A crisis is a terrible thing to waste. It is an opportunity, a catalyst for business change and innovation. New hires will be across all services — audit, tax, consulting and financial advisory. I expect advisory services will experience the strongest growth.” That’s James H Quigley, CEO, Deloitte.
The American consulting giant plans to add 3,500 jobs in India over the next three years, taking their employee strength here to 12,000 by 2012. “Deloitte India has experienced revenue growth of 30 per cent each year for the past few years, and despite the downturn, I am cautiously optimistic that we will maintain similar levels of growth,” says Quigley.
Consulting businesses in India have been growing at a robust pace in the past few years. Deloitte’s rival KPMG has been growing at 45 per cent year-on-year in India. “There is moderate hiring happening at the moment. If the current financial situation persists till next year we might need to step up our hiring,” says Richard Rekhy, COO, KPMG India.
Consulting firms, are, however, cautious in picking areas where they want to hire. “There is some amount of hiring in certain areas such as business and enterprise remodeling. We are also retraining our staff on how to deal with current scenario,” says Deepak Kapoor, managing director, PricewaterhouseCoopers. “The crisis has brought in new clients while driving away a few so we have to be extremely careful.”
Companies who are exploring cost-efficient and innovative ways to tide over the crisis are in dire need of advice on cost cutting, business remodeling and asset management and are increasingly turning to consulting firms for help.
“The nature and extent of the impact of the global economic downturn will be different across sectors,” says JSW Group CFO Seshagiri Rao. “Consulting firms will receive increased assignments in capital restructuring, asset sales and non-performing assets. Management consulting companies will be called upon to provide solutions in new areas of business.”
Tata Strategic, a consulting arm of the Tata Group, for instance, recently tied up with UK-based Pharma Alliance International to offer advisory and consulting services to the pharmaceutical industry in India and abroad.
For those in the business of consulting, this is a good time to come up with innovative ideas.