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<ul class="summary-list"><li>Trump's win could provide a much-needed boost to the consulting industry.</li><li>Trump's proposed tariffs, tax cuts, and deregulation could drive demand for consulting services.</li></ul>President Donald Trump's election victory could spell good news for the <a target="_blank" class="" href="https://www.businessinsider.com/consulting-firms-mckinsey-bcg-accenture-workers-leaving-2024-9">consulting industry</a>, which has recently faced declines in demand and hiring.Trump campaigned on several proposed policies — including global tariffs on imported goods and <a target="_blank" class="" href="https://www.businessinsider.com/trump-tax-cuts-social-security-boomers-benefit-fund-depletion-2024-11">sweeping tax cuts</a> — that could <a target="_blank" href="https://www.businessinsider.com/donald-trump-presidency-affect-big-tech-2024-11">impact American businesses</a> and, in turn, demand for consulting services.Industry experts told Business Insider they expect <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11">Trump's election</a> to increase demand for consulting, including strategy, management, reorganizational, and technical advisory services."I think the election of Trump is very favorable for the consulting industry," Michael Mische, a management consultant, former partner at KPMG, and professor at USC's Marshall School, told BI.Mische said the primary factors that drive consulting are typically macroeconomic health, government spending, CEO sentiment, free cash flows, and client need. He said there has been client need over the past couple of years, but some CEOs have been hesitant to act on it due to a tough macroeconomic environment, noting that the industry is highly vulnerable and elastic depending on what's going on in the world."Our entire consulting industry — it's predicated on the fact that it's the discretionary item. It literally is the luxury item of the CEO," Mische said.Unlike accounting or legal services, consultants are not a must-have, and they are quick to go when CEO sentiment is down or economic outlooks are uncertain. But Mische said Trump's election will likely boost CEO sentiment, noting that <a target="_blank" class="" href="https://www.businessinsider.com/how-to-invest-trump-win-election-stock-market-outlook-strategy-2024-11">the stock market reacted</a> positively to Trump's win.Trump's proposal to cut the corporate tax rate could leave more money for companies to put toward discretionary spending like consultants. The unrealized capital gains tax floated by Vice President Kamala Harris is also unlikely to happen now, another potential morale boost for companies.<a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-win-high-inflation-risk-tariffs-deportations-taxes-2024-11">Tariffs</a> might also favor the consulting industry, as responding to them could require "quite of bit of intellectual horsepower" and specialized skillsets that companies may turn to consultants for.Two days after the election, Mische said he was already seeing clients warm up to hiring more consulting services.<h2 id="0172b540-ba65-42fa-b2bd-4c6e3f78d704">Potentially a short-term bump</h2>Tom Rodenhauser, managing partner at the consulting market research firm Kennedy Intelligence, agreed that the industry could see increased demand following Trump's election, but he thinks it could be a "short-term bump."Rodenhauser said Trump comes with uncertainty, along with his promises of tax cuts and <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-could-help-deregulate-tech-amid-a-trump-victory-2024-11">deregulation</a> — all of which, including the unpredictability, can be good for consultants."But the bad part is you're borrowing against the future. You're kind of having this very short-term outlook," he said.For instance, in recent years, there has been a push toward renewables as the energy of the future, but Trump's focus on oil and gas could lead to more focus and expenditures on those sectors, a move Rodenhauser said may not be ideal in the long term.He compared the situation to what happened during the pandemic: surging <a target="_blank" class="" href="https://www.businessinsider.com/the-consulting-business-demand-is-rough-right-now-2024-3">demand for consulting services</a> led to over-hiring, which led to layoffs and delayed start dates at some major firms, including <a target="_blank" class="" href="https://www.businessinsider.com/big-four-consultancies-deloitte-ey-cut-staff-pwc-accenture-2024-10">Deloitte</a>, <a target="_blank" class="" href="https://www.businessinsider.com/ey-graduate-hires-start-dates-delayed-slowdown-strategy-consulting-2024-10">EY</a>, and <a target="_blank" class="" href="https://www.businessinsider.com/layoffs-sweeping-us-these-are-companies-making-cuts-2024#:~:text=PwC%20is%20cutting%201%2C800%20employees.&amp;text=Big%20Four%20accounting%20firm%20PwC,will%20be%20informed%20in%20October.">PwC</a>."I think the danger for the big consulting firms is you don't want to seize upon an opportunity that's going to give you a short-term fix," he said.Doree Keating, a public sector industry leader at Ernst &amp; Young, had a more optimistic outlook on Trump's impact. "We're seeing tremendous opportunity for the government to leverage cloud technology, responsible AI, and data to drive efficiency and effectiveness across all agencies. Ultimately, our focus will be on helping modernizing government operations to deliver better results for the American people," she told BI by email.<h2 id="728a89b9-e57f-453a-b804-6c5d72e45ff6">'Business as usual'</h2>Two consultants both told Business Insider by direct message on Reddit that their firms are preparing for "business as usual" in Trump's second term. Both requested anonymity to avoid jeopardizing their careers but their employment was confirmed by Business Insider.One consultant who works at Deloitte said there would likely be a shift from federal to state-level work. "The prediction for more state government contracts comes across some of the policy ideas we've heard from the Trump administration; if there's certain federal social services that change or end, states have a lot of work to do to implement those changes but also address gaps it creates for the respective citizens of the state," they wrote.They added that Deloitte's leadership predicts a hiring surge next year to support staffing changes across agencies, new grant work, and implementing policy decisions Trump makes in his first year as president.Deloitte did not respond to Business Insider's request for comment.<h2 id="c6c80825-8c85-4b55-8f64-35597771189a">Three phases of preparing for Trump 2.0</h2>Mische said he expects three phases in how consulting firms respond to the new presidency. First, they'll need more confidence about what they think will happen in 2025. Next, they'll need to work through the backlog of extended but deferred job offers to see who is still interested in working for the firm. And once they have clarity in those regards, firms can start amping up their recruiting efforts.He expects much demand in the energy sectors, from fossil fuels to renewables, and an increased focus on more efficient government spending.The federal government spends billions annually on consulting services, and he said there may be increased demand from agencies Trump has suggested making major changes to, including the Department of Education, the Justice Department, and the Department of Defense.

