Many firms are finding it hard to find good help these days. Nearly every industry has reported challenges hiring and retaining top talent, with a record number of people leaving their jobs for greener pastures or to focus on different life priorities. Faced with a smaller pool of candidates amidst booming business, many firms are recruiting greater numbers of recent graduates in order to bolster their workforces, with two Big Three management consulting firms leading the hiring of recent MBA graduates from the London School of Business.
According to the school’s latest MBA employment report, consultancies McKinsey and Bain & Company have substantially increased their hiring of MBA graduates in 2021. McKinsey led the numbers, hiring 56 graduates compared to 43 in 2020, with Bain hiring 34 compared to 26. Boston Consulting Group hired 39 new MBAs, with other top recruiters including Amazon, Kearney, and other major finance and consulting firms.
The London Business School MBA is one of the most prestigious in Europe, seeing roughly 500 students joining the program annually. It’s also one of the most diverse, with 92% of the 2021 class consisting of international students from 66 different nationalities. Graduates of the school are highly sought after, with over 90% of students accepting a job offer within three months of graduation. Roughly half of the new graduates accepted jobs in the U.K., showing that it remains a popular place for MBAs to work in spite of Brexit. The U.K.’s post-study visa makes staying in the country to work much easier, permitting a stay of up to two years after graduation.
The uptick in recruitment comes at a time when major consultancies are competing heavily for staff, with firms not only increasing starting salaries but offering perks like permanent work from home, additional time off work, and increased schedule flexibility, as well as a greater focus on workplace mental health and overall workforce wellbeing. Retention efforts have increased as well, with companies focused on lowering employee turnover. Many of the Big Three consultancy firms and Big Four accounting firms have been racing to out-spend and out-offer one another in hopes of attracting and keeping top talent.
As the consulting market continues to grow, it’s likely that efforts to attract new MBAs, especially those from prestigious schools, will follow suit. Firms across all markets are sure to feel the effects in the short term, with new graduates standing to benefit the most.