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Consulting careers - 11 insights on why people leave consulting & what they leave for
Our LinkedIn polls reveal consultants often leave for better work-life balance, targeting P&L roles or startups.
Every fortnight or so I run a poll on my LinkedIn. Given my area of expertise, the polls explore consulting careers (in and after consulting) - why people start, why they leave and what they leave for. Typically 600-1,200 people join in (a pretty decent sample size) and overall, these polls have been viewed by over 500,000 people with more than 15,000 participants.
Why do I do these polls about post consulting careers?
Well, unlike many more linear careers, most consulting careers involve leaving consulting. So for a consultant, plotting a career is a bit of a minefield. And if you're trying to hire consulting-trained professionals, how best to attract them can be equally mind-boggling. So, I find the results of these polls particularly enlightening. Why?
- For employers (HR and hiring managers inside and outside of consulting firms), they unlock the secret sauce in retaining or attracting consulting-trained professionals (into roles like strategy, transformation, project management, commercial development, chief of staff etc) by shining a light on how most people think about their consulting careers.
- For consultants, they shed light on how others in the consulting industry feel and behave and accordingly, give you clear references for plotting your consulting career - either in or away from consulting itself.
In this article, I've collated 11 recent polls into 3 topics:
- Firstly: "Starting a consulting career - why?"
- Secondly: "Leaving consulting - why?"
- And finally: "Leaving consulting - what for?"
So, let's get into the data...
Starting a consulting career - why?
Summary: simply put, the majority of people who start a consulting career...
- Don't regret the time spent in consulting (83%);
- Didn't join intending for a lifelong consulting career (88%) / did join as a means to an end (skills, network);
- Don't regret leaving consulting (93%) and;
- Would have been more likely to stay / would return if pay, progression and, especially, working hours improved (80%).
Consultants & former consultants - do you regret the time you spent / are spending in consulting?
Results: (link to data)
When you joined a consulting firm, was it as a "means to an end", or did you envisage a whole career in a consulting firm?
Results below (link to original data)
Do you regret leaving consulting?
Results below (link to original data)
What's the main reason you'd consider switching consulting firms / moving back to consulting?
Results below (link to original data)
Leaving consulting - why?
Summary: simply put, the majority of people leave a consulting career (i.e, leave a permanent role in a consulting firm) in order to...
- Improve their work-life balance / working hours which has..,.
- Deteriorated further during / thanks to covid
What's the main reason you left / would consider leaving consulting?
Results below (link to original data)
Leaving consulting - was work-life balance the main reason (or would it be, if you were to leave in the future)?
Results below (link to original data)
Consultants - how has your work-life balance changed through covid? I'm working..
Results below (link to original data)
Leaving consulting - what for?
Summary: simply put, consultants transition their careers out of consulting along the following lines...
- Scale-ups are the most sought-after company type, but the full range of organisations is appealing (the consulting skill set is extremely transferable so most options are open)
- Most consultants want their career to end up in a P&L or operational leadership role (CEO/COO track) - the most successful companies at hiring ex-consulting talent can show a path to these (typically using strategy / transformation teams as a stepping stone / leadership talent pipeline)
- Freelance consulting is becoming increasingly popular
- Current & former consultants want more data when it comes to choosing post-consulting careers, especially regarding compensation and work-life balance. We're on a mission to provide that - check it out here.
Consultants - what company type do you find most appealing (as a post consulting home)?
Results below (link to original data)
Current & former consultants - what job type would you most like your career to lead to (or for more senior folk, which has it lead to)?
Results below (link to original data)
Freelancing - Are you more of less likely than 12 months ago to consider doing some freelance work?
Results below (link to original data)
Would it be helpful to know which post-consulting careers have the best pay, working hours & job satisfaction?
Results below (link to original data)
Popular Resources
If you're trying to assess your options for a post-consulting career, here are some popular resources:
Private Equity Firms: what questions should you ask?
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Given the intense competition, receiving an offer to join a private equity firm is quite a significant achievement, and the temptation to accept the offer as soon as you receive it without having done any proper due diligence is thus huge. Overlooking this crucial step of the job-hunting process can lead to serious disappointment in the future and the fast-moving private equity industry is no exception in that respect.
Below are 29 questions that you should ask to ensure you make an enlightened decision.
Fund strategy & positioning
- How many funds and/or product lines does the firm operate?
More and more Private equity firms are diversifying their activity to include hedge funds (i.e. public market investing) or debt vehicles. Each business line requires a particular approach and investment strategy. As a consequence, this can give you a feel for the variety of the work (in terms of investment type) that you will face. Beware though; like any organisation, a firm that spreads across too many lines is likely to feel a bit disorganised. - What kind of assets does the company invest in? There are primarily two types of assets in private equity: companies and infrastructure. Again, referring to the first post of my series, the nature of the work differs between those two environments.
- What is the fund's investment strategy? Each fund will more or less strictly position itself within a spectrum going from "distressed" (i.e. underperforming and close to bankruptcy) to "glamorous" or "high-growth" assets. The price paid but more importantly, the type of work and situations you will encounter will depend on the strategy. In a distressed fund, you should expect to be involved in heavy restructuring and cost-cutting programs. In a growth context, you will spend much of your time finding ways to develop the business' top-line.
- What is the size of the fund? What is the fund's sweet spot in terms of enterprise value or equity cheque? As mentioned in the first post of this series, the type of work you will do will significantly differ if you join a small-cap (<$250m roughly), mid-cap ($250m to $1bn) or large-cap fund. The equity cheque (i.e. the amount the fund itself invests in a given company) is intimately linked to the fund size since a fund will typically make between 8 and 20 investments as well as to the enterprise value sweet spot since roughly 50% of the acquisition price will be paid by raising debt.
- Which stage of the company's lifecycle does the fund invest in? As mentioned in an earlier post, private equity funds as a whole cover the entire company lifecycle, from birth (seed or VC) to maturity (LBO). You should expect VCs to be more "gut-feel" based whereas LBOs require deeper due diligence and involve a significant amount of financial structuring (absent in VCs which very often can only raise equity).
- Where is the fund present? Where does the fund invest? On one hand, a global fund will limit country-specific risk exposure. On the other hand, the more global the fund, the more you will have to travel - especially if the office network is relatively loose, e.g. only one office to cover the whole of Europe.
Practically speaking, the geographical remit is defined in two ways. First, investors sign a term sheet that formally defines the areas where the General Partners (or "GPs", i.e. the members of the private equity firm) can and cannot invest. Second, and more importantly, GPs have their own "comfort zone", which is often a subset of the theoretically authorised area. This question is important for you as it will determine the amount of travel you can expect from this job as well as the extent of the cultural gap you may face when meeting with management teams. - What kind of industries does the fund invest in? The majority of funds are "sector-agnostic" and will invest indifferently in all industries. Some (most often smaller ones) have specialised in one or a handful of industries, typically Retail or Tech.