What Trump's win means for the consulting industry

In a boost to Elon Musk's <keyword id="20034452" type="General" weightage="20" keywordseo="starlink" source="keywords">Starlink</keyword>, Communications Minister Scindia has said the spectrum for satellite broadband will be allocated and not auctioned as sought by Indian billionaires Mukesh Ambani and Sunil Mittal. The satellite broadband spectrum will however be not given free and sector regulator Trai will fix a price for the resource, he told PTI in a text and video interview. "Every country has to follow the <keyword id="20848482" type="General" weightage="20" keywordseo="international-telecommunications-union" source="keywords">International Telecommunications Union</keyword> (ITU), which is the organisation that lays out the policy for spectrum in space or satellites, and the ITU has been very clear in terms of the spectrum being given out on an assignment basis. In addition, if you look across the world today, I cannot think of a single country that auctions spectrum for satellite," Scindia said. India is a member of the International Telecommunication Union (ITU), a UN agency for digital technology. Musk's Starlink and global peers like Amazon's Project Kuiper back an administrative allocation. While Ambani's Reliance Jio has been vocal about the need to allocate such spectrum through an auction to provide a level playing field to legacy operators who buy airwaves and set up infrastructure like telecom towers, Mittal last month at an industry event where Prime Minister Narendra Modi was also present articulated the need to use bidding for such allocation. Jio and Mittal's Bharti Airtel - India's largest and second-largest operators, respectively - feel that giving away the satellite broadband airwaves at a pre-decided price by the government will create an uneven playing field since they had to compete in an auction to get spectrum for their terrestrial wireless phone networks. The two are vying for a piece of the satellite broadband segment as well. Musk-led Starlink is demanding administrative allotment of licences in line with the global trend as it looks to tap into the world's fastest-growing mobile telephony and internet market. Scindia said the Telecom Act of 2023 passed in December has put the matter in 'Schedule 1', which means that the Satcom spectrum will be allocated administratively. Such an allocation will be at a government-decided price, and allow foreign firms like Starlink to offer voice and data services. If the spectrum were to be auctioned, it would have made it costlier for Starlink to roll out services. Starlink has applied for a licence to start operations in the country. Scindia, however, offered no clues on the fate of his application. The minister said that the regulatory process is very clear and transparent. The new Telecom Act has been passed, and the Satellite spectrum is very clearly a part of that in schedule one, he pointed out. "...and therefore, we are open to looking at the application of any entity that wants to invest in India at this point in time. I think only one or two licenses have been given out. And whoever else wants to participate, India is surely going to welcome that," the minister said. Last month, Musk, in a post on X, termed the demand made by Jio for shunning sector regulator Trai's consultation paper on satellite broadband being allocated and not auctioned as "unprecedented", and when Mittal made the pitch in the presence of the Prime Minister, he asked if it was "too much trouble" to allow Starlink to provide internet services in India. This was perhaps the first time that Musk, whose networth of USD 241 billion is more than the combined wealth of Ambani, Mittal and Gautam Adani, had spoken directly against demands for a level playing field made by the Indian firms. Musk, the mind behind PayPal, founder of Tesla and SpaceX and owner of X (formerly Twitter), uses his social media platform on a daily basis to make his views known on a vast array of topics.

In a win for Elon Musk, Scindia says no to spectrum auction pitch from Ambani, Mittal

<ul><li>India's real GDP grew at around 8.2% in real terms in Fy24: Economic Survey </li><li>Retail inflation dipped to 5.4% in FY24, notes Economic Survey</li><li>Unemployment dipped to 3.2% in FY24</li></ul><keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> is set to present the union budget on 23rd July, at 11 am. The budget session is scheduled to last between 22nd July and 12th August. This will be <keyword id="19956941" type="General" weightage="20" keywordseo="FM-Sitharaman" source="keywords">FM Sitharaman</keyword>'s seventh consecutive budget presentation under the third term of <keyword id="20205025" type="General" weightage="20" keywordseo="Bhartiya-Janata-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Bhartiya Janata Party" meta.hostid="261" meta.entityid="Bhartiya Janata Party">Bhartiya Janata Party</keyword> (BJP). All budget-related documents will be available at indiabudget.gov.in. You can watch the presentation live on Doordarshan, Sansad TV, and also on various official government YouTube channels. With this budget, Sitharaman will only precede former PM <keyword id="20342248" type="General" weightage="20" keywordseo="Morarji-Desai" source="keywords">Morarji Desai</keyword>, who has presented the highest number of budget (10) till date, followed by <keyword id="22330828" type="General" weightage="20" keywordseo="P-Chidambaram" source="keywords">P. Chidambaram</keyword> with 9 budgets, and Pranab Mukherjee, who has 8 budgets to his credit. In her recent address in parliament, Sitharaman noted that significant social and economic decisions will be a highlight of this budget. Notably, she concluded <keyword id="901788" type="General" weightage="20" keywordseo="pre-budget-consultations" source="Orion">pre-budget consultations</keyword>, which began on June 19th, on July 5th, where she met 20 invitees across 10 groups, including representatives from agriculture, skill development, finance and banking, energy, <keyword id="17408" type="General" weightage="20" keywordseo="Infrastructure" source="Orion">infrastructure</keyword> sector and more. <h2>Key expectations from Budget 2024</h2>Experts note that this budget will mainly focus on improving consumption, and boosting <keyword id="174143" type="General" weightage="20" keywordseo="infrastructure-development" source="Orion">infrastructure development</keyword>. Per reports, the government is also mulling raising the threshold of standard deduction under income tax regimes from the present Rs 50,000 to Rs 1 lakh. Additionally, to boost healthcare accessibility for the underserved in the country, the government is also contemplating to double the annual coverage offered under the <keyword id="20097876" type="General" weightage="20" keywordseo="Ayushman-Bharat-health-insurance-scheme" source="keywords">Ayushman Bharat health insurance scheme</keyword> from the present Rs 5 lakh to Rs 10 lakh over the next 3 years, along with also covering individuals aged over 70. Mr. Tashwinder Singh, CEO &amp; MD, Niyogin Fintech Limited, which offers credit to MSMEs, noted that upcoming regulatory changes should focus on simplifying compliance, taxation policies that encourage entrepreneurship, and incentivise innovations that drive R&amp;D investments. "We hope that the government takes measures to support the lending industry through access to capital and affordable interest rates, enabling entrepreneurs to realize their vision. Furthermore, we look forward to relaxed norms for NBFCs, allowing them to contribute more substantially to the economy. These measures will collectively propel India's economic growth, boost job creation, and position the Indian fintech industry as a strong contender in innovation and entrepreneurship", he continues. As for bolstering green infrastructure and clean energy production, Ms Aditi Balbir, Co-founder, EcoRatings notes that the 2024 union budget should prioritize investments in sustainable infrastructure projects and clean energy solutions, as 70% of greenhouse gas emissions stem from energy, industry, and buildings. "This will create a future-proof foundation for economic growth and help in achieving net-zero targets. Infrastructure is crucial in addressing climate change and meeting diverse societal needs. A transformative overhaul of our current and future infrastructure assets is essential. The budget should introduce financial incentives, such as lower interest rates on loans and dedicated grants, for companies committed to ESG compliance. This will create a clear link between sustainability efforts and economic benefits", she continued. <h2>Focus on Agri-credit, Real Estate in Budget 2024</h2>The government could also raise the target for agricultural loans disbursed during the year by up to 25%, setting the target at Rs 25 lakh crore. The government will also have to revamp the MSP (minimum support price) system in this space, focusing on challenges such as narrow coverage, dipping export competitiveness, discouraging private investment in this space and more. Another area that demands significant attention is real estate. Shubhi Jain, Principal Partner &amp; Head of CRM, Square Yards anticipates significant reforms in the upcoming budget under the new government. Securing industry status will unlock a plethora of legal and administrative benefits, along with much-needed tax incentives. "Also, while government’s focus on affordable housing under PMAY is commendable, recalibrating strategies in light of escalating construction costs is imperative for sustained inclusiveness and effectiveness. Moreover, enhanced tax reliefs and increased deductions on home loans, currently capped at INR 2 lakhs, are pivotal in stimulating demand and supporting prospective buyers", she says. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Assistance for Nalanda's development as a tourist center" mstype="2" mssubtype="0"></div><h2>Short-term outlook positive, notes Economic Survey </h2>FM Sitharaman presented the Economic Survey 2023-24 in the parliament today, ahead of the budget. The survey noted that the Indian economy had managed to recover and expand in an orderly fashion post the pandemic, with the real GDP growing by 8.2% in FY24. Going ahead, prospects for continued strong growth in FY25 remain robust. India also managed to bring down its current account deficit (0.7% of GDP in FY24), while projecting a 7%+ growth rate in the medium term. On the employment front, the survey noted that AI might moderate India's services export growth by as much as 0.3 to 0.4 percentage points annually over the course of the next decade. As such, greater emphasis and focus is needed on areas like blockchain, artificial intelligence (AI), machine learning, Internet of Things, cybersecurity, cloud computing, big data analytics, augmented reality, virtual reality, 3D printing, and web and mobile development. The Indian labour market indicators have significantly improved over the past 6 years, with unemployment rates dipping to 3.2% in 2022-23. However, even as net payroll additions to EPFO have doubled over the last 5 years, signaling a healthy formal employment market, job creation and increasing women participation in workforce remain key areas of concern. For all updates and latest information related to the budget, don't forget to follow <a href="https://www.businessinsider.in/budget" data-type="tilCustomLink" target="_blank">Budget Insider</a>! SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: FM Sitharaman announces internships for 10 million youth in 500 top companies</a> <a href="https://www.businessinsider.in/budget/news/loan-limit-under-mudra-scheme-to-be-doubled-to-20-lakh-sitharaman/articleshow/111950024.cms" data-type="tilCustomLink" target="_blank">Loan limit under MUDRA scheme to be doubled to ₹20 lakh: Sitharaman</a>

