindsay Ellis and Chip Cutter. Some employees are working long hours for the assignments they have, while others are twiddling their thumbs and struggling to find work. “Here I am,” thought one new consultant who started at PwC in October, “graduating from this top M.B.A. program—and doing UberEats.” The consulting industry boomed with new business—and hired staff to match—during the Covid-19 pandemic. When relative normalcy returned, companies looked hard at their costs and many have been in contraction mode ever since. McKinsey asked partners last year to defer some of their pay to weather the downturn in client interest. The company also cut 1,400 largely back-office employees last year, slowed down promotions and trimmed in-person training and retreats. EY recently laid off more than 100 U.S. consulting partners, in an almost unheard-of move. Making partner at a large firm once meant a career for life, with potentially millions in earnings each year. “The country club isn’t safe any more,” said Kevin McCarty, chairman and CEO of Chicago-based consulting firm West Monroe. Read more: https://lnkd.in/duUMw84u

Consulting firms such as McKinsey & Company, Boston Consulting Group (BCG) and Deloitte, which are paid to predict the future for the world’s biggest corporations, seem to have gotten their own destiny wrong. The fallout has been messy, report Lindsay Ellis and Chip Cutter. Some employees are working long hours for the assignments they have, while others are twiddling their thumbs and struggling to find work. “Here I am,” thought one new consultant who started at PwC in October, “graduating from this top M.B.A. program—and doing UberEats.” The consulting industry boomed with new business—and hired staff to match—during the Covid-19 pandemic. When relative normalcy returned, companies looked hard at their costs and many have been in contraction mode ever since. McKinsey asked partners last year to defer some of their pay to weather the downturn in client interest. The company also cut 1,400 largely back-office employees last year, slowed down promotions and trimmed in-person training and retreats. EY recently laid off more than 100 U.S. consulting partners, in an almost unheard-of move. Making partner at a large firm once meant a career for life, with potentially millions in earnings each year. “The country club isn’t safe any more,” said Kevin McCarty, chairman and CEO of Chicago-based consulting firm West Monroe. Read more: https://lnkd.in/duUMw84u

Consulting firms such as McKinsey & Company, Boston Consulting Group (BCG) and Deloitte, which are paid to predict the future for the world’s biggest corporations, seem to have gotten their own destiny wrong. The fallout has been messy, report Lindsay Ellis and Chip Cutter. Some employees are working long hours for the assignments they have, while others are twiddling their thumbs and struggling to find work. “Here I am,” thought one new consultant who started at PwC in October, “graduating from this top M.B.A. program—and doing UberEats.” The consulting industry boomed with new business—and hired staff to match—during the Covid-19 pandemic. When relative normalcy returned, companies looked hard at their costs and many have been in contraction mode ever since. McKinsey asked partners last year to defer some of their pay to weather the downturn in client interest. The company also cut 1,400 largely back-office employees last year, slowed down promotions and trimmed in-person training and retreats. EY recently laid off more than 100 U.S. consulting partners, in an almost unheard-of move. Making partner at a large firm once meant a career for life, with potentially millions in earnings each year. “The country club isn’t safe any more,” said Kevin McCarty, chairman and CEO of Chicago-based consulting firm West Monroe. Read more: https://lnkd.in/duUMw84u

Consulting firms such as McKinsey & Company, Boston Consulting Group (BCG) and Deloitte, which are paid to predict the future for the world’s biggest corporations, seem to have gotten their own destiny wrong. The fallout has been messy, report Lindsay Ellis and Chip Cutter. Some employees are working long hours for the assignments they have, while others are twiddling their thumbs and struggling to find work. “Here I am,” thought one new consultant who started at PwC in October, “graduating from this top M.B.A. program—and doing UberEats.” The consulting industry boomed with new business—and hired staff to match—during the Covid-19 pandemic. When relative normalcy returned, companies looked hard at their costs and many have been in contraction mode ever since. McKinsey asked partners last year to defer some of their pay to weather the downturn in client interest. The company also cut 1,400 largely back-office employees last year, slowed down promotions and trimmed in-person training and retreats. EY recently laid off more than 100 U.S. consulting partners, in an almost unheard-of move. Making partner at a large firm once meant a career for life, with potentially millions in earnings each year. “The country club isn’t safe any more,” said Kevin McCarty, chairman and CEO of Chicago-based consulting firm West Monroe. Read more: https://lnkd.in/duUMw84u

Consulting firms such as McKinsey & Company, Boston Consulting Group (BCG) and Deloitte, which are paid to predict the future for the world’s biggest corporations, seem to have gotten their own destiny wrong. The fallout has been messy, report Lindsay Ellis and Chip Cutter. Some employees are working long hours for the assignments they have, while others are twiddling their thumbs and struggling to find work. “Here I am,” thought one new consultant who started at PwC in October, “graduating from this top M.B.A. program—and doing UberEats.” The consulting industry boomed with new business—and hired staff to match—during the Covid-19 pandemic. When relative normalcy returned, companies looked hard at their costs and many have been in contraction mode ever since. McKinsey asked partners last year to defer some of their pay to weather the downturn in client interest. The company also cut 1,400 largely back-office employees last year, slowed down promotions and trimmed in-person training and retreats. EY recently laid off more than 100 U.S. consulting partners, in an almost unheard-of move. Making partner at a large firm once meant a career for life, with potentially millions in earnings each year. “The country club isn’t safe any more,” said Kevin McCarty, chairman and CEO of Chicago-based consulting firm West Monroe. Read more: https://lnkd.in/duUMw84u