- Does the fund do minority and/or majority deals? By definition, if the fund only does minority deals it will rarely be able to exert full control over the company and therefore you should expect more time to be spent on the due diligence - to ensure that the business "as it is" is a good one. This situation is relatively rare in private equity as opposed to hedge funds
- Is the fund committed or raised on a deal-by-deal basis? A committed fund will offer more stability and less dependence on market conditions. Furthermore, a firm seeking investor funding on a deal-by-deal basis may feel the pressure to invest regularly to keep momentum with investors, even if the climate or opportunities are not optimal.
Track record
- When did the firm raise funds for the last time? This question will give you a feel for the type of work you will be doing. If the fund is recent (less than 2-3 years), you should expect to spend most of your time sourcing deals and executing investments for this new fund. If the fund is older, portfolio management ("harvesting") should take a growing share of your bandwidth.
- Has the firm raised more than one fund? First-time funds can appear attractive because of their entrepreneurial nature and their subsequent potential. If the first fund is successful the second will be larger and the team will grow, potentially creating "upward gaps". However, growth in private equity is more often achieved through external hiring rather than internal promotion, so you should always consider career upside potential with a bit of caution.
- How does the actual fundraising amount compare with the fundraising target? In the current environment, with liquidity being more than abundant, a fund not meeting its fundraising target has run out of favour with investors and such momentum is very difficult to reverse, so I advise you to stay away. Some funds exceed their target, but many will stop when they reach it in order not to overstretch their teams.
- How does the latest actual fundraising amount compare with previous actuals? Fund growth is a clear indicator of momentum and expected team size evolution. In particular, if the firm has been raising a decreasing amount of money, it means investors are less and less convinced and, unless the firm manages to come up with a series of mind-blowing investments, you should expect the trend to continue and therefore the team to keep shrinking.
- How have previous funds performed? Given the illiquid and long-term nature of private equity (funds have a 10-year lifespan), it takes time for struggling funds to be entirely wiped out of the market. An early indicator consists of benchmarking the latest funds' IRR. If those IRRs are disappointing, it will only be a matter of time before investors are free to switch their funds to another destination.
- Has the fund made recent investments? A fund may decide to slow or fasten its investment pace depending on market conditions. However, a fund that has not put any money to work over the last 18 months is more likely struggling to source interesting deals and this should raise a flag.
- How fragmented is the Limited Partner (or "LPs", i.e. investor) base? I am always concerned with "one-LP" funds where one investor has the practical right of life and death over the fund. I believe this not only creates uncertainty about the future of the fund in case of headwinds (both at fund and investor level) but also there is a risk of seeing the LP interfering with investment decisions (creating useless friction).
Operating model
- How large is the firm globally? In London? A classic question. All funds started with very small teams and an entrepreneurial spirit, but some have grown so much that this early flavour may have disappeared quite significantly.
- Are there other offices? If so, where? Where are the headquarters? What is the role of London? The worst case for you is to join a US-based fund which considers London (and Europe in general) as non-core to their strategy and as such does not give you a lot of consideration and does not involve you in the investment decisions. Fortunately, London is a strong financial place and such situations are rare (at least rarer than if you were applying in Paris or Madrid).
- Are there investment committee members based in London? Building on the previous question, a negative answer will likely indicate that the office has been primarily set up to perform local sourcing and execute deals when told by the headquarters, which reduces the amount of autonomy you will enjoy and subsequently the interest of the job.
- How is staffing decided? Are there teams dedicated to particular geographies/industries/product lines? This question will help you assess whether you are going to develop particular expertise or whether you are going to remain quite a generalist. Both approaches have their own pluses and minuses, but in any case, you would like to ensure that your prospective employer does not plan to specialise you in an industry you do not fancy.
- Is there a dedicated operations team? If so, how large is it, what are its remit and background? If an operations team exists, you should expect to be consequently less involved in commercial and operational aspects of the due diligence and/or portfolio management.
People & culture
- Where do people come from? PE professionals typically come from a mix of investment banking, consulting, accountancy/Transaction Services and Corporate. The way of approaching investments is influenced by this background.
- How would you define the fund's culture? Some funds have an American culture, which as a Frenchman I would define as direct and energetic, others have a more British inclination, softer and possibly more political. This does not mean that one is generally better than the other but you need to make sure that the culture fits your way of working and interacting with others.
- How many (net) additions to the team have there been in the last 24 months? In the investment team alone? The "fund size evolution" question, should help you assess the momentum the firm is benefiting from. A shrinking team is almost always a bad sign - the fund is losing momentum or struggling to attract talents to fill the gaps.
- How many people have left the fund over the last 24 months? If you exclude "defined-length" contracts (such as the Associates program), churn should be low: jobs in private equity are rare, and people tend to stick to their seats if their role is interesting and if they believe the firm has decent future prospects. If churn is high (say more than 30% of the firm was renewed over the last 2 years), at least one of the two previously mentioned conditions was broken.
- Who are the senior sponsors of the fund? Each private equity fund is chaired and/or advised by highly respected individuals within the investment industry. Such personalities act as a stamp of approval and tend to facilitate fundraising. Conversely, you should proceed carefully with not or weakly endorsed funds.
- Can I meet the rest of the team? Private equity firms are small companies and the personal fit is even more important than in consulting - imagine that you will spend many years working with the same people on a series of projects. I thus encourage you to meet as many team members as possible to assess this fit.
Compensation and career path
- Who has access to carried interest? How is carried interest computed? Carried interest (i.e. the performance fee that general partners receive when their investments generate an IRR in excess of a certain threshold) amounts to a very significant share of your compensation, especially at senior level. Always useful to know when you will be entitled to receive a share of the pie. Most often carried interest is computed and shared at fund level; however, a few funds (e.g. CVC Capital Partners) are famous for their "deal-by-deal carry structure".
- What is the typical career path? You need to understand whether there is a "glass ceiling" that you will never be able to go through. Many US funds have formal fixed-term Associate programs which imply that you will need to leave after 2-3 years. Other funds may encourage investment professionals to leave once they reach a given tenure if there is no room for additional senior managers or partners. In any case, you should feel free to ask for specific examples.
FAQs
- What are the potential drawbacks or challenges associated with joining a private equity fund that has recently raised funds (less than 2-3 years old), and how might the job responsibilities differ in comparison to joining a more established fund?
