Whilst consolidation and bigger players buying up boutiques still happens in the Accountancy & Consulting sectors, the huge mergers and acquisitions of the last 20 years have slowed pace. Economies of scale no longer seem to be the mantra, with CEOs and Managing Partners turning their attention to disruptive market entrants and agile resourcing models.
Traditional accounting and consulting firms are likely to have IT consultancy teams embedded somewhere within them. However, these are often focused on system definition and technical implementation, and not the more nuanced digital, customer and people skills that the sector is now demanding.
This poses two huge challenges for those responsible for talent. Firstly, how to change the mix of their existing (often very highly paid) senior teams to be able to reflect the changing market conditions. To do this effectively requires a change of emphasis in talent acquisition, but also a much more challenging rethink of leadership succession plans.
The second challenge is how to adapt to the rapidly changing demands of customers, and the need to deploy highly skilled people whilst managing a much lower burden of overheads. These new resourcing models need to be more flexible and so will inevitably require talent leaders to attract, manage and remunerate highly skilled people in new ways.