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Clara

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Impact of COVID-19 on the hiring practice of consulting firms

As I just tapped back into working on management consulting applications and getting in touch with recruiters, I would like to get a better sense of how this pandemic crisis affects the hiring practice among the global management companies. Have there been already firms that announced any reduction or hold on their hiring practice with the current pandemic situation? Should I wait and apply? How are management consulting firms doing with this crisis?

As I just tapped back into working on management consulting applications and getting in touch with recruiters, I would like to get a better sense of how this pandemic crisis affects the hiring practice among the global management companies. Have there been already firms that announced any reduction or hold on their hiring practice with the current pandemic situation? Should I wait and apply? How are management consulting firms doing with this crisis?

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Book a coaching with Clara

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Hello!

By know it´s clear that he COVID19 is truly harming economy, and in the next weeks we will see whether we are heading to a global economic recession.

If this is the case, and we indeed face a global recession -even if not as hard as the previous one-, this will have an impact in consulting. Why? Simply because there would be less clients, less engagements with the usual clients, and an overall freeze in spending.

This, for sure, will impact recruiting, reducing the classes of BAs and Associates for a couple of years.

What about lay-offs? Is too soon to assess this yet.

Regarding your timings, I would try to move things asap. At this point interviews are still happening, only via VC.

Hope it helps!

Cheers,

Clara

Hello!

By know it´s clear that he COVID19 is truly harming economy, and in the next weeks we will see whether we are heading to a global economic recession.

If this is the case, and we indeed face a global recession -even if not as hard as the previous one-, this will have an impact in consulting. Why? Simply because there would be less clients, less engagements with the usual clients, and an overall freeze in spending.

This, for sure, will impact recruiting, reducing the classes of BAs and Associates for a couple of years.

What about lay-offs? Is too soon to assess this yet.

Regarding your timings, I would try to move things asap. At this point interviews are still happening, only via VC.

Hope it helps!

Cheers,

Clara

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Hi!

The recruiting has been already slowing down across all consulting companies – so, definitely there will be even less recruiting activities going forward. If you want to apply, it's a good idea to apply ASAP while there is still some recruiting going on.

Best,
Daniel

Hi!

The recruiting has been already slowing down across all consulting companies – so, definitely there will be even less recruiting activities going forward. If you want to apply, it's a good idea to apply ASAP while there is still some recruiting going on.

Best,
Daniel

Book a coaching with Luca

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Hello,

So far consulting most of the companies are trying to move forward with the hiring process that were already started using the videocalls.
Anyway, even if a global crysis doesn't mean that you don't have projects (think about cost cutting or restructuring process and about all business plans that have to be reviewd) it's likely that they will slow down (but not freeze) the recruitments until they won't understand what is the real impact of the corona virus.
Before applying I would suggest to contact a person from the office (an HR or a consultant) to ask if they have stopped the recruiting process. If you don't have this possibility I would suggest to apply anyway, the only risk is to be added to the pipeline. Waiting will not increase your chances to get an interview, since the effects of the COVID will last for at least some months and the pipeline of candidates will be huge after these months qithout interviews.

Best,
Luca

Hello,

So far consulting most of the companies are trying to move forward with the hiring process that were already started using the videocalls.
Anyway, even if a global crysis doesn't mean that you don't have projects (think about cost cutting or restructuring process and about all business plans that have to be reviewd) it's likely that they will slow down (but not freeze) the recruitments until they won't understand what is the real impact of the corona virus.
Before applying I would suggest to contact a person from the office (an HR or a consultant) to ask if they have stopped the recruiting process. If you don't have this possibility I would suggest to apply anyway, the only risk is to be added to the pipeline. Waiting will not increase your chances to get an interview, since the effects of the COVID will last for at least some months and the pipeline of candidates will be huge after these months qithout interviews.

Best,
Luca

(edited)

I am someone with an offer for an MBB firm. Was due to start soon but have recently been told it will now be deferred by approx. half a year. I wouldn't expect much hiring to take place based on my experience.

I am someone with an offer for an MBB firm. Was due to start soon but have recently been told it will now be deferred by approx. half a year. I wouldn't expect much hiring to take place based on my experience.