Joining a private equity fund that has recently raised funds (less than 2-3 years old) may involve a greater emphasis on sourcing deals and executing investments for the new fund. This could mean a higher focus on building the fund's portfolio and establishing its presence in the market. The nature of the work may lean more towards the early stages of fund management, with portfolio management gaining prominence as the fund matures over time. - How can I assess the cultural fit within a private equity firm, especially considering the different cultural inclinations between American and British-founded funds mentioned in the post?
Assessing cultural fit within a private equity firm involves understanding the underlying cultural dynamics, such as American or British inclinations. For instance, American cultures might be characterized as direct and energetic, while British cultures may be perceived as softer and possibly more political. You should consider your own working style and preferences to ensure alignment with the cultural nuances of the firm, as this can significantly impact job satisfaction and collaboration. - In the context of private equity fund size and fundraising, what are the implications for my career progression and job responsibilities based on whether the fund exceeds its fundraising target, stops at the target, or falls short of the target?
The fundraising performance of a private equity fund can influence career progression and job responsibilities. If a fund exceeds its fundraising target, it might indicate strong investor confidence and potential team growth, creating upward career opportunities. Conversely, a fund that falls short of its target may face challenges, potentially leading to a shrinking team. Understanding the fund's fundraising success provides valuable insights into its momentum and the trajectory of the team, helping candidates make informed decisions about their long-term career prospects.
Continue reading the private equity series:
- 12 usual activities of a private equity associate
- The double-edged sword of working in private equity
- 9 principles to help you break in
- All private equity funds were not created equal
- When to look for the boarding gate?
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Venture capital funding fell 53% in Q1 2023, underscoring a difficult period for the start-up and scale-up ecosystem. Against this backdrop, fractional hiring is surging in popularity among organisations looking to improve cost-effectiveness and efficiency when leveraging specialised skill sets, particularly at C-suite and Director level.
In this article, we'll delve into the impact and potential of fractional hiring, drawing inspiration from industry insights and success stories.
Embracing the Fractional Revolution: The Rise of Senior-Level Part-Time Contracts
An Evolving Landscape: The business world is evolving rapidly, with start-ups, scale-ups, and even established enterprises looking beyond the traditional 40-hour workweek. Fractional hiring enables businesses to tap into a vast pool of seasoned professionals, many of whom are seeking flexible arrangements to balance their work and personal commitments.
Speak to Movemeon to enquire about our lists of candidates available for fractional employment.
A Depth of Expertise: Fractional senior hires bring in expertise that can propel a company’s growth. Imagine having a former CFO of a Fortune 500 company orchestrating your financial strategies, or a seasoned CMO devising your marketing campaigns.
Cost-Effectiveness Redefined: Instead of committing to a full-time executive with a hefty salary package, companies can access top-tier talent on a part-time basis, achieving substantial cost savings without compromising on quality.
Inspiring Success Stories: Transformative Growth Through Fractional Hiring
The Silicon Valley Paradigm Shift: TechCrunch calls fractional hiring a "growth cheat code". Start-ups, especially in challenging financial environments, have found fractional executives to be a lifeline offering fresh perspectives and novel strategies while contributing to bottom-line results.
Forbes' Formula for Start-up Success: Forbes’ Tech Council advocates for start-ups to embrace fractional hiring to secure high-level expertise within budget constraints. By enlisting fractional leaders, start-ups can access knowledge, mentorship, and strategic guidance usually reserved for more established players.
House of Revenue's Vision for Transformation: House of Revenue called 2023 the "Year of Fractional Executive Services". The ability to bring in specialised leaders to drive synchronised efforts across sales, marketing and customer success is a recipe for market domination.
Getting Ahead: How to Embrace Fractional Hiring for Senior Roles
Clarity of Purpose: Before diving into fractional hiring, define your objectives and desired outcomes. Outline the roles you seek to fill, the expertise required, and the impact you envision these leaders making on your business.
Effective Integration: Use open communication lines, provide appropriate resources and offer comprehensive support to integrate fractional leaders seamlessly into your team.
Measure Success: Define, and regularly assess, key performance indicators (KPIs) and metrics that align with your fractional leaders' responsibilities.
Unleash Potential, Drive Growth: Connect with Us to Explore Fractional Hiring
At Movemeon, we specialise in connecting visionary companies with exceptional talent, including fractional leaders who are poised to make a difference. Our platform is your gateway to unlocking growth, where expertise meets flexibility.
Get in touch today to explore the potential of fractional hiring for senior roles.
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Dans un monde incertain, quelques entreprises parviennent non seulement à survivre, mais aussi à prospérer. Les entreprises plus petites et plus flexibles attirent les candidats sur un marché de plus en plus concurrentiel : Les tendances de Movemeon en matière de candidatures pour 2023 montrent que les quatre premières entreprises en termes de nombre de candidatures reçues étaient toutes des boutiques avec une spécialisation et une mission sectorielles claires. Ces dernières, ont reçu le même nombre de candidatures que les 16 entreprises suivantes réunies.
Cela correspond aux résultats de notre rapport de 2023 sur les freelances et de celui de 2022 sur les indices qui ont montré que les consultants qui changent de cabinet tout en restant dans le domaine du conseil ont tendance à vouloir avoir plus d'impact.
Les changements de poste de travail, qui s'appuient sur les compétences (stratégiques) existantes des employés, permettent des réorientations de carrière davantage axés sur les missions.
Si l'on compare ces choix de carrière aux données externes, il est clair qu'ils reflètent les changements plus globaux qui se produisent dans le secteur du conseil puisque les cabinets et leurs clients s'adaptent à l'évolution rapide des conditions du marché.
Stratégie flexible
En période d'incertitude, il est bon de savoir s'adapter. Les périodes économiques difficiles vont de pair avec de fortes baisses pour certaines industries et certains secteurs, mais il est souvent difficile de prédire quels marchés seront touchés et lesquels résisteront.
Les entreprises qui dépendent fortement d'un seul marché ou d'une seule source de revenus sont menacées et il est plus difficile pour les grandes structures de se réorienter rapidement si leur clientèle principale réduit soudainement ses dépenses. En revanche, les petites entreprises, ont généralement des temps de réponse plus courts ; elles sont habituées, par la force des choses, à contrôler, évaluer et adapter constamment leurs offres.
C'est la raison pour laquelle les petites entreprises sont actuellement plus populaires sur Movemeon ; les candidats sont clairement conscients des avantages que présentent les boutiques face à l'imprévisibilité du cycle économique du marché.
La nécessité de s'adapter est également à l'origine des comportements d'embauche dans ces entreprises. Les boutiques conseils recrutent de plus en plus de spécialistes dans une variété de marchés de niche et d'industries, en particulier dans les domaines de l'impact social, du conseil aux gouvernements et de l'énergie.
