Record high growth amongst the listed consulting companies, but the skills gap is growing
The growth of the consulting industry has broken records during the third quarter of 2021. According to Cinodes Q3 report, one third of the listed consulting companies have grown by over 20 percent and the median company presents a turnover increase of as much as 13.4 percent compared to last year.
The pandemic resulted in five quarters of negative growth, however, the industry has managed to recover much faster than expected. The consulting industry has shown strong numbers in both Q2 and Q3, with the latter showing record high growth. The IT consulting companies are the big winners of the quarter. They have benefited greatly from the post pandemic increase of digitalisation. Society consultants have, however, had a somewhat more challenging quarter.
- The consulting industry keeps on growing, and the number of acquisitions continues to rise. During Q3, One out of three consulting companies have grown over 20 percent, says Mattias Loxi, co-founder & CMO at Cinode.
Two out of three consulting companies have increased their margins during the period with a high occupancy rate. Half of the consulting companies have upped their recruiting efforts and grown their workforces.
- The skills gap in the consulting industry remains significant, and is at risk of becoming greater. Although half of the companies have upped their recruiting post pandemic, there is still a lack of consultants. Most companies would agree that they need to grow even more to streamline with the demand. However, many consulting companies have a hard time attracting and retaining talents as there are a large number of companies chasing the same talents. Growing your network of partners and sub-consultants is one of the best ways to tackle this problem, says Mattias Loxi.
Take a look at the infographic of the listed consulting companies' Q3 reports for 2021.
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