Maurice (Mo) Toueg’s Post

➡ BCG's hiring appetite remains, despite industry slowdown Despite headwinds facing the consulting sector, Boston Consulting Group (BCG) is on course to grow their headcount this year. In a recent interview with Bloomberg UK, BCG's CEO Christoph Schweizer revealed plans to bolster the firm's workforce by over 2,000 employees this year, reaching a total headcount of approximately 34,000. While the broader consulting landscape contends with subdued demand and economic uncertainties, BCG remains committed to its growth trajectory. Schweizer acknowledges the uniqueness of this feat, considering the prevailing market conditions and the industry's downturn in demand for consulting services. We are also seeing signs of growth from other consulting firms in the market: Oliver Wyman, Roland Berger, CIL Management Consultants, and OC&C Strategy Consultants to name a few, with single or double digit growth being seen over the past year. Although BCG experienced a modest 5% revenue growth in 2023, the slowest in three years, the firm's commitment to expansion was also evident. Notably, BCG added 2,000 staff in 2023, showcasing a steadfast determination amidst challenging times. However, it is important to note here that this was still five times lower than in 2022. This continued recruitment drive emphasises that consulting services are still heavily required, particularly as clients pivot from cost-cutting measures to pursue avenues for sustainable growth. I do not see the market fully picking up until Q4 of this year or even Q1 of 2025, but recent developments (uptick in M&A/Value Creation activity, investment in AI, increased hiring) prove that the industry is moving in the right direction. #BCG #Consulting #BusinessGrowth #AI #Innovation #EconomicTrends

Colleagues I Value #5: David Crawford CRAW. Just his name sounded exotic and intense. Like a combination of “crazy” and “awe.” Everybody at Bain & Company SF called him Craw, never David. Craw was almost mythical when I was at Bain. When I first joined as a newbie analyst, Craw was a fairly new partner; when I returned from business school, he was already a Director. His name was said by junior folks around the office with a mix of curiosity, reverence, and fear. Fear not because he was an a$$hole, but because he was INTENSE: brainpower + curiosity + insatiable work ethic = a consulting Terminator who could seemingly tackle any client’s problem. And do everybody's job on the team better than they could. He seemed like Bain’s secret advantage. A bit like how the Argentina football (soccer) team gets an extra spring in their step when the names “Maradona” or “Messi” adorn the Number 10 shirt, that’s what it felt like to consultants who had “Craw” sporting their team’s shirt. A fun, fond memory from Bain was eating lunch in Spring 2006 with a couple Bain partners - a rare occurrence, we were celebrating my getting into business school - and they brought up a new client engagement with a very famous tech firm. One of them mentioned in disbelief that the client had asked the team, with Craw helping lead it, to up its intensity level. And then the other partner joked that, “Perhaps we need to get Raybould in there to help Craw?!” 17+ years later it still makes me smile to be slotted into the same category, even in jest, as somebody who always felt like a mythical creature to me. Craw is a shining example that leaders can have an outsized impact on specific individuals even if there’s minimal direct relationship (we’re not even connected on LinkedIn!). They lead by example and reset the excellence bar for others to follow. Many years after Bain when I was sometimes red-lining at LinkedIn, I’d occasionally think “Craw could push through this, so I can too” and it would spur me on. That Craw today is leading Bain's Global Technology Practice doesn't surprise me and continues to inspire me. If you’re fortunate enough to be senior and lead large groups of people, remember that everybody on your team is curious about what you’re like and looking to follow your example. You may well be the “Craw” for junior folks on your team, so make sure you’re inspiring them and leading the way. And if there’s somebody who’s played that “Craw” inspirational role for you along the way and you haven’t told them, send them a note. Or perhaps even pen a LinkedIn post like this one :) #CRAW #ColleaguesIValue #CareerMode