De plus, les entrepreneurs sont de plus en plus populaires, leur flexibilité offrant une expertise indispensable tout en conservant la capacité de réduire les coûts et de réagir rapidement en cas de besoin. Les partenaires conseillers les plus performants de Movemeon font de plus en plus appel à des prestataires, comme le mentionne Ethan Cho, notre conseiller en chef, dans sa dernière Newsletter.
Gestion stratégique des talents
Les équipes talentueuses favorisent l'innovation et s'adaptent efficacement au changement. Une étude du McKinsey Global Institute a montré que les entreprises les plus prospères au monde associent généralement l'investissement dans le développement des talents à une culture axée sur l'innovation.
Toutefois, il existe des écarts entre l'offre et la demande pour certaines compétences. Les entreprises doivent donc être prêtes à proposer des formations, que ce soit au personnel en place ou aux nouveaux employés qui n'ont peut-être pas d'expérience sectorielle, mais qui possèdent des compétences transférables adéquates.
Les entreprises qui investissent dans le développement de leurs employés peuvent constater une meilleure fidélité du personnel. Une étude sur LinkedIn montre que 94 % des personnes resteront plus longtemps dans une entreprise si celle-ci s'investit dans le développement de leur carrière. De même, grâce à des programmes de formation interne efficaces, ces entreprises peuvent élargir leur champ d'action lorsqu'elles recrutent, accédant ainsi à un plus grand nombre de talents. La diversité s'en trouvera naturellement améliorée, ce qui renforcera la capacité d'adaptation et d'innovation de l'entreprise.
Les entreprises qui proposent des programmes de formation efficaces ont tout intérêt à les promouvoir au cours du processus d'embauche, car les candidats, en particulier les plus jeunes, s'intéressent de plus en plus aux possibilités de développement interne lorsqu'ils évaluent les offres d'emploi concurrentes. Nos experts internes de Movemeon peuvent vous conseiller sur la meilleure façon de positionner les programmes de formation dans vos offres d'emploi.
Les experts internes de Movemeon peuvent vous conseiller sur la meilleure manière de positionner les programmes de formation dans vos offres d'emploi. Contactez-nous en cliquant ici !
Vous êtes candidat et vous cherchez une nouvelle opportunité ? Connectez-nous et consultez toutes les offres d'emploi sur Movemeon !
Vision globale
La diversification géographique peut limiter l'exposition à des problèmes territoriaux.
Alors que les marchés "traditionnels" (en particulier les États-Unis, le Royaume-Uni et l'Union européenne) traversent une période d'incertitude économique, d'autres zones géographiques, en particulier le Moyen-Orient, sont en plein essor. Les projets abondent et les cabinets de conseil y délocalisent leurs équipes et leurs ressources. Le FT a rapporté en février que, bien que les cabinets de conseil cherchent à réduire leurs coûts sur leurs marchés nationaux, des entreprises comme PwC augmentent leur nombre d'employés dans la région.
Les petites et moyennes entreprises se rallient également à cette tendance et affectent leurs ressources en conséquence. Par exemple, lors de la réunion annuelle de Roland Berger au début de l'année, un quart de l'ensemble de ses partenaires ont été désignés pour sa filiale au Moyen-Orient, tandis que Renoir Consulting a acquis ESG-Integrate à Dubaï l'année dernière afin de renforcer sa présence dans la région.
Ethan Cho, conseiller principal de Movemeon, a soutenu des boutiques et des grandes entreprises dans leur expansion au Moyen-Orient. N'hésitez pas à nous contacter pour plus d'informations ou si vous avez des questions sur les candidats de Movemeon au Moyen-Orient.
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An ever-changing market landscape poses challenges to Private Equity (PE) firms. Funds are honing their portfolio operations approaches to achieve organic value creation, employing innovative strategies like equity relief, and meticulously managing risk exposure during due diligence. Here, we shed light on these approaches, and how they can drive value for PE firms.
Organic Value Creation in the Spotlight
Organic value creation has emerged as a dominant theme for PE this year, with sustainable growth within portfolio companies becoming paramount. PE funds recognize that fostering organic value yields not only financial gains but also fortifies the long-term viability of investments.
Equity Relief: Pioneering Capital Deployment Strategy
In the current market, the number one capital deployment strategy is equity relief. This approach empowers PE funds to inject capital into portfolio companies while avoiding the burden of increased debt, enabling them to navigate uncertainty and leverage growth opportunities. This strategy establishes a collaborative partnership, aligning the interests of both PE funds and portfolio companies for optimal results.
Navigating Risk Exposure During Due Diligence
Sentiment around deals remains cautious this year. Sky-high valuations and financing uncertainties have shifted the focus to risk exposure during due diligence, while operating partners are encountering unforeseen risks that challenge deal closure. Robust risk management and thorough due diligence are crucial to ensure the resilience of investments in this evolving landscape.
Benchmarking the Portfolio Operations Model
Benchmarking PE fund portfolio operations is essential for gauging performance and identifying areas of improvement. The key elements to consider are:
1. Value-Creation Framework. Evaluate the extent to which the PE fund's portfolio operations prioritise organic value creation. Assess the strategies and initiatives in place to enhance growth, optimise operations, and foster innovation within portfolio companies.
2. Equity Relief Integration. Scrutinise how effectively the equity relief strategy is integrated into the fund's operations. Examine the alignment of capital deployment with portfolio company needs and market dynamics, ensuring that equity relief serves as a catalyst for sustained growth.
3. Risk Management Protocols. Analyse the fund's risk management protocols and due diligence processes. Investigate how risks are identified, assessed, and mitigated during different stages of investment. A strong emphasis on risk management showcases a fund's commitment to safeguarding investments.
4. Performance Tracking Metrics. Consider the performance metrics used to gauge the success of portfolio companies’ initiatives. These could include revenue growth, EBITDA margins, customer retention, or market share.
5. Collaboration and Communication. Assess the level of collaboration and communication between the PE fund and portfolio companies. Open and transparent communication fosters a synergistic partnership, enabling the alignment of goals and strategies.
Implementing some or all of the strategies above is crucial to ensure PE success in the current environment. Through doing so, PE firms can position themselves for sustained growth, profitability, and resilience despite the ever-evolving demands of the market.
Speak to Movemeon today about partnering to equip your organisation with top PE strategic talent.
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In the ever-evolving landscape of corporate strategy, the art of hiring has taken centre stage. Traditionally, the onus has been on recruiting from the illustrious trio of McKinsey, Bain, and Boston Consulting Group (MBB), but considering a more diverse talent pool could be a strategic masterstroke.
1. Diverse Talent, Diverse Expertise
Their dominance makes it easy to forget, but there's a whole world of strategic expertise outside of MBB. The trio have surprisingly low intakes each year, meaning that thousands of talented consultants develop outside of the traditional MBB bubble.
