Anyone get counseled out/laid off yet?
I'm constantly hearing stories on reddit & fishbowl about how MBB/similar consulting firms are "counseling out" a lot of people due to slow business and a large hiring class (I can confirm this is true in my firm as well). I have read stories of people only a year into the job getting the axe. Do you guys know anyone who has gotten counseled out/transitioned yet? What have they all gone on to do? Seems pretty scary to be this soon out of undergrad/MBA and looking for a job again.
From what I've been hearing and what I've been reading on Fishbowl, BCG is the only one doing this. There don't seem to be any sudden increases in attrition for consultants at Bain or McKinsey (but McKinsey did notably layoff some back office support roles).
I dont know anyone in that situation yet. But on Fishbowl, some people are complaining about being put on PIP recently (at Bain). To be fair, looks like a reversal to the mean (Covid years were very generous in terms of ratings, it appears)
Hiring slowdown, esp. US, less in EMEA, and fewer early promotions at my MBB (in part through slightly tougher rating on average, it seems).
Rumors that people have been offered 6 months off with 50% pay given demand levels. I've heard HR ask people more frequently if they wanted to take unpaid time off "to recharge."
OW has offered full pay for 6 months to quit and also has been counseling people out (not a lot of people but the firm isn’t up our out so much higher than normal)
Damnnnn I’d love to quit my job and still get 6 months pay. I’d just travel around on their dime
BCG seems to be the only one that has been notably aggressive on this front. Others have generally increased out-counsel rates but it's really just back to pre-COVID norms (in fact, where I am, it's still a tad bit lower than that). The COVID years were the real anomalies where out-counsel rates cratered and some people who should not have been promoted were promoted.
Obviously it's still frustrating for juniors who didn't come in expecting that.
Yeah my BCG office said the “transition out” rate will be 12-15% this year, higher than normal (even higher than ore COVID levels) due to people not leaving voluntarily.
There’s a wave of silent lay-offs happening, more people are transitioned out than normal, especially affecting laterals with ~1 year of experience. MBA joining dates have been pushed until next year and bench % continues to run high.
I just got cut after slightly less than 1 year post MBA. was put on PIP in February despite strong (realistically B+/A-) project reviews and billability. Saw the writing on the wall and lined up a F500 corporate strategy exit that matches my MBB pay. that said it is not tech/a sexy industry so I definitely feel I am compromising on the exit.
Do you mind sharing which MBB this was?
I'm assuming you got hired at the manager level? Do you mind providing the breakdown of comp?
Post MBA role is consultant, not manager.
for the new role I got hired as a manager, yes (although this doesn't include having direct reports so it is really more like just being a "lead".
comp structure is exactly the same as MBB if you are familiar with the current breakdown.
Sorry to hear that. Keep your chin up, and know that you’ll be happier in the long run. Everyone I know that this has happened to ultimately found themselves happier than before.
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