Union Budget 2024: When will it be presented, what time, where to watch and what are various sectors expecting?

The Prime Minister’s Internship Scheme, announced in the Union Budget 2024-25, is set to offer a tremendous opportunity for young Indians to gain hands-on experience in leading companies across diverse sectors. As of October 12, the portal for this ambitious initiative is open for registrations, with over 90,000 internship positions posted by top companies like <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword>, <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="261" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS), ONGC, Maruti Suzuki, and more. Here’s everything you need to know about how to apply, the companies participating, and answers to frequently asked questions. <h2>Step-by-Step Guide to Applying for the <keyword id="23273918" type="General" weightage="100" keywordseo="PM-Internship-Scheme" source="keywords">PM Internship Scheme</keyword></h2><ol><li>Visit the Official Portal: The PM Internship Scheme’s application process takes place on the official website,<a href="http://pminternship.mca.gov.in"> pminternship.mca.gov.in</a>.</li><li>Register and Set Up Your Profile: After opening the portal, you’ll need to register and fill out basic information, including educational qualifications, age, and internship preferences.</li><li>Explore Internship Listings: With over 90,000 internships available from 193 companies, you can browse listings in sectors like Oil &amp; Gas, Travel &amp; Hospitality, Automotive, Banking, and more. Each listing will provide details on job roles, skills required, and specific fields like Operations Management, Production, Maintenance, and Sales.</li><li>Apply for Your Chosen Roles: You can apply for up to five internships based on your interests, qualifications, and preferred location. The portal allows for an easy application submission and lets you track your applications.</li><li>Confirmation and Next Steps: Once you apply, download the confirmation page for reference. Internships are set to begin on December 2, 2024, so selected candidates will receive further instructions as the start date approaches.</li></ol><h2>Major Companies Participating in the PM Internship Scheme</h2>Here are some of the top companies that have already posted internships on the portal, with more joining every day: <ul><li>Reliance Industries Ltd.</li><li>HDFC Bank</li><li>Tata Consultancy Services (TCS)</li><li>Oil and Natural Gas Corporation (ONGC)</li><li>State Bank of India (SBI)</li><li>Maruti Suzuki India Ltd.</li><li>Jubilant FoodWorks</li><li>Larsen &amp; Toubro Ltd.</li><li>Eicher Motors Ltd.</li><li>Muthoot Finance</li></ul>These companies are providing internships across over 20 fields, covering a wide range of skills and sectors. The biggest opportunities are currently in the Oil &amp; Gas sector, followed by industries like Travel, Automotive, and Financial Services. <div type="Article" hostid="261" msid="113986236" title="Why so many entry-level jobs aren&amp;#39;t entry-level" mstype="2" mssubtype="0"></div><h2>Key Features of the Internship Scheme</h2>Under the scheme, interns will receive a stipend of Rs 5,000 per month, plus a one-time grant of Rs 6,000 to support miscellaneous expenses. These internships are available across 737 districts in all 37 states and Union Territories, making this a truly inclusive national program. Interns can indulge in many diverse internship roles. From operations to maintenance, sales, marketing, and production, these internships offer a variety of hands-on experiences that match real-world corporate needs. <h2>FAQs about the PM Internship Scheme</h2><h5>Who is eligible?</h5>The scheme is open to Indian citizens aged 21 to 24 who are not employed full-time or enrolled in full-time study programs. Candidates in online or distance learning programs are eligible. <h5>What sectors offer the most internships?</h5>The largest number of internships are in the Oil &amp; Gas, Travel &amp; Hospitality, Automotive, and Banking &amp; Financial Services sectors, with positions also available in fields like Manufacturing, IT, and Retail. <h5>When do the internships start?</h5>Internships for this year will begin on December 2, 2024. The scheme aims to facilitate 1.25 lakh internships this financial year and eventually reach one crore internships over the next five years. <h5>What are the application deadlines?</h5>The portal is open from October 12 for candidates to start applying, with companies continuing to post positions as the scheme rolls out. It’s recommended to apply early, as some positions may fill up quickly. <div type="Article" hostid="261" msid="114029056" title="Read 5 résumés that helped techies land $300,000-plus jobs at Google, Meta, Amazon, and Salesforce" mstype="2" mssubtype="0"></div>

PM Internship Scheme finally launched — here’s how you can apply to work with Reliance, TCS, SBI and more!

