Top Consulting Firms Freeze Starting Salaries Amid Tougher Job Competition: 'Hangover After The Party'

Grand News Network | November 6, 2023

Leading consulting firms globally, including McKinsey and BCG, have decided to maintain their starting salaries for new graduates at 2023 levels in the U.S., a shift from the previous trend of increasing wages. This change comes as competition for jobs becomes more intense.

This decision is a notable departure from the scenario a year ago when these firms boosted salaries by the largest percentage in over two decades. The sustained high inflation means that the actual value of a new consulting job will significantly decrease next year, reported the Financial Times.

Fiona Czerniawska, CEO of Source Global Research, described the situation as “the hangover after the party”.

She explained that consulting firms are striving to bolster profits by constraining hiring and keeping salaries steady due to declining customer demand in some areas and pricing pressure across the board.

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