Recent hires, fresh out of business school, at some big consulting firms don’t have enough work to do. They’re spending the idle time meal-prepping, taking naps, and even applying for other jobs, the told The Wall Street Journal.
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New hires at some top consulting firms don’t have enough work, The Wall Street Journal reported.
The slowdown comes as some firms have even paid new recruits to delay their start dates.
MBA grads recruited into top consulting firms often earn sizable six figure salaries.
New hires at consulting firms like Bain, Boston Consulting Group, and McKinsey, fresh out of business school, are usually saddled with work. They’re often shuffling to and from the airport, busily brushing up presentations, and answering emails late into the night.
These days, though, some newbie consultants are reportedly getting paid just to bide time before their next project rolls around, according to a recent report by The Wall Street Journal that included the perspectives of more than 30 current, former, and prospective consultants.
Amid uncertain economic conditions, there just doesn’t seem to be enough work to go around, so consultants are using their free time for running errands, catching up on sleep, watching television shows, and even applying for other jobs, according to the Journal’s report. Many consultants call this time being “on the beach” or “on the bench.” It’s not a new concept in consulting, but apparently is happening more — and for longer spells — amid the economic slowdown.
One consultant told the Journal he’s only had two client-facing projects since starting last fall and is filling the time by going for walks, buying groceries, napping, and streaming shows like Amazon Prime’s “Fakes.” Another consultant who was also hired around a similar time told the Journal she’s prepping meals, spending time with family, and job hunting.
Those hired into consulting firms out of business school generally take home hefty six figure salaries. Approximately half of the MBA graduates from Yale, Dartmouth, and the University of Virginia last year were hired into consulting firms with a median salary of $175,000, the Journal noted.
And last year, the “Big Three” firms — Bain, McKinsey, and BCG — also announced that they were increasing their base salaries from $175,000 to between $190,000-$192,000 for graduates in the United States.
But the downtime — as well-compensated as it might be — isn’t always as enjoyable as it might sound.
Some consultants seem to be getting anxious about how all this idle time could hinder their career trajectory.
The Journal’s report noted that some early career consultants said they’re worried the slowdown will negatively impact their performance reviews, potentially throwing a wrench in their longer-term plans. Landing a job at a consulting firm isn’t easy. For many ambitious graduates, consulting gigs can be a launch pad to other lucrative corporate roles or even a gateway to starting their own company.
Others are being encouraged to delay their start dates. Bain has offered to pay some new hires tens of thousands of dollars to work for a nonprofit, go on a safari, or become a yoga teacher — and push back their start dates with Bain.
The impasse that new hires face comes as consulting firms have laid off swaths of their workforces over the past year. In March, McKinsey cut approximately 3% of its workforce in an effort to downsize an employee base that had swelled in recent years.
Are you a recent hire at a consulting firm who’s a lot of time “one the bench” in recent months? Or, have you been paid to push back your start date? We want to hear from you. Email reporter Lakshmi Varanasi at lvaranasi@insider.com.