<ul class="summary-list"><li>Gen Z consultants view consulting as a stepping stone, not a long-term career.</li><li>High-pressure work and a lack of passion drive young consultants to seek more fulfilling jobs.</li></ul>As a freshman at Penn State University, Ezra Gershanok was set on <a target="_blank" class="" href="https://www.businessinsider.com/how-to-get-hired-top-consulting-firms-bcg-mckinsey-pwc-2024-7">landing a job in consulting</a> after graduation. He joined a consulting club and spent countless hours preparing for interviews.He ended his senior year with three full-time offers, including one at Deloitte in the firm's government and public services sector and one, which he accepted, at <a target="_blank" class="" href="https://www.businessinsider.com/mckinsey-ai-consulting-focus-future-2024-6">McKinsey &amp; Company</a>."There's not really that many better jobs where you can work on different things, you can travel, you can work with young people, and there's a lot of perks," he told Business Insider. As a college student, the prospect of flying business class, staying at the Ritz Carlton, and, of course, learning from big-name executives in his first job had appeal.However, Gershanok quickly realized that his role wasn't all it was cracked up to be."My first project was working for a utility provider, and we were literally doing nothing," he said. "I was like, there's no problem-solving in this job. It's just babysitting."Within two years, he'd left the firm and launched his venture, a sublet startup called Ohana.Whereas <a target="_blank" class="" href="https://www.businessinsider.com/landing-dream-jobs-tech-consulting-banking-are-harder-than-ever-2024-5">consulting</a> was once a dream job for many, Gen Zers are starting to see it as a mere lucrative stepping stone. Four Gen Z consultants told BI they were not in the industry for the long haul. It's a stable job and a shiny badge on their résumés that opens doors for them to pursue their passions.<h2 id="c10b7109-3a20-43e7-b515-1d682b20b510">The missing work-life balance</h2>Vicki Salemi, a career expert for Monster, told BI that because <a target="_blank" class="" href="https://www.businessinsider.com/mckinsey-consultant-quit-mental-health-shattered-2024-4">consulting can be high-pressure</a> — think 60- to 80-hour weeks — some young workers are questioning whether it's right for them, at least for the long term."There has been a shift in terms of looking at this type of position and thinking, 'What did I sign up for?'" she said, adding, "When you reach that level, there's not a balance. It's typically all work."Salemi, who previously recruited for large consultancies and Big Four accounting firms, said many young people starting their careers are shifting from questions about benefits to focus more on areas like office culture.Yet she doesn't expect the consulting industry will go hungry for workers because of the opportunities the experience can bring. Beyond making contacts with client companies, workers early in their careers can learn from their more experienced colleagues and through offerings like in-house training programs."They may feel like they can give a lot in terms of their output for work, but also get a lot from the internal organizational structures and the immense knowledge that their mentors and bosses may bring to the table," Salemi said.She said the learning opportunities can help some young consultants cope with the long hours and stress of the gig."Some jobs are still high pressure, and that won't change," Salemi said.Gen Z consultants said the hours are worth it as long as they pick up new skills. But after a couple of years on the job, the learning curve tapers, and their work can lose meaning.Jorge García Febles, a senior consultant at Deloitte, told BI, "I guess a lot of people just coast through, but that's not what I'm looking for. I want to feel like I'm actually doing something meaningful."<h2 id="86050a4c-7b01-4656-b79b-9e54a3284a6e">It's a good launchpad, but the passion isn't there</h2>Clouds Joo, a Gen Z <a target="_blank" class="" href="https://www.businessinsider.com/day-in-life-consultant-mid-20s-great-job-recent-grad-2024-6">strategy and management consultant</a> at a leading global firm, said she has the ultimate entry-level job: You learn a lot very quickly, there's enough variety never to get bored, and, perhaps most appealing of all, it's an easy industry to leave."Because you are always working in different industries, there's so many great doors in terms of exit opportunities," Clouds, who preferred to go by her nickname for privacy reasons, told BI. "You don't confine yourself to one industry."There's also the prestige of landing at a top <a target="_blank" class="" href="https://www.businessinsider.com/the-consulting-business-demand-is-rough-right-now-2024-3">consulting firm</a> — something that does not go unnoticed or unappreciated by the social media generation.A Gen Z consultant at PwC said he thinks the job is ideal for grads who don't know what they want to do because it's a good way to pick up many generalist skills. But the consultant, who asked not to be named because his employer didn't authorize him to speak to the press, said it's not work he is passionate about.He thinks some longtime consultants he works with simply got comfortable in their jobs and gave up on their other ambitions and passions. To avoid that, he plans to leave consulting to do work that he feels is more impactful and in an industry he cares about.He said he's passionate about working out and healthy eating, so he might move on from consulting to working in public health, fitness, or nutrition."Consulting is not a passion industry," he said. "Some people genuinely love consulting. I think they're freaks."Some young consultants say that at some point, they have to gamble between staying at a job that offers prestige and some security and finding purpose in their careers.Gershanok said he was <a target="_blank" class="" href="https://www.businessinsider.com/mckinsey-consultant-layoffs-firing-over-hiring-client-demand-2024-4">pushed out of McKinsey</a> earlier than expected because the firm had overhired. However, he said he always planned to become an entrepreneur. The McKinsey brand on his résumé made it easier to raise funding for his startup, which has won the backing of big names like Zillow's cofounder and former CEO, Spencer Rascoff, and Airbnb's former director of engineering, Surabhi Gupta."In the consulting world, you have security. The brand is good, but your job is meaningless. At least in my experience, it was meaningless," he said. Now that he's running a startup, he has "a mission."

Consulting has a Gen Z problem

New Delhi, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s retail sector is expected to grow at 9-10 per cent to reach USD 2 trillion in the next decade with the country's consumption story continuing to remain strong with steady growth, according to a report. Yet, organised retailers would need to sustain performance and continue to grow shares as the sector is going through key shifts impacting the pace and shape of growth, said the report by the <keyword id="19896306" type="General" weightage="20" keywordseo="boston-consulting-group" source="keywords">Boston Consulting Group</keyword> (BCG) and <keyword id="19895979" type="General" weightage="20" keywordseo="retailers-association-of-india" source="keywords">Retailers Association of India</keyword> (RAI). While income growth remains steady, and consumers are optimistic about personal income outlook, consumers are increasingly looking to spend on "experiences" or save more through newer or nascent vehicles, it said. "The Indian retail sector will more than double in size to USD 2 trillion in the next decade - across categories and formats - and the successful retailers are the ones who continue to challenge the perceived growth profitability trade-off, " BCG Managing Director and Senior Partner <keyword id="20759105" type="General" weightage="20" keywordseo="abheek-singhi" source="keywords">Abheek Singhi</keyword> said. The report said, "India retail (is) expected to grow at 9-10 per cent to reach USD 2 trillion in the next decade." Historically, it added organised retail has outperformed underlying category growth but a slowdown was seen in 2023. The slowdown in growth was reflected across segments in the recent quarters, it noted. The report pointed out that retailers would need to address key considerations for sustainable growth in the future. "By focusing on personalised customer experiences, exploring new collaborations, and leveraging AI for efficiency, we can propel India's retail industry towards unprecedented growth and global competitiveness," RAI CEO <keyword id="19992473" type="General" weightage="20" keywordseo="kumar-rajagopalan" source="keywords">Kumar Rajagopalan</keyword> said. As per the report, stores expansions continue to happen and with increasing urbanisation, there is more consumption expected to happen in tier 1-4 cities. "While e-commerce continues to grow, net new user addition has seen a slower pace in the year," it said, adding that the role and proposition of online needs to be reimagined.

