Looking back on the strategy industry in 2022
Proceeding with caution
We saw sustained buoyancy in the North American consulting market in Q1 and Q2 with a high level of hiring across multiple sector verticals and levels. With a potential downturn looming, many consulting firms chose to continue hiring at the same rates they had been in the previous year, taking advantage of some additional junior talent on the market, made available through decisions not to enter tech after school as tech firms’ hiring plans began to slow.
As we moved into H2, some consulting firms were more selective in their hiring, with certain business units prioritized based on immediate need. This was particularly true of the larger consulting firms who wanted to make a more comprehensive assessment of the market before deciding to increase headcount. There was also a shift away from delivery focused hires to revenue generating hires with many firms choosing to bring on senior talent who could drive growth in what could be a further period of uncertain economic conditions.
Some areas continue to grow
While all sector verticals were busy, we saw increased activity within automotive, manufacturing, semiconductors, cybersecurity and SaaS. Healthcare and life sciences and broader TMT have also continued to grow well.
Topics such as sustainability, infrastructure, customer and digital transformation remain priority growth areas for many firms given these are some of the hot topics at board level, and so many firms that may not have traditionally been strong in these areas are now growing out capability.
Whether you’re looking for a new strategy job or you want to strengthen your strategy team to prepare you for the year ahead, or even if you just want a chat about the current market, contact me now.