Additionally, many graduates join boutique firms due to their own areas of specialisation. Organisations such as OC&C have honed their expertise in retail, while Roland Berger have an outstanding reputation in consumer goods. Their specialised consultants bring unique perspectives that can prove invaluable when crafting industry-specific strategies and are often as qualified and talented as MBB consultants.
2. A Diverse Mindset for Dynamic Challenges
In today's fast-paced business environment, agility is key. Diverse teams bring a range of perspectives, approaches, and problem-solving methodologies that can be crucial when facing dynamic challenges. While MBB consultants certainly possess remarkable analytical and problem-solving skills, introducing professionals from a broader spectrum can infuse fresh ideas and adaptability into the strategic process.
3. Maximum Value for Money
MBB consultants often earn a premium of around 20% compared to consultants from other top-tier strategy firms. Looking outside of MBB can provide a significant cost advantage without compromising on quality. This is particularly useful when working within the tight salary bands of most large corporates.
4. From Strategy to Implementation
Even if we accept that MBB consultants may have an edge in strategic planning, alternative consultants can outperform in implementation. Executing strategies within a business requires not just a strategic mindset but the ability to navigate cross-functional environments and operational intricacies. Consultants from outside MBB often have more hands-on experience in translating strategic vision into tangible business results.
5. A Faster Transition to Impact
With this increased hands-on experience comes a smoother, more natural transition from strategy to execution. Consultants from specialised firms can hit the ground running faster, thanks to their prior experience in not only shaping strategies but also driving their practical implementation across different business functions.
Conclusion
While MBB consultants have long been considered the gold standard, many of the strategy directors we work with are increasingly open to expanding their horizons by hiring outside of the trio, resulting in more diverse, specialised, and adaptable teams. The skillsets, talent and often value for money of consultants from strategy firms like OC&C, Roland Berger, LEK etc. make them potential strategic differentiators that can propel organisations toward unprecedented success.
Movemeon was founded by two MBB alumni, but works with consultants from a comprehensive range of firms. Find out how we can help hire a specialised strategist for your team.
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Embarking on a freelancing journey is an exciting leap into the world of independence and entrepreneurship, but some aspects of the transition can be confusing for newcomers. Here, we answer the most common freelancer FAQs, providing valuable insights on how to establish a limited (ltd) company, identify reliable sources of professional insurance, and choose the best business bank accounts for your consultancy venture.
How do I set up a ltd company?
This seems a daunting requirement at first glance, but by following these simple steps you can have your ltd company set up quickly and efficiently:
- Choose a name: Make sure it's unique and relevant to your services. Check its availability (here if in the UK) before committing.
- Register your business: You’ll need to provide the relevant authorities (such as Companies House in the UK) with details about company directors, shareholders, and a registered office address.
- Consider legal and tax implications: Consult legal and tax professionals to ensure you're aware of the legalities of your business structure. A ltd company offers limited liability protection and potential tax advantages.
How should I insure my business?
Insuring yourself as a freelancer offers protection against legal claims and financial liabilities. As a rule of thumb, this is a crucial safeguard to implement when setting up your freelance business.
Conduct thorough research to ensure you select a reputable provider, with coverage tailored to your industry and services and with indemnity insurance included. Consider other specialist cover you may need, such as general liability insurance, cyber liability insurance, or worker's compensation insurance.
Click here to view all freelance projects on Movemeon!
How do I choose a business bank account?
Research dedicated business banking accounts thoroughly. You may want to use a “traditional” bank for your business, but for a faster, digital-first process, consider using a “challenger” bank such as Monzo, Tide or Starling.
Ideally, your bank will:
- Charge minimal fees and have low minimum balance requirements
- Offer user-friendly online banking services
- Integrate effectively with popular accounting software.
How do I develop professionally?
As a freelancer, you can no longer rely on your employer for training and professional development. Remember to invest in enhancing your skills and staying up-to-date with industry trends. This adds value to your services and helps you stand out in a competitive market.
How can I find more business?
Ensure you network constantly to find new potential clients. Networking can lead to collaborations, referrals, and growth opportunities. Connect with fellow freelancers, industry professionals, and attend conferences — try to tie networking and business development in with professional development by learning about the emerging trends in your field.
Becoming a freelancer offers the freedom to shape your career on your terms. Setting up a ltd company, securing professional insurance, and choosing the right business checking account are the first steps towards a potentially fulfilling career path.
To connect with employers seeking to hire freelancers, speak to Movemeon today.
Would you like to hire a freelancer for your team or want to know more about it? Get in touch with one of our in-house experts!
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Following the Great Resignation, employers face an increasingly difficult task in attracting the right candidates to their organisation. Most recruitment channels, especially LinkedIn, are saturated, and the traditional recruitment agency experience is a negative one for candidates.
However, employers can improve their own prospects through the use of recruitment platforms. These are an increasingly popular avenue for jobseekers to find work, and offer various benefits to the employers using them including reduced time-to-hire and lower costs.
Talented people are in demand
According to a survey of over 90,000 jobseekers conducted by BCG, 80% of people working in business management and 78% of those working in financial services are approached about new jobs at least several times per year. 72% of each group felt that they, rather than their potential employers, were in the driving seat when it came to salary negotiation.
Top talents will have many options, and they know it. Negative hiring experiences are a major turnoff in a highly competitive labour market; it isn’t just about making the best financial offer. 52% of respondents to BCG’s survey said that a strong negative experience during the selection process would put them off accepting an otherwise good offer, higher than any other factor.
Candidate experience is everything. Interview processes are two-way streets, and in-demand workers are assessing their prospective employer as much as the other way around. Employers need to take an end-to-end approach to their hiring processes, ensuring that it is seamless and intuitive from the start to set the best impression. Recruitment platforms are one of the best places to start.
Platforms can improve hiring outcomes
More than half of the respondents said that they would use a recruitment platform, such as Movemeon, if they were looking for a new position. Further, when asked how they came by their current position, platforms had the highest response rate, at 29%. Recruitment platforms are a popular and effective means of scaling recruitment efforts.
Choosing the right platform is therefore key to building an efficient hiring process, and it can bring various benefits:
Reduce time-to-hire.
CIPD data shows that over half of companies using technology in their recruitment process found that it enabled them to screen out unsuitable applicants to some or a great extent.
Improve candidate experience. The same CIPD report shows that 78% of companies reported an improvement in candidate experience as a result of using recruitment technology.
Reduced costs.
Cost-per-hire is typically lower through recruitment platforms than through agencies, largely because much of the work an agency performs is automated by a recruitment platform. Further, with more efficient resourcing tools, in-house recruitment teams can do more with less, making them smaller and leaner.
Facilitate cleaner data management.