India's retail sector to more than double to $2 trillion in next decade says BCG report

<keyword id="22782965" type="General" weightage="20" keywordseo="Ashima-Gulati" source="keywords">Ashima Gulati</keyword> is a lawyer turned <keyword id="22782966" type="General" weightage="20" keywordseo="policy-consultant" source="keywords">policy consultant</keyword> with over 7 years of experience in India's public policy arena. Starting off with a B.A.LL.B. (Hons.) from the National Law Institute University in Bhopal, Ashima kicked off her career as a securities and capital markets lawyer in Mumbai. Craving a deeper understanding of India's socio-economic landscape, she made a switch to the development and policy sector. Since her stint in Mumbai, Ashima's had quite the journey, including a two-year fellowship where she taught 70 students from a low-income community and co-founding a non-profit to improve healthcare access for marginalised communities. More recently, while Ashima was working as an independent consultant, collaborating with government, non-profit, and private organisations to build climate resilience and adaptation strategies for these groups, she went on something of a spree and applied to 10 master’s programs that combined general policy insights with climate change and sustainable development. But here’s the kicker: she got into ALL of them and bagged over USD 200,000 in <keyword id="19897091" type="General" weightage="20" keywordseo="scholarships" source="keywords">scholarships</keyword>! The impressive list of colleges and universities she got accepted into include Oxford, Columbia, <keyword id="191548" type="General" weightage="20" keywordseo="cornell" source="Orion">Cornell</keyword>, <keyword id="142498" type="General" weightage="20" keywordseo="university-of-chicago" source="Orion">University of Chicago</keyword>'s Harris School of Public Policy, The Fletcher School at Tufts University and Geneva Graduate Institute, to name a few. As Ashima prepares to leave for Oxford, where she will pursue Master of Public Policy, we got in touch with her to ask her how she managed to achieve this monumental feat. While she works towards her ever-evolving passion for public policy and sustainable development, other aspirants can probably take a page or two out of her book! Ashima attributes her success in applying to international universities to the a few unique aspects. Here are five such major factors that helped her application stand out from the crowd in her own words: Demonstrate the uniqueness of candidature through evidence “I believe it is of utmost importance to be able to substantiate the claims that one makes in their applications with respect to their profile, work experiences, leadership qualities, and most importantly, the impact that one has created in the society. Since my college days, I have maintained a detailed record of all initiatives and opportunities I have engaged in, documenting my involvement thoroughly. For my master’s applications, I included such documentation through publications, data evidence, and other relevant sources. Additionally, I encouraged my recommenders to provide evidence supporting the qualities they intended to highlight in their letters. This approach fosters transparency and credibility in the application, avoiding the use of superlatives and ensuring grounded presentation of one’s profile.” Showcase alignment with the specific program and the university “It is essential to thoroughly research and understand the focus and advantages of the specific program before drafting application essays. This ensures that you can effectively align your profile and professional experiences with the program and the university. The application should clearly demonstrate how the program’s unique features will enhance your knowledge, skills, and career goals. In my view, the applications should be highly tailored to the specific program and university to which one is applying to.” Be honest with one’s limitations and gaps in current knowledge and skill set “In my view, there has to be a demonstrated need for upskilling and applying to the program. One should be able to discuss the obstacles and hindrances one has experienced in their current profile, and a genuine need to upskill to overcome such challenges. Additionally, the application should also discuss how the program/university will help the applicant in addressing such challenges, and in helping one grow in their professional journey.” Connect with alumni and articulate well-considered future goals “Applicants should clearly outline their professional goals, both short-term and long-term, within their applications. It is important to demonstrate that you have engaged with alumni to gain insights into the opportunities provided by the program and the university. Additionally, the application should detail how the program and the university will support you in achieving these advanced goals. This approach reflects thorough research and preparation, showcasing the uniqueness of the program and university as your commitment to leveraging these opportunities effectively.” Discuss your contribution to the growth of the program/university “Many applicants overlook this aspect in their applications. It is crucial to articulate how you will contribute to the program and university both as a current student and as an alumnus. This demonstrates a strong commitment to the institution. You should describe how you plan to leverage your skills and knowledge in specific areas, such as conferences or journals, to contribute meaningfully to the institution. This reflects your genuine interest and dedication to the institute, and a mutual relationship that you wish to nurture with the institute.” While the pointers Ashima shares are undoubtedly helpful, she stresses on how its the candidate profile that matters most. You can check out her profile <a href="https://www.linkedin.com/in/ashima-gulati/?originalSubdomain=in" data-type="tilCustomLink">here</a>. Furthermore, as dedicated as Ashima is towards her cause and her <keyword id="19907717" type="General" weightage="20" keywordseo="education" source="keywords">education</keyword> at the Blavatnik School of Government, University of Oxford, she acknowledges that letting go of the financial stability that her career in law afforded her was not an easy choice to make. However, these acceptances served as affirmations that traditional notions of what a career must look like are evolving, she asserted. She now knows that taking risks in one’s career can be rewarding if done right! Going forward, Ashima is committed to using her education to advance her career in the public policy sector with the goal of contributing to the well-being and uplifting of marginalised communities, mostly by addressing the intersections of education, healthcare and climate change. And we wish her all the very best! <div type="Article" hostid="261" msid="112316410" title="I moved from the US to Germany for college. Tuition is mostly free, but I miss the American school spirit." mstype="2" mssubtype="0"></div>

This Amritsar resident got into Oxford, Columbia, Cornell, and 10 major international programs with over Rs. 1.6 crore in scholarships! She shares 5 tips for fellow applicants

<keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="153" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS), has expanded its partnership with <keyword id="20167467" type="General" weightage="20" keywordseo="Rolls-Royce" source="keywords" meta.keywordsubtype="org" meta.entityname="Rolls-Royce" meta.hostid="153" meta.entityid="Rolls-Royce">Rolls-Royce</keyword>, a British multinational specialising in civil aerospace, defence aerospace, services, and power systems, to advance sustainable aviation initiatives. According to a press release, the collaboration focuses on researching <keyword id="22499621" type="General" weightage="20" keywordseo="hydrogen-fuel-system-technology" source="keywords">hydrogen fuel system technology</keyword>, reinforcing the potential of hydrogen as a zero-carbon <keyword id="20178417" type="General" weightage="20" keywordseo="aviation-fuel" source="keywords">aviation fuel</keyword> of the future. TCS will supply engineering skills and support to Rolls-Royce to tackle three key challenges in enabling hydrogen for aviation- fuel combustion, fuel delivery, and fuel system integration with an engine. All elements must be validated for safe operation. This partnership highlights TCS's commitment to driving sustainable transformation across industries, aligning with its broader mission to harness technology for positive societal impact. The International Air Transport Association (IATA) has set targets for net zero carbon emissions by 2050. Alan Newby, Director, Research and Technology, Rolls-Royce, said, "We welcome TCS to our hydrogen research programme and their engineering skills will play a valuable role in addressing our technology goals. We've already made great progress and having TCS with us gives us additional capability as we move forward on our journey to enable the energy transition for the aviation sector." The expanded partnership was announced at the Farnborough International Airshow, where TCS also showcased its technological prowess in the aviation industry. This collaboration builds on a long-standing relationship between Rolls-Royce and the Tata Group, including engine development and a robust supply chain commitment. TCS has worked with Rolls-Royce since 2010 in areas such as design, manufacturing engineering, control systems, software, after-market services, and IT services, supporting major civil and business aviation programs and the end-to-end product development lifecycle. Anupam Singhal, President - Manufacturing, TCS, said, "The partnership between TCS and Rolls-Royce is an exciting one that represents a powerful alliance in the quest for <keyword id="22500175" type="General" weightage="20" keywordseo="sustainable-aviation-solutions" source="keywords">sustainable aviation solutions</keyword>. We are aligned with Rolls-Royce's ambition for a greener future. This partnership is the perfect opportunity to put our technological strengths and passion for the environment to use for advancing innovation and fostering an eco-friendlier aerospace sector." TCS will leverage its deep domain knowledge of the aircraft manufacturing industry to support Rolls-Royce's engineering activities such as system design, component design, supply chain support, and program management. These services will help Rolls-Royce research hydrogen technology to address the challenges of fuel combustion, fuel delivery, and fuel systems integration with an engine, ensuring all elements operate safely. Regu Ayyaswamy, Senior Vice President and Global Head- Internet of Things and Digital Engineering, TCS, said, "TCS and Rolls-Royce have been partners in advancing engineering excellence for nearly a decade. The new partnership for research into hydrogen fuel systems represents a pivotal next step at a time when the aviation industry is faced with the urgent challenge of reducing carbon emissions while maintaining performance and efficiency. It aligns well with TCS' commitment to harness technology for positive societal impact and building a greener future." TCS has been on a mission to harness the power of technology for positive societal impact and drive sustainable transformation across industries. With more than 200 sustainability offerings, TCS is helping customers around the world in their sustainability journeys. As a Tata group company, TCS is also conscious of its impact on the environment. In 2021, TCS set an ambitious sustainability target to reduce its absolute emissions by 70 per cent across Scope 1 and Scope 2 by 2025 from the baseline year 2016 and to achieve net zero by 2030. By FY24, TCS had already reduced its absolute carbon footprint across Scope 1 and Scope 2 by 80 per cent over a baseline of 2016, exceeding its target achievement by 10 per cent, one year ahead of time. (ANI)

TCS collaborates with Rolls-Royce for hydrogen research programme

Ahead of the union <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> 2024, which is set to be presented on the 22nd July, finance minister Nirmala Sitharaman kicked off pre-budget consultations on 19th June. In their pre-budget memorandum to the <keyword id="19900485" type="General" weightage="20" keywordseo="finance-ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="finance ministry" meta.hostid="261" meta.entityid="finance ministry">finance ministry</keyword>, the <keyword id="20366533" type="General" weightage="20" keywordseo="PHD-Chamber-of-Commerce-and-Industry" source="keywords" meta.keywordsubtype="org" meta.entityname="PHD Chamber of Commerce and Industry" meta.hostid="261" meta.entityid="PHD Chamber of Commerce and Industry">PHD Chamber of Commerce and Industry</keyword> proposed 10 reforms it deemed essential for <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>’s journey towards <keyword id="19916816" type="General" weightage="20" keywordseo="Viksit-Bharat" source="keywords" meta.keywordsubtype="org" meta.entityname="Viksit Bharat" meta.hostid="261" meta.entityid="Viksit Bharat">Viksit Bharat</keyword>. Amongst the proposals submitted were introducing reforms to enhance the share of the manufacturing sector in India’s <keyword id="19904293" type="General" weightage="20" keywordseo="GDP" source="keywords">GDP</keyword> to 25% by 2030, and the expansion of the <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> beyond its existing scope of 14 sectors. In addition to this, <keyword id="20366532" type="General" weightage="100" keywordseo="PHDCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="PHDCCI" meta.hostid="261" meta.entityid="PHDCCI">PHDCCI</keyword> also emphasised on rationalising direct taxes for the middle class, infrastructure enhancement and smart village development, with special focus on tier-2 and 3 cities. As per Sanjeev Agrawal, President, PHDCCI, “In order to strengthen the share of the manufacturing sector in the country's GDP, we recommend the status quo on the corporate tax rate at 22% for existing companies and 15% for new manufacturing companies incorporated after October 1, 2019. The middle class must be spared from the 30% tax rate and this rate must be applicable only to those with taxable income above Rs. 40 lakh, this will support consumption demand in this country”. In addition to this, PHDCCI also emphasised on strengthening linkages between universities and industries for bettering research and development activities in the country, and also appealed for reducing cost of doing business. Here’s a snapshot of some prominent demands placed forth by the PHDCCI ahead of the budget : <ol><li>Change in NPA classification limit from the present 90 days to 180 days</li><li>Fostering AI education, skill development and competitiveness in the service sector</li><li>Increase agricultural exports to US$100 billion in the next 3 years via increased public investments in infrastructure,</li><li>Ensure the presence of schools within a radius of 1 km, colleges within a 10 km radius and universities within a 25 km radius in the next five years.</li><li>Make health centres available within the radius of 1 km and hospitals within the radius of 10 km.</li><li>Propose a Voluntary Disclosure Scheme (VDS) for legal cases older than 10 years, offering settlement opportunities at a nominal 15% penalty. </li></ol>

