The mood has been sombre at leading global consulting firms like KPMG and McKinsey in some of their major global markets. Two of the leading consulting firms have cut down on their workforces in key markets like the US and Australia, among others, due to their change in strategy and clients cutting down expenses. Now put this picture in perspective to the Indian market and the contrast is overwhelming.
While KPMG – part of the Big 4 consulting firms – and another American major McKinsey & Company, are undergoing a retrenchment exercise in major economies, in India most of the prominent consulting firms are in hiring mode.
According to multiple executives at the major consulting firms like KPMG in India, Deloitte, EY, and PwC that Business Today spoke to, the mood in these organisations is to acquire talent as competition for government contracts and private consulting agreements is at a peak in India.
“In India, all of the Big 4 consulting firms are hiring people. The retrenchment exercise is unlikely to have any impact here and is mostly region-specific,” a senior executive from one of the Big 4 consulting firms tells Business Today on the condition of anonymity.
In a recent interview with BT, Romal Shetty, CEO of Deloitte India said, “I think this is one of the most exciting times to be in, in India, and I think as Deloitte, it’s, for us also a very exciting time, because we have significant growth plans, we plan to sort of, you know, hire more than 40 to 50,000 people over the next four to five years”. Deloitte India currently houses nearly a fourth of its global workforce. A senior Deloitte India executive says, the strategy of the company has not changed since and new talent acquisition is the need of the hour.
While queries sent to KPMG in India remained unanswered, an executive from the firm said the retrenchments in other markets will not have any impact on its India operations. According to a report by Financial Times (FT), KPMG is cutting nearly 700 jobs in its US advisory business and about 200 in Australia which comprise of nearly 2% of its total workforce in each country. “Meanwhile, McKinsey will make up to 2,000 of its 45,000 people redundant as part of a global restructuring following years of rapid expansion,” FT reported.