Recruitment platforms tend to automatically log key hiring process data, especially when integrated with an ATS. This means cleaner, more thorough and less time-consuming data management, with analytics functions often included too.
For example, a multinational consumer-goods company cited by McKinsey found that adopting digital hiring tools delivered $1m hiring cost savings per annum (across approximately 800 hires, meaning a saving-per-hire of $1,250) as well as a 90% reduction in cost-per-hire
Movemeon, for example, offers various key advantages to candidates and employers. Rather than face the hassle of fielding cold calls from recruiters, candidates can receive notifications whenever they match with a company on the platform. This creates a better and more positive candidate experience, increasing the chances of a positive hiring outcome.
Likewise, hiring companies can strip out the time and effort needed to process irrelevant applications. No recruiters forwarding disinterested or underqualified candidates; matching candidates on Movemeon ensures that every connection is made with engaged, highly talented applicants.
Above all, candidates on Movemeon are a specialised community of current- and former consultants, each of whom trusts Movemeon as a partner to match them with roles highly suited to their backgrounds. As such, employers can find candidates through the platform that simply aren’t looking in other places, or via agencies.
Find out how Movemeon can improve your hiring through our innovative platform and global network of consultants. Get in touch with on of our experts!
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Wege aus dem Consulting: In dieser Artikelreihe beschäftigen wir uns mit den verschiedensten Exit-Methoden aus der Beratung. Nach drei Jahren Consulting bei McKinsey gründet Florian mit zwei weiteren McKinsey-Beratern das Start-up Thinksurance, das mittlerweile führende B2B-InsurTech mit Fokus auf Gewerbeversicherungen in Deutschland. 2020 wurde er von CEO Today mit dem CEO Award Europe ausgezeichnet. Damit zählt er zu den besten CEOs Europas! Im Interview erzählt er uns von seinem persönlichen Weg aus dem Consulting und wie ihm dieser Background bei der Start-up-Gründung geholfen hat.
Wie ist es zur Gründung von Thinksurance gekommen?
Da stecken zwei Fragen drin – die nach der Gründung eines Start-ups und die nach Thinksurance. Ich bin schon während meiner Zeit bei McKinsey mit Start-ups in Berührung gekommen. Als ich dann 2015 freigestellt wurde, um an meiner Doktorarbeit zu arbeiten, habe ich den Austausch mit vielen Start-up-Gründerinnen und -Gründern intensiviert. Das Thema InsurTech war zu dieser Zeit gerade in aller Munde. Allerdings muss ich gestehen: Ich hatte dieses Thema damals noch nicht auf dem Schirm, weil ich wenig Kontakt mit der Versicherungsbranche hatte. Das hat sich aber relativ schnell geändert, als ich mich dann etwas mehr mit der Materie auseinandergesetzt habe. Als ich dann festgestellt habe, dass es kaum ein Produkt gibt, das noch digitaler und datengetriebener ist, begann mein Interesse zu steigen. Naja, und jetzt ist das fast 5 Jahre her und wir haben die Branche ganz schön aufgemischt!
Wann hast du gemerkt, dass der Schritt Richtung Gründung der Richtige ist?
Das habe ich eigentlich relativ schnell gewusst, nachdem ich operativ auch wirklich gestartet bin. Du weißt es vorher nicht, sondern es ist einfach ein Gefühl. Man spricht immer vom „Job-Person-Fit“ – der war einfach nochmal viel größer für mich als in der Beratung. In einem Start-up hast du die Chance, schnell ein eigenes Team aufzubauen, Mitarbeiter einzustellen, die an deine Mission glauben und selbst etwas aktiv gestalten. Daraus kann ich im Job die Energie, den Schwung und die Erfüllung ziehen, die ich durch das Bauen von Slides – vereinfacht gesprochen – nicht erreichen kann.
Auch auf Movemeon haben wir viele offene Stellen in Start-ups. Du kannst alle Jobs auf Movemeon.com ansehen und dich einfach innerhalb weniger Schritte bewerben.
Ist die Gründung deiner Meinung nach der ideale Exit aus dem Consulting?
Nicht unbedingt. Klar, jeder und jede möchte etwas bewegen. Dazu muss man allerdings nicht zwingend selbst gründen, sondern kann beispielsweise auch den Schritt in ein bestehendes Start-up oder Scale-up wagen. Die bekannten Vorteile von Start-ups, wie etwa flache Hierarchien, ambitionierte Kolleginnen und Kollegen und verschiedenste Events, ermöglichen es dir auch so, etwas selbst zu gestalten und einen echten Unterschied zu machen. Gleichzeitig ist der Sprung in die Unsicherheit nicht ganz so groß, wie wenn ich selbst gründe und von Null anfange. Ich hatte auch viel Glück, aber man vergisst, dass der Großteil aller Startups scheitern.
Welche Dinge, die Du als Consultant gelernt hast, haben Dir bei der Gründung von Thinksurance geholfen?
- Drive: Nicht die beste Idee gewinnt, sondern wer schnell Dinge umsetzen kann. Nur wer schnell und flexibel Dinge entscheidet, bewegt auch etwas.
- Strukturiertes Arbeiten und Selbstmanagement: Das ist unglaublich wichtig, wenn du etwas aufbauen willst, was es noch nicht gibt. Sonst verlierst du dich schnell in den Themen.
- Unternehmerisches Denken und Senior Stakeholder Management: Als Consultant arbeitest du oft mit dem Senior Leadership und dem C-Level zusammen. Dabei lernst du, so zu denken wie sie. Und du weißt auch, wie Du auf dieser Ebene kommunizieren musst. Das hilft besonders bei Gesprächen mit Partnern und Investoren.
Hier findest du weitere Interviews mit Kandidaten, die über ihren Weg nach dem Consulting sprechen.
Wege aus dem Consulting – in dieser Artikelserie beschäftigen wir uns mit den unterschiedlichen Karrieremöglichkeiten, die sich nach der Beratung ergeben können. Nika erzählt uns, wie sie als ehemalige Warwick-Absolventin und frühere Beraterin in ihrem jetzigen Job bei Google so zurechtkommt. Wir unterhielten uns außerdem über ihre Zeit bei Morrisons Online, die Unterschiede zu ihrer Stelle bei Accenture und natürlich über ihre jetzige Tätigkeit bei Google.
Warum hast du dich für den Ausstieg aus dem Consulting entschieden?
Ich war offen für eine neue Herausforderung und wollte mein Fachwissen in der Analyse und Digitalisierung weiter ausbauen. Allerdings wurde die Stellensuche für mich schnell sehr entmutigend, da die große Anzahl an Jobbörsen und der ständige Druck der Personalagenturen meine Suche nicht unbedingt einfacher machten. Ich war mir nicht sicher, welche Unternehmen überhaupt Interesse an der Beschäftigung von ehemaligen Beratern haben und wo ich mit meiner Suche beginnen sollte. Zu dieser Zeit hat mir dann ein Freund aus der Beratung die Nutzung von Movemeon empfohlen.