Is this for the London Office? — Anonymous C on Mar 29, 2020

Book a coaching with Antonello

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Hi,
unfortunately, nobody now is able to predict the precise effects on each business. The 2 true facts today are that interviews are taking place regularly but online instead than face to face, and that many new consulting projects are being paused. Therefore if this lockdown continues for long it can cause a shrinking in new hires. I recommend applying as soon as possible.

Best,
​Antonello

Hi,
unfortunately, nobody now is able to predict the precise effects on each business. The 2 true facts today are that interviews are taking place regularly but online instead than face to face, and that many new consulting projects are being paused. Therefore if this lockdown continues for long it can cause a shrinking in new hires. I recommend applying as soon as possible.

Best,
​Antonello

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Hi Anonymous,

What I see currently going on (specifically talking about McKinsey) is that many projects are slowing down and travel is reduced to the absolute bare minimum possible (also clients don't necessarily want personal meetings with consultants at the moment..).

At the same time, some (few) projects even increase working remotely, but the total trend in this phase of high uncertainty is definitely pointing downwards.

Since recruiting activities are driven by project, for sure there will be an impact but for now we are all driving with very limited visibility.

Will they stop recruiting at all? For now I don't think so, but it depends on some facts that nobody can yet foresee!

Will the bar raise (because of potentially lower client demand and high supply on HR market)? Yes, I think so.

Hope that helps - if so, please give it a thumbs-up with the green upvote button below!

Robert

Hi Anonymous,

What I see currently going on (specifically talking about McKinsey) is that many projects are slowing down and travel is reduced to the absolute bare minimum possible (also clients don't necessarily want personal meetings with consultants at the moment..).

At the same time, some (few) projects even increase working remotely, but the total trend in this phase of high uncertainty is definitely pointing downwards.

Since recruiting activities are driven by project, for sure there will be an impact but for now we are all driving with very limited visibility.

Will they stop recruiting at all? For now I don't think so, but it depends on some facts that nobody can yet foresee!

Will the bar raise (because of potentially lower client demand and high supply on HR market)? Yes, I think so.

Hope that helps - if so, please give it a thumbs-up with the green upvote button below!

Robert

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Hi there,

yes, based on what my coachees shared, in some geographies hiring is already on-hold for MBB for some roles.

I would recommend you proceed as follows:

  • Find connections for a referral for your application - they are even more important now!
  • Investigate if in your target office they are hiring
  • Apply for that office only if hiring is active, otherwise target a different office (if possible)

If you apply blindly at this stage without insider information, there is a chance you will be rejected or delayed to a further date, while you may have a chance to be interviewed for another office - don't make that mistake.

You can find more information on how to find referrals to verify that at the following link:

https://www.preplounge.com/en/consulting-forum/hey-everyonehope-all-is-well-3176

Hope this helps,
Francesco

Hi there,

yes, based on what my coachees shared, in some geographies hiring is already on-hold for MBB for some roles.

I would recommend you proceed as follows:

  • Find connections for a referral for your application - they are even more important now!
  • Investigate if in your target office they are hiring
  • Apply for that office only if hiring is active, otherwise target a different office (if possible)

If you apply blindly at this stage without insider information, there is a chance you will be rejected or delayed to a further date, while you may have a chance to be interviewed for another office - don't make that mistake.

You can find more information on how to find referrals to verify that at the following link:

https://www.preplounge.com/en/consulting-forum/hey-everyonehope-all-is-well-3176

Hope this helps,
Francesco

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Hey A,

most of the companies have slowed down the recruiting due to current restrictions, but they are still hiring, by conducting interviews online per skype.

My recommendation for you is to start your application asap as the companies are still hiring and waiting for the time after the pandemy is not an option, because it's not clear how long it can take (3 months at least - 12 months at worst).

So use your existing network to get in touch with companies and apply!

Good luck and let me know if you need help with referrals.

Best,

André

Hey A,

most of the companies have slowed down the recruiting due to current restrictions, but they are still hiring, by conducting interviews online per skype.

My recommendation for you is to start your application asap as the companies are still hiring and waiting for the time after the pandemy is not an option, because it's not clear how long it can take (3 months at least - 12 months at worst).

So use your existing network to get in touch with companies and apply!

Good luck and let me know if you need help with referrals.

Best,

André