Episode 41: The One About Job Cycles

Consultants Saying Things

Is it The Great Rebalance? The Great Reshuffle? The Great Resignation? The Great Discontent? To read about it, companies are really struggling to find workers these days. Clearly there aren't enough people that want to work.

We think that's just a load of codswallop. There was a recent LinkedIn News story about the consulting boom/bust job cycle that caught my eye. The story said that 2 in 3 consulting firms are short-staffed and 1 in 5 have to turn down work as a result. More than half said that recruiting and retention have become much harder this year.

I wondered, is this because the firms didn't forecast demand correctly? Were they spooked by COVID and didn't plan recruiting properly? We know labor force participation in the US is declining... are consultants just dropping out of the workforce? Are people doing their own entrepreneurial thing?

I wanted the input of my smart friends Phil Yanov, Whynde Kuehn and Oliver Cronk.

In this episode:

• Is there really a shortage of consultants? Why might there be one?
• What is going on in the overall labor market that might add context?
• Is there a labor shortage or just a labor realignment or are the workers just hiding in plain sight?
• How do consultants navigate this boom/bust cycle of demand for their skills?
• What should existing or aspiring consultants be considering as they look at this landscape?
• What changes should consulting firms be making to attract and retain talent?

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