What is happening in the Strategy consulting market in 2022? As Sydney Recruiters, we are being asked constantly since returning to work.
We are seeing multiple roles coming through at the manager and senior manager levels & a decent amount at the “Head of” level.
In January, we speak to MANY candidates keen to explore the market.
This year is no exception especially with rumours of “the great resignation”, everyone wants to understand what that means for them.
Some candidates approach us with a set idea of what they want, others have no idea what to expect or what their market value is.
Those who are very rigid in their expectations can be disheartened when they investigate the outside world. Yes, consultants are in demand but that does not mean you will double your pay and nab a COO role straight off the bat.
It’s good to have done some thinking about what your career aspirations are, however, it’s also beneficial to be open-minded at the same time.
One of the most impactful shifts is consulting firms are doing EVERYTHING they can to retain staff.
We have seen salaries, both base and bonuses increase substantially, early promotions, promises of promotion, and other actions being taken as they have been unable to bring consultants in from overseas for years and are oversold on projects.
The ASX 20 is still where the volume of opportunities beyond consulting comes from, and whilst consulting salaries have shifted upwards, some ASX business bandings have not shifted for many years. This gap is creating issues.
Some are proactively working with HR to shift bandings to meet the market, some are succeeding, however, others are struggling to make the changes needed. There is also the consideration of creating a salary imbalance in their existing teams which can cause future issues.
We have roles from start-ups and mid-sized businesses who have more flexibility with things like equity and titles, however, consultants can struggle with the ambiguity in these companies and, if not prepared for this, can leave in favour of roles within a more structured environment.
And of course, it is not all about money, and top-tier consultants in particular need to have a solid reason to want to leave consulting beyond pay.
They are looking to their new employers to align with their values and win their hearts and minds.
Therefore, it is so important that hiring managers are deeply entrenched in the recruitment process especially if their salaries are not a selling point. People buy into people.
And then, of course, we are seeing consulting firms again doing everything they can to counter offer any consultant that goes to resign.
We have never seen the type of tactics being used to retain staff as we are currently.
Candidates need to be prepared for this and should consider this before even embarking on recruitment processes as if they will only end up staying, they can often have an open conversation with bosses now and save themselves a lot of time and effort.
If you are interested in learning more about how Oaktree can help you secure your next strategy role, please reach out to us or check out our jobs here. We would love to tell you more about our services and how we can partner with you for success!
