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Impact of Covid-19 on consulting firms

The impact of Covid-19 on lives and livelihoods around the globe has been unprecedented. What started as a health crisis quickly morphed into an economic disaster, due to the restrictions implemented to control the outbreak of the virus. Governments, recognising the danger, have reacted quickly and already allocated $13 trillion worldwide to stabilise their economies and try to restart growth.

Given that these economic headwinds have affected nearly all sectors, consulting firms are taking multiple steps to respond and manage their costs and human resources. Measures include pay freezes, reduced bonuses, compulsory annual leave usage, a freeze on hiring and internal promotions. To their credit, Partners in the Big 4 have led by example, deferring profit distributions and reducing their pay by 10-25%.

However, as economies emerge from lockdown and assess their business, we are seeing firms starting to announce redundancies. For example, PwC Australia recently confirmed it will cut 400 staff and 5% of its workforce. Deloitte will reduce their headcount by 6,000 worldwide, including 700 cuts in Australia. KPMG and Accenture are also downsizing. The risk of redundancy, combined with a lack of internal promotion opportunities, has prompted many employees to look around and, regarding employment, dip a proverbial toe in the water. At Selecture, we have seen a significant uptick in candidate enquiries in Q2, throughout all three of our key markets – Australia, Singapore and the UK.

In the current economic environment, employers will naturally be more cautious and only engage in discussions with standout candidates, who will clearly have a positive impact on their organisation.  

So, how can you, as an aspiring employee, control how a prospective employer perceives you, thereby maximising your chance of success?  

Focus on these 4 areas:

1.     Create a CV which elicits interest and paints an accurate and compelling picture of yourself.

2.     Establish your online presence, especially through Linkedin.

3.     Actively engage with headhunters.

4.     Sharpen your online interview skills.

Tips for writing a CV that is impactful:

It is said that a picture can speak a thousand words. For a person looking for employment opportunities, that picture is your CV. And no, you don’t need a thousand words!

Tip 1: Write a clear and precise summary.

You should lead with a concise, professional summary. It should succinctly highlight the breadth of your experience and draw attention to your core competencies. Ensure that it is no more than 3 to 4 lines.

Tip 2: Spend time comprehensively articulating your most recent position.

In a well-structured CV, your professional experience should ideally form the bulk of the resumé. Your current position should account for at least 50% of this section. Reflect upon and articulate effectively your present key professional responsibilities, your tangible achievements and your intangible learnings.

Tip 3: Show; don’t tell.

Instead of telling prospective employers you are a leader or that you added immense value to your organisation, show it to them. Mention the number of people that reported to you and draw attention to specific initiatives that you took to enhance team productivity. If your efforts directly contributed to growth, share those numbers.

Tip 4: Ditch the jargon.

Avoid buzzwords and clichés. Your resumé should be a true reflection of your unique self. Using words like ‘team player’, ‘strategic thinker’ or ‘good communicator’ to describe yourself makes you seem just part of the crowd and fails to make you stand out in the eyes of the prospective employer.

Tip 5: Don’t leave any gaps.

You must ensure that you are completely honest on your CV. Do not fail to mention jobs that you may feel are irrelevant to your current profile, or are simply not worth discussing. While you do not need to describe such experience in detail, you must ensure that they find a place in your CV.

Building a great online profile:

In today’s ‘digital-first’ world, many recruiters research prospective candidates via social media and other online sources. This has now become a staple for most recruiters and thus warrants attention. The great thing is that we can all shape our online profiles, to ensure that our professional persona is visible.

Tip 1: Become platform savvy.

Today most people are present across multiple platforms like LinkedIn, Twitter, Facebook, etc. Your presence on these platforms gives you an opportunity to control the narrative. Establish yourself as an authority in your field by publishing and sharing thought leadership articles on the relevant platforms.

Tip 2: Join online groups.

There are several online professional networking groups that you can join. However, merely having a membership is not sufficient. You must engage with group members; contribute thoughts and ideas; attend events and build conversations.

Tip 3: Optimise your online content.

You can also consider creating a personal website, a Medium account or a blog. This is your space – a place where you can create content that not only resonates with your industry but also is relevant to various other industries. Create a content strategy and ensure that you learn the basics of search engine optimization (SEO) to optimise your online content.

Working effectively with Headhunters:

Headhunters can guide you through the recruitment process; become your advisor and essentially act as a conduit between you and your dream job. However, they are not magicians. You have to help the headhunters to help you.

Tip 1: Align your interests.

Before you choose the head-hunting firm you want to partner with, do some research. Most firms are likely to have a ‘major’ and a ‘minor’ focus in terms of the industries and functions they specialise in, and consequently the mandates that they’re working on. Thus, it is important to have goal congruity.

Tip 2: Be honest.

You must be honest and transparent. If a headhunter knows you well, they’re better positioned to ‘pitch’ you to a prospective employer. Furthermore, if there are any past issues that could pose a challenge in the future, it’s best to discuss these from the outset, rather than having issues cropping up late in the process.

Tip 3: Listen.

Your headhunter’s main goal is to see you succeed. They can offer valuable insight into their clients’ culture, processes, leadership styles and different personalities you may encounter within the organisation. Trust their judgement and listen to their advice.

Online interviewing – Do’s & Don’ts:

Now that the basics are completed, the next step is to prepare for your interview. In the current environment, it is highly likely that at least a part of the interview process will be managed online. This can sometimes be frustrating and also feel impersonal. So what can you do to excel in an online interview?

Tip 1: Ensure that the tech is in place.

If you need to download a particular software or app to enable the call, do so in advance, rather than just minutes before the actual call. During the online interview, avoid streaming any other content and focus solely on the interview.

Tip 2: Prepare the environment.

When taking a video call at home or in a public space, try to minimise the distractions as much as possible. Set a table and chair in a room with good lighting and inform your family members that you should not be disturbed.

Tip 3: Be succinct and engaging.

An online call might not provide the best opportunity to have elaborate conversations. Thus, you need to ensure that you engage with the interviewers proactively and respond to their queries in a succinct yet comprehensive manner.

Tip 4: Close effectively.

Unlike a personal interview where, at the end of the meeting, everyone gets up, shakes hands (or bumps elbows) and exchanges final pleasantries, in a video call there are not many cues to indicate the end of the meeting. In order to close with maximum impact, be sure to end with a positive comment and a smile and definitely confirm the next steps.

In the current environment - which is largely client-driven - it’s paramount that candidates contemplating a career move tilt the balance in their favour and maximise their impact at every stage of the process.

Author: David Lancefield