Bolster manufacturing sector, consumption this budget: PHDCCI to FinMin

<ul class="summary-list"><li>Tom Greiner, Accenture's lead for health and public-service tech, helps clients improve their IT.</li><li>Greiner opened up about the evolution of cloud technology and generative AI in the public sector.</li></ul>Tom Greiner joined <a target="_blank" href="https://www.accenture.com/us-en">Accenture</a>, an international <a target="_blank" class="" href="https://www.businessinsider.com/top-business-execs-trending-insights-ai-worker-well-being-roundtable-2024-9">leader in information-technology services and consulting</a>, in 1988 as a director of technology in the company's federal-services division. He spent 34 years in that role, which allowed him to work with a wide variety of public-sector clients.He has hands-on experience managing complex projects like US-VISIT, a system deployed by the Department of Homeland Security to handle biometric-data collection at border crossings.In 2022, Greiner became the senior managing director of Accenture's division for health and public-service technology. Using his experience with implementing technologies for US federal services, he helps clients in the commercial public sector and health employ complex information technology, including cloud tools and generative artificial intelligence.Greiner spoke with Business Insider about digital transformations in the public sector and how they might evolve.The following has been edited for clarity and length.Let's talk about cloud technology. Can you explain what hybrid cloud means and its significance in the public sector?Many of our clients still reside in their on-premise data center, or they use a private cloud, which is somebody else's data center but not located that far away.However, we've seen more clients start to embrace the cloud. COVID was an accelerator for that. Dollars and cents is also a driver. There's a need to treat the taxpayer dollar respectfully. Using the cloud for things like backup and recovery or storing system and security logs is much cheaper.As more clients have built digital-facing capabilities to interact with citizens, they've seen that that build is typically done in some sort of cloud variant. Many of them, aside from federal, are focused on a single cloud provider.But in federal, we see many multicloud and hybrid-cloud environments. They'll have data sitting in a data center. They also have some in a thoughtful hybrid-cloud environment, leveraging the cloud for certain tasks but not everything.A few agencies are 100% cloud. They're even dabbling with polycloud, meaning one workload is hitting multiple clouds within the workload. Generative AI is also an accelerator there. We're seeing clients dabble in different foundation models that sit in different clouds.What concerns do stakeholders typically raise when implementing the cloud in the public sector?In Europe, there's a data-sovereignty concern. Where's the data? Where are the people who are touching the data? Where are the people who have access to the data center?In the United States, and in state and local organizations, clients want to know not only if the cloud is secure but also how a cloud service will secure their workload.Clients are asking for a managed SOCKS service and <a target="_blank" class="" href="https://www.businessinsider.com/sc/how-businesses-should-respond-to-ransomware-attacks-2021-3">active threat hunting</a>. Depending on the nature of the data, we've had clients ask for what we call moving-target defense. We can set up a cloud environment, and it will run for four or six hours. Then, we shut it down and set it up somewhere else. If an adversary gets into the environment, their ability to understand it is more limited.How does government regulation impact the public sector's use of the cloud differently from the private sector?There's still confusion in Europe because countries have their own opinions on what the General Data Protection Regulation, or GDPR, should mean, and there's not a uniform point of view on what is right to meet the specifications.Each country is coming up with their own interpretation, and sometimes they're looking to the first mover for guidance. So if Germany went first, another country will look at that and decide, yes, that's good enough or no, we want more.Getting back to the United States, I think a helpful move was the establishment of a minimum set of federal security requirements through the National Institute of Standards and Technology. It's a commonly understood standard that commercial entities look toward.I think the last couple of federal administrations have wound down their emphasis on the <a target="_blank" href="https://www.nist.gov/cyberframework">NIST Cybersecurity Framework</a> as something they need to keep current, and that was a surprise. The implication is that security, like beauty, is left open to the eye of the beholder, and individual variances are increasing friction and cost in the market a bit.A lot of industries would be a fan of the administration again stamping the NIST Cybersecurity Framework as the go-to for being good enough to do business with the US federal government.What's the current demand for AI, particularly generative AI, in the public sector?For AI in general, I'd say it's high and has been for a number of years. With generative AI, I think there's both optimism and caution. 2023 was a year of small experiments and exploration. In 2024, we needed to think about it institutionally.We've worked with states and localities on setting up Centers of Excellence to understand different models, provide coaching on responsible AI, and exchange best practices and reusable capabilities across agencies.Cloud went through a similar process, and I think lessons were learned that are now applied to generative AI. Cloud started as a bit of a free-for-all, and then common infrastructures and security capabilities came later. With generative AI, organizations are trying to solve citizens' problems but also to start with direction on how to do it in a fair and equitable way.Can you provide examples of how generative AI is deployed in the public sector?We completed a program with the District of Columbia Department of Health that created a chatbot for citizens and staff to ask questions about services and program qualifications. That was our first implementation of Amazon Web Services' Bedrock using <a target="_blank" href="https://www.businessinsider.com/retrieval-augmented-generation-making-ai-language-models-better-2024-5">a retrieval-augmented-generation solution</a>.We uploaded their documents and website information into a closed model to guide citizens' questions. RAG is common now, and in the last three months, we've added knowledge graphs for better contextualization and correlation of documents.Generally, I'm still seeing one-off use cases. It's about experimentation, and not about an organization-wide fundamental change. The public sector doesn't have the competitive pressure that commercial does to reinvent, as it's sort of a monopolistic entity by design.However, budgets are tight. If public-sector organizations can free up staff from mundane activities, that's important. It's big in public health, for example, where there's a nursing shortage across the globe. Helping someone coming in for a surgery to ask all the questions they would want to ask in a conversational sort of way could probably off-load 80% of the patient prep and free up a nurse for other tasks.Are general attitudes toward generative AI receptive or cautious in the public sector?I'm seeing that people are encouraged. That's because agencies are picking off use cases where they're confident they can deliver immediate value and build positive momentum. They're going for quick, easy wins, the parts of the job that people hate to do.It works best in organizations with a responsible AI framework in place or that are working with providers that bring that as part of what they do. However, it's still the Wild West, so many organizations can do what they want, and use whoever they want, and get whatever results they're going to get. I suspect we'll see a mixed bag.Still, I think there'll be enough success that AI will continue to permeate and cross-pollinate across states and localities.

A tech leader at Accenture shares how AI and cloud tools in the public sector can evolve with regulation: 'It's still the Wild West'