Consulting firms such as McKinsey & Company, Boston Consulting Group (BCG) and Deloitte, which are paid to predict the future for the world’s biggest corporations, seem to have gotten their own destiny wrong. The fallout has been messy, report Lindsay Ellis and Chip Cutter. Some employees are working long hours for the assignments they have, while others are twiddling their thumbs and struggling to find work. “Here I am,” thought one new consultant who started at PwC in October, “graduating from this top M.B.A. program—and doing UberEats.” The consulting industry boomed with new business—and hired staff to match—during the Covid-19 pandemic. When relative normalcy returned, companies looked hard at their costs and many have been in contraction mode ever since. McKinsey asked partners last year to defer some of their pay to weather the downturn in client interest. The company also cut 1,400 largely back-office employees last year, slowed down promotions and trimmed in-person training and retreats. EY recently laid off more than 100 U.S. consulting partners, in an almost unheard-of move. Making partner at a large firm once meant a career for life, with potentially millions in earnings each year. “The country club isn’t safe any more,” said Kevin McCarty, chairman and CEO of Chicago-based consulting firm West Monroe. Read more: https://lnkd.in/duUMw84u

Consulting firms such as McKinsey & Company, Boston Consulting Group (BCG) and Deloitte, which are paid to predict the future for the world’s biggest corporations, seem to have gotten their own destiny wrong. The fallout has been messy, report Lindsay Ellis and Chip Cutter. Some employees are working long hours for the assignments they have, while others are twiddling their thumbs and struggling to find work. “Here I am,” thought one new consultant who started at PwC in October, “graduating from this top M.B.A. program—and doing UberEats.” The consulting industry boomed with new business—and hired staff to match—during the Covid-19 pandemic. When relative normalcy returned, companies looked hard at their costs and many have been in contraction mode ever since. McKinsey asked partners last year to defer some of their pay to weather the downturn in client interest. The company also cut 1,400 largely back-office employees last year, slowed down promotions and trimmed in-person training and retreats. EY recently laid off more than 100 U.S. consulting partners, in an almost unheard-of move. Making partner at a large firm once meant a career for life, with potentially millions in earnings each year. “The country club isn’t safe any more,” said Kevin McCarty, chairman and CEO of Chicago-based consulting firm West Monroe. Read more: https://lnkd.in/duUMw84u

Consulting firms such as McKinsey & Company, Boston Consulting Group (BCG) and Deloitte, which are paid to predict the future for the world’s biggest corporations, seem to have gotten their own destiny wrong. The fallout has been messy, report Lindsay Ellis and Chip Cutter. Some employees are working long hours for the assignments they have, while others are twiddling their thumbs and struggling to find work. “Here I am,” thought one new consultant who started at PwC in October, “graduating from this top M.B.A. program—and doing UberEats.” The consulting industry boomed with new business—and hired staff to match—during the Covid-19 pandemic. When relative normalcy returned, companies looked hard at their costs and many have been in contraction mode ever since. McKinsey asked partners last year to defer some of their pay to weather the downturn in client interest. The company also cut 1,400 largely back-office employees last year, slowed down promotions and trimmed in-person training and retreats. EY recently laid off more than 100 U.S. consulting partners, in an almost unheard-of move. Making partner at a large firm once meant a career for life, with potentially millions in earnings each year. “The country club isn’t safe any more,” said Kevin McCarty, chairman and CEO of Chicago-based consulting firm West Monroe. Read more: https://lnkd.in/duUMw84u

Consulting firms such as McKinsey & Company, Boston Consulting Group (BCG) and Deloitte, which are paid to predict the future for the world’s biggest corporations, seem to have gotten their own destiny wrong. The fallout has been messy, report Lindsay Ellis and Chip Cutter. Some employees are working long hours for the assignments they have, while others are twiddling their thumbs and struggling to find work. “Here I am,” thought one new consultant who started at PwC in October, “graduating from this top M.B.A. program—and doing UberEats.” The consulting industry boomed with new business—and hired staff to match—during the Covid-19 pandemic. When relative normalcy returned, companies looked hard at their costs and many have been in contraction mode ever since. McKinsey asked partners last year to defer some of their pay to weather the downturn in client interest. The company also cut 1,400 largely back-office employees last year, slowed down promotions and trimmed in-person training and retreats. EY recently laid off more than 100 U.S. consulting partners, in an almost unheard-of move. Making partner at a large firm once meant a career for life, with potentially millions in earnings each year. “The country club isn’t safe any more,” said Kevin McCarty, chairman and CEO of Chicago-based consulting firm West Monroe. Read more: https://lnkd.in/duUMw84u