Movemeon legt seinen Fokus speziell auf die Vermittlung von Jobs, die einen Beratungshintergrund erfordern. Der Vorteil an Movemeon ist, dass du weder zu etwas gedrängt wirst, noch dich mit unpassenden Jobangeboten auseinander setzen musst. Du alleine kannst die Richtung deiner Jobsuche vorgeben. So hatte ich die volle Kontrolle über den gesamten Prozess und konnte mich eigenständig auf meine favorisierten Positionen bewerben. Diese Autonomie habe ich sehr genossen und doch konnte ich mir jederzeit sicher sein, dass ich bei Bedarf einen Ansprechpartner von Movemeon erreichen konnte. Meine Bewerbung war wirklich sehr unkompliziert und eine Rückmeldung seitens des Arbeitgebers erfolgte schnell. So kam ich zu meinem ersten Job nach dem Consulting - in das Unternehmen Morrisons Online.
Auf Movemeon findest zahlreiche Rollen in verschieden Branchen und Funktionen. Melde dich an und finde noch heute deinen neuen Job!
Wie war der Wechsel zu Morrisons Online?
Die Arbeit bei Morrisons Online habe ich sehr genossen. Da ich immer offen für neue Erfahrungen bin, fiel es mir nicht schwer sofort einzutauchen. Der Zeitpunkt meines Einstiegs war perfekt, da ich unbedingt im digitalen Bereich arbeiten wollte und das Projekt gerade gestartet hatte. Es fühlte sich wie die Arbeit in einem Start-up an: Die Atmosphäre war wirklich aufregend und die Mentalität des Unternehmens passte einfach zu mir.
Da alles von Grund auf neu konzipiert wurde, mussten wir uns komplett auf unsere Analysen und Modelle verlassen. Außerdem waren wir alle neu in diesem Projekt: Unsere Erfahrungen konnten wir schlichtweg nur durch praktische Umsetzung und Überprüfung unserer Ideen sammeln. Es war sozusagen wie ein Crash-Kurs in Unternehmensneuaufbau. Kreative Lösungen waren gefragt und wir mussten ständig neu dazu lernen. Rückblickend war dieser Schritt die beste Entscheidung für meine Karriere nach der Beratung. Nicht dass das Team nur großartig war, wir sind auch immer noch miteinander befreundet. Weil wir selbst so gute Erfahrungen mit Movemeon gemacht haben, haben wir auch bei der weiteren Zusammenstellung unseren Teams auf Movemeon vertraut.
Falls du nach Mitarbeitern für dein Team suchst, helfen wir dir selbstverständlich ebenfalls gerne weiter. Nimm einfach über das Formular Kontakt auf und wir melden uns umgehend bei dir zurück!
Wo liegen deiner Meinung nach die Unterschiede zwischen der Arbeit im Consulting und der Industrie?
Vor allem als Junior-Consultant arbeitest du in vielen verschiedenen Projekten gleichzeitig. Bei Morrisons war Expertenwissen gefragt und ich musste sehr schnell dazu lernen. Ich bin auch nicht viel gereist, was mir aber persönlich sehr zugesprochen hat. Anstatt am Wochenende meine Wäsche waschen zu müssen, konnte ich die Zeit mit meinen Freunden verbringen. Trotzdem muss ich sagen, dass ein Job im Consulting einfach der beste Schritt nach dem Studium ist. Dort lernst du die Basics, wie Arbeitsethik, Erwartungen gerecht zu werden, Zeitmanagement und den erfolgreichen Umgang mit eigenen Fehlern. Das alles findet in dem gesicherten Umfeld eines großen Beratungsunternehmens statt – die perfekte Umgebung um sich weiterzuentwickeln.
Wie lässt sich die Zeit bei Google mit deinen bisherigen Erfahrungen vergleichen?
Die Arbeit bei Google ist wirklich sehr angenehm. Die Technik funktioniert immer einwandfrei und die
technologische Ausstattung ermöglicht einem den absoluten Fokus auf die eigentliche Arbeit. Da zu jeder Zeit verschiedenste Experten zur Verfügung stehen, kannst du deine Projekte schnell vorantreiben und wirklich etwas erreichen.
Ich helfe den FMCG-Marken ihre digitale Marketingstrategie weiterzuentwickeln, indem ich Analysen vornehme und den Marken Einblicke in bestimmte Themen gewähre. Wir versuchen das Reiseverhalten und Vorgehen von Online-Kunden zu verstehen. Oft bekomme ich nur sehr vage Problemstellungen und Anweisungen vorgelegt. Deswegen versuche ich das Thema erst einmal zu durchdringen, um dann einen erfolgsversprechenden Lösungsansatz präsentieren zu können. Natürlich stellt das eine große Herausforderung dar, die ich aber gerne annehme. Mein unmittelbares Team setzt sich aus sieben Leuten zusammen und lebt flache Hierarchien. Google´s Philosophie vom Scheitern und Lernen mag ich wirklich sehr, weil die Innovation an oberster Stelle steht. Wenn es etwas nicht funktioniert, wird sofort nach der nächsten Lösung für das Problem gesucht.
Hast du Tipps für Leute, die aus der Beratung wechseln wollen?
- Augen auf bei der Wahl deines Managers. Diese Person sollte jemand sein, von dem du lernen möchtest und der auch bereit ist dich weiterzubringen. Du musst dir bewusst sein, was du willst und was du brauchst. Dein Manager sollte dich genau in diesen Bereichen unterstützen können.
- Bleibe gegenüber Neuem stets aufgeschlossen - egal welche Vorurteile du auch haben magst. So lange du noch jung bist, solltest du so viele Dinge wie möglich ausprobieren. Du kannst nie wissen, in welchem Bereich du besonders talentiert bist oder was dir besonders viel Freude bereitet. Bei Accenture habe ich mich im Laufe der Zeit gegen viele Projekte aus dem öffentlichen Sektor gesträubt. Am Ende haben sich diese aber als die lohnendsten und angenehmsten Vorhaben herausgestellt. Ich empfehle auch an so vielen Projekten wie möglich teilzuhaben: Der Workload wird zwar immens sein, doch deine Lernkurve noch viel größer. Wie du deine Möglichkeiten als ehemaliger Berater bestmöglich ausschöpfen kannst, erfährst du hier.
- Wähle die Stellen entsprechend deines Potenzials aus. Man kann immer und jederzeit neu dazulernen. Im Consulting lernt man glücklicherweise, wie man seine Fähigkeiten schnell ausbauen und sich an neue Umgebungen anpassen kann.