<ul class="summary-list"><li>Ezra Gershanok was a <a target="_blank" href="https://www.businessinsider.com/mckinsey-burnout-quit-elitist-consulting-lifestyle-2023-8">business analyst at McKinsey &amp; Company</a>. </li><li>He says he was forced out as the firm grappled with declining client demand and too many hires.</li></ul>This is an as-told-to conversation with Ezra Gershanok, a former business analyst at McKinsey &amp; Company who's a cofounder of the sublet startup Ohana.Long story short, I don't regret my time at McKinsey &amp; Company.I was hired straight out of college as a business analyst, an entry-level <a target="_blank" href="https://www.businessinsider.com/consultant-analyst-guide-common-corporate-job-titles-project-manager-2024-1">consultant role</a> at the firm. I'm glad I had the opportunity, and I appreciated the firm's high expectations and learned a lot from my colleagues.However, several aspects of my job frustrated me.There was an expectation that everything needed to be done immediately. I felt a constant sense of urgency even though we weren't building anything. My work output was always a PowerPoint deck, and its biggest impact was making whoever paid for us to be there look good.In such an environment, you quickly realize that everything is political. Your ability to get on good projects, and even your performance goals, boil down to how well-liked you are by colleagues. Everyone at the firm can do the work so well that the higher-ups ultimately build teams of people they like working with.<h2>The firm had clearly over-hired</h2>My biggest issue was that McKinsey over-predicted how much work I would have.I started at the firm in June 2021 as one among a class of pandemic hires. I left in March 2023.During that time, McKinsey secured many government and private-sector contracts and hired extensively, assuming there would be a steady workflow. Then, <a target="_blank" href="https://www.businessinsider.com/how-do-interest-rate-hikes-impact-housing-market-rent-mortgages-2024-3">interest rates started rising</a>, companies started tightening their budgets, and several realized they could automate much of their work. So, client demand began to dry up.For me, the pace of the work started to slow down in the second half of 2021 and into 2022. Several jobs at the firm started to be seen as redundant. The pressure to cut down the workforce was palpable.McKinsey doesn't normally conduct layoffs. Instead, they push employees out by marking them down on performance. But the communication channels aren't clear when you're an entry-level employee. So, it's possible to get positive feedback from the clients you're working with and your direct manager, even when the higher-ups are trying to push you out.And that's not a pleasant experience.<h2>It would have been easier if they just laid me off</h2>I remember getting a call in mid-February 2023. Things had gone pretty well on the project I was working on that week, which was on semiconductors and pretty competitive to get staffed on. On Saturday, I got a call out of the blue from an associate partner who told me I was no longer on the project, even though I was supposed to go to Seattle that Monday to continue work. I received another call on Sunday and was told to talk to my senior partner because there was some hope I could get back on the project. But he flat-out said there was no way I was getting back on the project.I had a meeting put on my calendar a week later and was told that senior managers would be present at the meeting to decide my fate at the firm. In the days leading up to the meeting, I kept receiving warnings that it wouldn't go well and that I was better off just quitting. I told them that I refused to quit before going through with the meeting.At the meeting, they complained about my performance, even though it was clear that the real reason they wanted me out was because the <a target="_blank" href="https://www.businessinsider.com/management-consulting-firm-mckinsey-plans-to-cut-jobs-reports-2023-2">firm had over-hired</a>. It would have been easier if they said, "We're letting you go" or "We're firing you." Instead, they told me that the senior partners had met and decided that my next step was "search." I'd be paid for six weeks and given a guidance counselor who would help me <a target="_blank" href="https://www.businessinsider.com/mckinsey-offering-staff-pay-career-coaching-if-they-leave-firm-2024-4">look for another role</a>.I could have fought it, but I was pretty frustrated with my work by then. My biggest gripe is that McKinsey preys on people who are status-insecure. Everyone the firm hires is an overachiever. We want to do well, and what people care more about than money, honestly, is the gratification of our bosses.<h2>Life after McKinsey</h2>By then I was already thinking about solving this other problem I had experienced as an intern — the struggle of subletting. So my good friend, who was working at Apple at the time, quit his job, and we both hit the ground running, building a new startup called Ohana.Ohana fills the gap between short-term rental platforms like Airbnb and long-term housing sites like Zillow. We provide an efficient way to sublease in NYC. We've found that the average host on Ohana saves $5,969 per sublease, and in the last month, Ohana has saved New Yorkers over $238,000 in rent. We've also brought on some heavy-weight backers, including Zillow's cofounder and former CEO, Spencer Rascoff, and Airbnb's former director of engineering, Surabhi Gupta.I'm passionate about the work I'm doing now. Looking back, the irony of my time at McKinsey is that they're constantly giving right-sizing advice to their clients but completely miss the mark themselves.Are you a consultant in a tough work environment? We would like to hear from you. Contact the reporter Lakshmi Varanasi at <a target="_blank" href="mailto:lvaranasi@businessinsider.com">lvaranasi@businessinsider.com</a>.

I was a consultant at McKinsey. Here's the frustrating way they pushed me out.

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, Overall ad spending in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> is estimated to reach $16-17 billion in FY24, growing at 6 per cent in the fiscal year, a report showed on Thursday. <keyword id="19899402" type="General" weightage="20" keywordseo="digital" source="keywords">Digital</keyword> advertising which accounts for 55 per cent of total spending is set to grow at 6-7 per cent in FY24, according to the report by market research firm Redseer <keyword id="20257965" type="General" weightage="20" keywordseo="strategy-consultants" source="keywords">Strategy Consultants</keyword>. With consumption set to rebound in the next 4 or 5 years, advertising spend is projected to grow at 9-10 per cent Compound Annual Growth Rate (CAGR) over the course of next 4 years, with digital advertising growing at 11-12 per cent in the same period, the report mentioned. "As digital natives shape consumption patterns across the nation, brands have a never-before opportunity to address a much-larger and diverse consumer pool through advertising," said <keyword id="19923640" type="General" weightage="20" keywordseo="mukesh-kumar" source="keywords">Mukesh Kumar</keyword>, Associate Partner at Redseer. "It will be fascinating to witness cutting-edge creative strategies take shape across platforms especially with the possibilities that programmatic advertising and GenAI can offer for the sector," Kumar added. The growth in advertising spend in FY24 is impacted by the slowdown in consumption over the past 5 or 6 quarters and a dip in private equity/venture capitalist funding. According to the report, most consumer sectors have optimised their ad spending and the e-commerce sector is the only sector to see ad spending increase by 15 per cent in FY24. Despite slowdown in ad spending, advertisers increased their ad spending on platforms like retail media (ecommerce, quick-commerce etc.), and content platforms (OTT audio) owing to high conversion potential and wider reach among Tier-2 audiences, respectively.

Ad spending in India to reach $17 bn in FY24, consumption to rebound: Redseer

New Delhi, Companies in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> are expected to dole out an average of 10 per cent salary increase this year, with automobile, manufacturing and engineering sectors anticipated to witness the highest hikes, says a survey. In 2023, the average salary hike was 9.5 per cent, according to consultancy firm <keyword id="20234986" type="General" weightage="20" keywordseo="mercer" source="keywords">Mercer</keyword>'s Total Remuneration Survey (<keyword id="20176169" type="General" weightage="20" keywordseo="trs" source="keywords">TRS</keyword>) released on Tuesday. "This trend showcases India's strong economic performance and its growing appeal as a hub for innovation and talent. Employees in the automobile, manufacturing &amp; engineering and life sciences in India are projected to see the highest salary increment increases, highlighting the competitive nature of these sectors," it said. The survey, conducted between May and August 2023, gathered data from 1,474 companies, covering more than 6,000 job roles and representing more than 21 lakh employees. It focused on salary trends across various industries, with individual performance, organisation performance and position in salary range being the top three factors determining increments. The median merit salary increments in India are expected to reach 10 per cent in 2024, which was on top of a 9.5 per cent increase in 2023, the survey said. In India, it said the rate of voluntary attrition has shown a gradual increase from 12.1 per cent in 2021 to 13.5 per cent in 2022. "The half-yearly data for 2023 indicates a slight increase in attrition compared to 2022, suggesting a continuing upward trend in voluntary attrition each year, which is also being reflected in other parts of the world, including Brazil, China, Australia, and Japan," Mercer said. <keyword id="20749445" type="General" weightage="20" keywordseo="mansee-singhal" source="keywords">Mansee Singhal</keyword>, <keyword id="20749446" type="General" weightage="20" keywordseo="rewards-consulting" source="keywords">Rewards Consulting</keyword> Leader for Mercer in India, said the projected salary increments highlight both confidence and optimism in the Indian market, driven by robust economic indicators and a thriving business landscape. The continuous focus on AI and automation has propelled key industries like automobile, manufacturing &amp; engineering and life sciences into a new phase of growth, Singhal added.

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