Not So Much Howdy, Partner at PwC - Signal that Consulting Isn't Bouncing Back Fast (and other things to think about if you're white-collar)

 "PricewaterhouseCoopers is looking to shrink its new class of U.S. consulting partners by more than 50% compared with last year as demand for advisory services continues to slow and the firm reorganizes its business lines." - The Wall Street Journal, April 19, 2024

Last year the partner class numbered 174. This year it's 85. Incidentedly, in 2022, it was at 200.

Obviously, PwC isn't confident that the consulting sector is going to return to normalcy in demand any time soon.

Read the professional anonymous network Fishbowl Consulting and what's palpable is the employment insecurity. Some are fearful of getting laid off or forced out. Those who have already been axed are struggling to be hired in comparable roles. For those complaining about the stress of the work, the advice is suck it up, don't quit, there's not much out there.

As industry keeps more work in-house there is doubt that consulting will return to its earlier demand or status.

That pall hangs over much of professional services. 

There are practices in law firms which remain slow.

Overall, growth has slowed in public relations. 

To boost profits banks have been laying off. 

Sure, the meme is about freelancing. But with so many out there chasing assignments it's a dog fight. Just register with global freelance platform UpWork goes the dominant platitude. However, when bidding for assignments on UpWork you are competing with talent from undeveloped nations who likely will expect way less compensation than those in the US.

As a career coach, I hear the rage of the white-collar. Underneath it is fear. And further down is shock that they had played by the rules and now this ...

Over and over I recommend developing multiple sources of income. If the day job falls through you won't wind up homeless. You also will have more confidence when going after the Next or Nexts. As for optimism, consider this: It was The Great Depression and still some became quite wealthy. Don't limit yourself in how to search for opportunity and learn to calculate how much risk you can handle. Meanwhile, you have to hone coping skills for the rawness of current capitalism. 

Limiting beliefs? Self-defeating? Stuck? Complimentary consultation with Coach Jane Genova (text/phone 203-468-8579, janegenova374@gmail.com)