- Lerne dazu, indem du dich mit deinen Kollegen/Kolleginnen über deine Ideen und Ansätze austauschst. Ich hake immer wieder ein und versuche ständig unsere Denkweisen miteinander abzugleichen. In den meisten Fällen führt das zu weitaus besseren Ergebnissen.
- Stehe zu deinen Entscheidungen.
Wenn du voll und ganz hinter deinen Entscheidungen stehst, hast du die besten Chancen auf Erfolg und es werden sich neue Möglichkeiten auftun. - Sei dir sicher, dass dir gefällt was du tust. Wenn das so ist, dann sieh das nicht als selbstverständlich an.
Finde jetzt deinen nächsten Job auf Movemeon!
Was hat dir bei den einzelnen Unternehmen am Besten gefallen?
Bei Accenture habe ich die Zusammenarbeit mit meinen Kollegen sehr geschätzt. Wenn du nach London ziehst und deinen ersten Job nach der Universität annimmst, dann hilft dir ein solches Umfeld immens. Wir waren alle gleich alt, machten ähnliche Fehler und versuchten einfach stetig dazuzulernen. Darüber hinaus hatten wir Zugriff auf eine große Menge an Ressourcen und konnten bei Bedarf jederzeit Hilfe anfordern. Morrisons war ein großartiger Business-Crashkurs und perfekt für den Aufbau von Expertenwissen.
Bei Google ging es darum, dieses Fachwissen weiter auszubauen und an einer breiteren Palette von Fragestellungen zu arbeiten. Das Ziel war, die Kunden bei der komplexen Arbeit mit digitalen Konsumenten zu unterstützen und dabei stetig dazuzulernen. Consulting war für am anspruchsvollsten, während ich mir bei Morrisons und Google eher die Hände schmutzig machen musste. Manchmal muss man einfach improvisieren und zur nächsten Angelegenheit übergehen. Obwohl jeder Job seine arbeitsreichen Zeiten hat, lernt man mit der Zeit besonders die Phasen zwischen den Projekten aktiv für die eigene Erholung zu nutzen. Am Ende des Tages ist es deine eigene Aufgabe (und dein Privileg), eine Tätigkeit zu finden, die absolut zu deinen Vorstellungen passt.
Wie kommt man an einen Job bei Google?
Man sollte sich einfach so gut wie möglich vorbereiten und hoffen, dass alles gut geht. Ich hatte fünf Interviews mit sieben verschiedenen Leuten. Sie möchten deine Denkweise verstehen und deine Teamfähigkeit überprüfen. Dabei versucht dich aber niemand mit einer Fangfrage in die Falle zu locken. Mir wurden ausschließlich Fragen zu dem Job, meiner Erfahrung, meinen Führungsqualitäten und Identifikation mit der Unternehmenskultur gestellt. Jeder war wirklich freundlich und aufgeschlossen während dieser Phase.
Auf unserem Blog findest du weitere spannende Interviews mit Kandidaten, die über ihre Karriere nach dem Consulting sprechen.
In a world riddled with uncertainty, certain firms manage not just to survive, but to thrive. Smaller, more agile firms appeal to candidates in an increasingly competitive marketplace: Movemeon’s 2023 application trends show that the top four firms by number of applications received were all boutiques with a clear industry specialism and mission, and collectively received the same total number of applications as the next 16 companies combined.
This tallies with insights from our 2023 freelance report and 2022 index report, which showed that consultants changing firm while staying in advisory tended to want greater impact. Sideways moves, leveraging their existing (strategy) skills, are enabling more mission-driven career changes.
When compared with external data, it is clear that these career choices reflect broader changes taking place in the consulting industry, as advisory firms and their clients adjust to rapidly changing market conditions.
Agile strategy
In uncertain times, it pays to be adaptable. Tough economic times go hand-in-hand with severe downturns for particular industries and sectors, but it is often hard to predict which markets will be affected and which will endure.
Companies that rely heavily on a single market or revenue stream are at risk, and it is harder for large organisations to pivot quickly if their core customer base suddenly cuts spending. Smaller businesses, however, typically have faster iteration times; they are used, by necessity, to constantly monitoring, assessing and pivoting their offerings.
This is why smaller companies are currently proving more popular on Movemeon; candidates are clearly attuned to the advantages of boutique firms in the unpredictability of the currency business cycle.
The need to adapt is also driving hiring behaviours in these firms. Boutique consultancies are increasingly engaging specialists in a variety of niche markets and industries, especially social impact, government and energy consulting.
Contractors are increasingly popular, their flexibility offering much-needed expertise while retaining the ability to cut costs and pivot quickly if necessary. Movemeon’s most successful advisory partners are increasing their use of contractors, as our Advisory Lead, Ethan Cho, mentioned in his most recent newsletter.
Strategic Talent Management
Talented teams drive innovation and navigate change effectively; research from McKinsey Global Institute found that the world’s most successful businesses typically combine investment in talent development with a culture of innovation.
However, gaps exist between supply and demand for certain skills. Companies must therefore be ready to offer training, either to existing staff or to new hires who may lack industry-specific experience but who demonstrate the right transferable skills.
Firms that invest in employee development can see improved talent retention; research from LinkedIn shows that 94% of people will stay at a company longer if it invests in their career development. Similarly, effective in-house training programmes mean these firms can cast the net wider when they do hire, accessing a broader talent pool. This in turn will naturally improve diversity, which improves a business’s ability to adapt and innovate.
Companies offering effective training programmes do well to broadcast them during the hiring process, since candidates, particularly younger ones, are increasingly interested in internal development opportunities when assessing competing job offers.
Movemeon’s in-house experts can advise on the best way to position training programmes in job adverts. Get in touch here!
Are you a candidate and looking for a new opportunity? Log in and view all open jobs on Movemeon!
Global vision
Geographical diversification can limit exposure to localised uncertainty.
While “traditional” markets (especially the US, UK and EU) are undergoing a period of economic uncertainty, other geographies, particularly the Middle East, are thriving. Projects are in abundance, and advisory firms are relocating teams and resources here; the FT reported in February that, even as consultancies looked to cut costs in their home markets , firms like PwC were increasing the number of staff deployed in the region.
Boutique and medium-sized firms are also joining this trend, and allocating resources accordingly. For example, Roland Berger’s annual meeting earlier this year saw a quarter of all its partner appointments made to its Middle East practice, while Renoir Consulting acquired Dubai’s ESG-Integrate last year to boost its presence in the region.
Movemeon’s Advisory Lead, Ethan Cho, has been supporting boutiques and large firms with their Middle East expansion. Feel free to reach out for more information or if you have questions about Movemeon’s candidate base in the Middle East.
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