Peterborough, N.H. -- Recruiting and HR directors within consulting firms indicate that recruiting conditions will become more challenging over the next 12 to 18 months, according to new research from consulting industry watchdog Kennedy Information, Inc.
Kennedy Information surveyed HR and recruiting leaders at top consulting firms, and interviewed members of the CN75, Kennedy's annual ranking of the industry's 75 largest firms. The new report, Recruiting and Retention in the Consulting Profession: from MBAs to Experienced Hires, finds that today's consultant values work/life balance almost as highly as compensation. Understanding these and other drivers of retention is becoming crucial for consulting firms facing increased turnover rates.
"To deliver a consulting project in a cost-effective way, you need some leverage for senior people,” says Stephen Pratt, CEO of Infosys Consulting Inc., the US-based global consulting arm of Infosys Technologies Ltd. “You don't want your expensive on-site people doing all of that work. I think the ideal consulting organization is shaped like a diamond with the top part working on-site with the client and the bottom part working wherever in the world you can get the best combination of talent and price."
Additionally, a number of other workforce trends are taking shape in the industry, forcing consultancies to re-examine their practices for managing consulting talent. For instance, some emerging firms are turning the traditional model for staffing projects on its head, successfully competing for talent and client business against larger and more established consulting industry players.