Boston Consulting Group (BCG) has outperformed McKinsey & Company in Partner promotions in 2023. While McKinsey’s new Partner count has fallen by 35%, BCG achieved a double-digit percentage increase in such promotions. Earlier this year McKinsey initiated a restructuring, resulting in the elimination of approximately 1,400 roles. The firm also postponed start dates for new M.B.A. hires and implemented a partial deferral of Partner compensation, echoing a strategy used earlier in the pandemic to enhance financial flexibility amid economic challenges. In recent months, Bob Sternfels, Global Managing Partner at McKinsey, has focused on accelerating decision-making and steering the firm past recent reputational issues, particularly as the downturn in economic activity has impacted consulting demand. In contrast, at BCG, Partner promotions have increased by over 10%, with similar growth expected in 2024. BCG has also set an ambitious target of 50/50 gender representation by 2030. For decades, McKinsey has held the title of largest strategy consulting firm. However, these recent developments raise the question: Is the industry's dynamic evolving? Source: The Wall Street Journal

It's time to break free from the illusion that success with #dei and workplace #equity depends solely on hiring external "experts". Trust me, the barrage of consultants at Korn Ferry, Deloitte, McKinsey & Company, etc., are just rinse-and-repeating the same strategies, the same training, the same 🗑️. Invest in developing your team's skills and expertise, bring allies and champions into the work, and you'll create an unstoppable force that no outside consultant can match. Build your own dream team, because who needs experts when you have superstars in-house? 🌟💪 I’m leading a lab this fall with Pierce Edward Cornelius Otlhogile-Gordon, Ph.D. to help you do just that - make magic with your people. Learn more and apply here →https://lnkd.in/gkP4usM9 #dataislove #capacitybuilding #workplaceequity #futureofwork #employeeengagement 

McKinsey begins implementing substantial job cuts. According to my sources, 1000 people were put on a performance review before Christmas with the aim of cutting roughly 360 jobs. A move in response to subdued client demand as economic conditions continue to fluctuate. What's interesting about this article is that it has a different theory for what is happening across the wider consulting market, suggesting consulting is becoming more cyclical and the work they do is changing faster than ever before. As clients become better at figuring out their own broad strategies, consultancies must get deeper into problems to truly add value. Having more experts in the mix tends to lower overall utilisation rates which exposes them to faster changing trends. Interesting theory, keen to hear your thoughts. #McKinsey #McKinseycareers #exMcKinsey #exMBB

If your search firm is not disrupting executive recruiting, then you are being disrupted. Eric Walczykowski and I outline the forces changing recruiting in our latest blog posting. #executivesearch #privateequity #leadership

Exciting Career Opportunities at Boston Consulting Group (BCG)! #BCG has announced the creation of over 2,000 new jobs this year, a significant expansion even amidst challenging economic times. This commitment to growth and employee care aligns with their vision and mission, showcasing a robust #opportunity for professionals in #consulting. At Vilmin Coaching, we specialize in preparing individuals for #SuccessfulCareers in #consulting. Whether you’re considering a new career path or aiming to move into a consulting role, we're here to support and guide you: 🚀 Personalized Coaching: Tailored strategies to enhance your consulting skills and prepare you for the recruitment process 🌟 Resume and Interview Prep: Expert advice on crafting a standout resume and mastering interview techniques ⭐ Networking Strategies: Insights on how to effectively network within the industry Interested in one of these exciting roles at BCG or looking to shift into consulting? Reach out to us! Let’s make your career goals a reality. 🚀 We are also launching soon a "Bootcamp: Getting into consulting"... Stay tuned! (message me if you want to know more) 🚀 Follow Vilmin Coaching for more updates and career advice. Together, let's navigate your path to success in consulting. #BCG #Consulting #CareerChange #VilminCoaching #CareerDevelopment #ProfessionalGrowth INSEAD INSEAD Executive Education INSEAD Alumni Association HEC Montréal Service de gestion de carrière | HEC Montréal

