by godelmachine on 10/19/24, 2:46 PM with 179 comments
by nelblu on 10/19/24, 3:51 PM
by OptionOfT on 10/19/24, 5:01 PM
It also made me realize that it is horrible to build software with people who expect short term deliveries like the usual McKinsey engagement. People who expect that the automation of an Excel file takes the same time as getting a BA to do it.
I am now in a full time engineering position. I don't talk to clients anymore.
What I miss the most is coming into contact with people with a huge variety of backgrounds.
Which surprisingly were the people with who I had to spent the most amount of time explaining how software works.
Maybe I'm bad at it? Who knows. But I learned a lot, and I'm happy where I'm at now, so any bitterness would be misplaced.
Not to mention they paid for my GC.
by ned_at_codomain on 10/19/24, 4:28 PM
You can push much, much more volume and absolute impact through by running big merger integrations, digital transformation, and other large scale change projects at big companies.
It is basically a better business to become something like a premium Accenture, a "get stuff done" kind of consultancy. You can staff an army of junior people for a very very long time on those kinds of projects.
It's just not that easy to keep people staffed on 5-6 person teams solely on 8-12 week pure strategy engagements.
These kinds of projects are also the first discretionary spending yo get cut when times get tough.
If you're going to be focused on the pure strategy work, you'll probably want to stay really really small. We've seen some of this in investment banking with firms like Allen & Co or Qatalyst. Challenge is that consulting doesn't come with scalable monetization via success fees.
It's just not great business to be a boutique consultancy, I think.
by mentalgear on 10/19/24, 5:24 PM
As for their supposed value (which comes directly from ex-employees): big consulting firms are essentially hired as a liability shield for the C-suite. Their main job is to back up whatever the CEO already wants to do (usually cost-cutting). This way, executives can claim: a) "McKinsey recommended it, so it must be right," and b) "If it goes wrong, it’s on McKinsey, not us."
by samdung on 10/19/24, 4:56 PM
McKinsey was doing some work for their dept. I asked him what they did. He said, "McKinsey asked us for lots of information. Then they put it into a dossier and gave it back to us."
by photochemsyn on 10/19/24, 5:26 PM
In constrast, China's infrastructure projects are highly successful - high-speed rail now covers 42,000 km across 100 corridors, and the first one was only completed in 2008. Based on their example, the most efficient way to build modern infrastructure is to cut the consultancy firms out of the loop entirely.
by whatever1 on 10/19/24, 4:29 PM
However: 1. The costs are insane and probably we reached the point where the benefits do not justify the prices they are charging. 2. Wfh is a cheat code to get access to cheap tech personnel that is pissed with the RTO of big tech. I keep hearing tech folks working at traditional manufacturing shops remotely these days.
by alkonaut on 10/19/24, 4:56 PM
by jncfhnb on 10/19/24, 4:04 PM
by swiftuser on 10/19/24, 6:58 PM
McKinsey has been doing "silent layoffs" in the last few review cycles, i.e., shrinking overall headcount after performance reviews – as there's not enough work to go around. Hard do meet the bar for a one-year BA, if you've only been on 1-2 studies – which is not exactly your fault.
by fsndz on 10/19/24, 6:20 PM
by kayo_20211030 on 10/19/24, 7:48 PM
by ainiriand on 10/19/24, 5:13 PM
by duckmysick on 10/19/24, 11:25 PM
by openrisk on 10/19/24, 5:39 PM
The cloud divisions of "big tech" might be the catalysts for this upcoming disintermediation.
by alyssM on 10/21/24, 8:21 PM
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by LunaSea on 10/19/24, 5:58 PM
by albert_e on 10/19/24, 4:31 PM
Consulting is the oldest profession ;)
by fHr on 10/19/24, 5:51 PM
by jakubmazanec on 10/19/24, 4:21 PM
by ProllyInfamous on 10/19/24, 4:06 PM
Many of these employees are so-incentivized by fiscal profit that they fail to see the immorality, just seeing opportunity. Maybe if our regulators weren't in bed with so many of the major funds...
"If you think there's a solution, you're part of the problem." —George Carlin (Conan O'brien interview)
by klelatti on 10/19/24, 4:17 PM
During a gold rush teach people how to use their shovels.
by detourdog on 10/19/24, 3:54 PM
by robertoandred on 10/19/24, 4:17 PM
C'mon, The Economist
by smitty1e on 10/19/24, 3:59 PM
by mschuster91 on 10/19/24, 4:00 PM
It's time to break them all up. The "firewall" that should be there from a legal perspective is a joke in practice, and when there are only three to four companies, there is no place for fresh blood and with it fresh ideas to enter the market.