Is McKinsey and its consulting rivals too big to handle?
A confidential memo circulated the internet in March, allegedly written by former McKinsey partners. They criticized the strategy consultancy for its uncontrolled growth and lack of strategic focus, warning that it was at risk of losing its greatness.
This memo is just the latest sign of discontent at McKinsey. In January, its managing partner, Bob Sternfels, faced internal challenges for the top job, indicating trouble within the firm.
The consulting industry, once thought to be indestructible, saw a surge in fees during the covid-19 pandemic as clients accelerated efforts to digitize, diversify supply chains, and enhance ESG credentials. The revenues of top consulting firms grew by 20% in 2021 and 13% in 2022 (see chart).
2024-03-25 17:03:59
Source from www.economist.com