When investment banks downsize, it's hardly surprising. They hire and fire as the economy shifts. But strategy consultants? Well, they used to handle underperformance with a softer touch. Now, even they're adjusting their headcounts, suggesting they're feeling the economic ups and downs. Take McKinsey, for example. They've offered payouts to some UK and US staff to leave, following rare layoffs last year. And Bain reportedly paid new hires to delay their start dates. These changes might seem minor given McKinsey's global workforce of 45,000, but they show shifts in how these firms operate. Consultancies have grown larger, but their traditional project-based business isn't growing as fast. If they hire too many people, it takes longer to balance things out. Part of this shift is due to changes in the work itself. The portion of revenue from high-level strategic consulting has dropped from 17% in 2010 to 10% in 2023. That's a concern. Crafting flashy PowerPoint presentations and pushing companies to follow through with plans isn't as unique as it once was. As companies get better at setting their own strategies, consultants have to dig deeper to add value. But having more experts around means less work for everyone and leaves firms vulnerable to industry changes. Spare a thought for the newly hired ESG specialist struggling to find a place in the current environment. Consultants also face a broader challenge. The slow pace of innovation used to give them time to perfect their methods, like "lean" programs for factories. But now, things move faster, with tools like generative AI shaking things up. This presents opportunities for smart people, but it's also a big challenge for consultants to get ahead of their clients' needs. #telecoms #programexecution #consolidation #ai #consultancy

Today, Stephen Foley and Simon Foy of the Financial Times reported that hyped up and heavily branded consulting firms step up efforts to push out their low performers (https://lnkd.in/ecBxWkXv).   Consulting is a diverse industry. When times are good, they are very good for consulting firms. But when they are bad, they are horrible. Whilst these consulting firms keep telling the business world and #CEOs that they hire the most talented consultants, the reality is completely different – these firms are primarily made up of below average graduates. Many partners of these consulting firms will struggle to get similar jobs in Meta, Google, Salesforce, Oracle or Amazon.   When demand from clients looked limitless, they recruited staff as if there were no tomorrow. The pace of #hiring during the #pandemic meant that these firms recruited too many young people to be able to train them properly and had too few senior people to provide guidance and continuity. It also meant that, when #growth eventually slowed down, it had no option but to start shedding staff. Clients grappling with high #inflation, #interest rates and economic #uncertainty have cut back on fancy consulting projects. A dearth of mergers and acquisitions has led to a slump in demand for support with due diligence and company integrations. As job opportunities at #startups and #PE firms have withered, fewer consultants have left the firms of their own accord, reversing the spike in attrition rates during the pandemic.   Strategy consulting, the most vaunted variety, is the most controversial. In short, today consulting is looking less like a licence to print money and more like providing pool of temporary labour. For example, it was announced recently that BT Group’s CEO, Allison Kirkby, has hired Thomas Meakin on an interim basis from McKinsey to help shape its strategy.   Consultants with insights will still do well. In a more competitive market, those who think they can dazzle a client with flashy PowerPoints and bill him/her by the second forever will starve. 

Another day, another MBB offer. This time, after Bain & Company, it was Boston Consulting Group (BCG). The final round with McKinsey & Company is coming soon... (let's not even speak on T2 offers on the way). A Trinity offer...? ... In times like these? Here are (again) the three lessons that differentiate this individual from the other 95% of candidates. --- The individual planned for several months of preparation to learn and internalize the foundations of rigorous thinking (it is unnecessary to take that much time, but depending on your situation, it can help). --- The individual knows what to "investigate for" and does NOT stare at an exhibit to try to make sense of the many random data points provided (The individual developed a laser-sharp focus to differentiate the necessary from the unnecessary data points). --- The individual relentlessly took up the feedback points and worked until outstanding performance was consistently achieved. It is fine to lean back and blame the hiring freezes. Or you take action and make it happen... Kind regards, Jörn --- Dr. Sidi S. Koné. Koné and I are running The MBB Offer Machine™. We have helped hundreds (check out our YouTube channel exclusively created for video testimonials) of aspirational individuals start careers in one of the world's top strategy consulting firms, #mckinsey, #bcg, #bainandcompany. 🔔 𝐅𝐨𝐥𝐥𝐨𝐰 𝐦𝐞 (Dr. Jörn Kobus) 𝐭𝐨 𝐬𝐭𝐚𝐲 𝐮𝐩 𝐭𝐨 𝐝𝐚𝐭𝐞 on the world of top strategy consulting. ✔ For the full breakdown, like and DM me "breakdown" (we need to be connected so I can send you that information.)