Increasing demand for specialist knowledge across a range of industries means that generalist consulting firms are having to adapt in order to compete. The solution of choice is an increase in the hiring of specialist talent. This calls for evolution not revolution. Firms that evolve successfully and first will be well placed to be at the front of the race for such talent.

The persistent issue of hyperinflation and currency devaluation in many countries has led consulting companies to adopt new strategies to retain their talent and remain competitive.

Vencon Research’s 2022 Pulse Survey provides an insight into the effects of currency devaluation and inflationary pressures in Turkey. The survey results highlight the challenges faced by firms in Turkey in retaining their employees, and the measures they are taking to address the financial hardship faced by their employees.

In parallel to positive momentum in the country’s economic growth, forecasts indicate that Japan is expected to experience a long-needed boost in wages. However, Japanese consultants can only look forward to a marginal offsetting of the cost of living pressures experienced by the country.

Belgium’s consulting industry is facing severe challenges as a result of the government's policy of annually adjusting wages based on the inflation index.

Consulting companies to re-examine their cost position, e.g. by re-examining their fixed costs, in particular evaluating the value brought by their non-client facing staff.

19 trends and challenges in management consulting you need to be aware of for 2023.

This article, Part 1 of 3 of an InSights series, demonstrates why the pay mix is often the key differentiator when it comes to recruitment and retention from the applicants’ perspective. Part 2 analyses the effect pay mix may have on the firm’s financials, especially with regards to personnel costs. Finally, Part 3 examines how pay mix may influence a firm’s culture and performance.