Consulting Firms Are On A Promotion Spree; Industry Insiders Suggest More Than 250 Promotions Are Underway!
Following unprecedented demand from the industry for digital transformation, the big 4 consulting firms are set to revamp the hierarchy. According to sources, they are in the process of promoting a record number of partners - the number amounting close to 250.
Notably, along with digital transformation and related services, the demand for transaction support work and their primary domain - risk and financial analysis have also witnessed a steep rise in demand.
Deloitte, the UK-based financial services firm, has announced 60 partner promotions already. The other three - PwC, KPMG and EY have finalized a list, but the announcement is still pending. The Economic Times estimates that PwC is likely to have more than 70 executive directors by June, along with 40 to 50 new partners.
Even though each of the firms has a different promotion timeline, ET expects that together the big four would be adding between 230 to 250 new partners by the time the promotion cycles end.
Many in the industry are of the opinion that this is a response to the high attrition rate in the industry where professionals are being poached by startups with better packages.
Speaking to ET, a senior executive from Deloitte said, "these promotions reflect the potential market opportunities and the demand for services among both domestic Indian companies and multinationals in India and outside."
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He, however, added that the promotions were also driven by technology, governance and compliance skill sets. Besides, industry insiders suggest that these firms have also been giving the highest bonuses this year - testimony again to the high attrition rates in the industry.
Some of the big firms are even starting ahead to put up a system in place to address attrition rates. Speaking about market leader EY, an industry watcher said, "I believe EY is following its time-tested ploy to invest ahead of time to maintain their lead. The firm has grown faster than competition in consulting and digital advisory services and is now bigger than many strategy firms."
The Covid 19 pandemic has been a harbinger of growth for these firms as their services were roped in when many businesses found gaps in digital integration. The digital transformation process has been the major chunk of operation for these firms in the last 2 to 3 years - a trend that is likely to continue.
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