Launching BTO Jobs 💼

Whilst consultancies forge ahead with enterprise AI partnerships

Jun 09, 2024

Exec Sum

A satirical cartoon image of business people forming partnerships with tech workers. The characters look less realistic and more cartoony. In the background, there is a robot-looking AI standing in front of a pile of cash, which the consultants clearly desire. The setting is a modern office with large windows and a collaborative atmosphere. The business people are dressed in exaggerated formal attire, such as oversized suits and ties, while the tech workers are in casual, smart outfits like jeans and t-shirts. The robot AI looks advanced and futuristic with a matte finish.

65% of organisations are using AI regularly, according to a new McKinsey report
Big Four firms withdraw offers to foreign graduates in UK
Why do so many bad bosses still rise to the top of the corporate ladder?

👀 What to expect: ~1,100 words / 6 min read

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Industry News

The Headlines 📈

McKinsey & Microsoft form alliance to advance GenAI

The partnership aims to enhance enterprise operations with GenAI agents by integrating Microsoft’s Copilot Studio with McKinsey’s expertise in strategy and digital transformation. McKinsey research has found there is potential to automate up to 70% of work hours and potentially generate $2.6 to $4.4 trillion in annual economic benefits through GenAI. The initiative will create end-to-end solutions to improve service quality and efficiency, leveraging McKinsey’s 7,000 tech experts. Read more.

OpenAI & PwC partner to revolutionize Enterprise AI

OpenAI announced a major partnership with PwC, marking PwC as its largest customer with 100,000 users and the first reseller of ChatGPT enterprise solutions. This alliance aims to expand generative AI adoption in enterprise settings, offering customised models and advanced analytics. PwC sees this move as a pivotal growth opportunity, leveraging AI to enhance business processes without increasing staff. This partnership could signal a broader shift in how businesses integrate AI into their operations. Read more.

Big Four firms withdraw offers to foreign graduates in UK

Deloitte & KPMG have rescinded job offers to foreign graduates after the UK increased the skilled worker visa salary threshold to £38,700 for over-26s, meaning that sponsors looking to bring in new talent from overseas must pay workers a minimum salary of £38,700. Previously, the threshold was £26,200, creating a nearly 50% increase. KPMG had hired 1,400 graduates and apprentices last year and will now fill these positions with individuals already eligible to work in the UK. Read more.

The News 📰

PwC has launched a round of “silent lay-offs” as part of a voluntary severance programme in the UK, with staff offered the package told they must not inform colleagues why they are leaving and have to follow a “suggested wording” if they want to send goodbye messages. Read more

BTO’s take - hush hush: an element of the Big 4’s attractiveness to graduates had historically been higher job security relative to other firms who often employ a harsher “up or out” policy. However, over the past two years, the negative press around Big 4 layoffs has tainted their reputation in the eyes of current students, which is why PwC is trying to keep these layoffs quiet.

McKinsey launches Unicorn training academy - McKinsey has introduced an internal training academy, the "unicorn program," to develop leaders proficient in both business and technology. This initiative is part of McKinsey's Build service, aiming to create versatile "unicorn" executives who can bridge the gap between business strategy and technological innovation. Read more.

BCG win $15 million project to boost Indian telecom giant BSNL’s competitiveness - BCG is preparing a three-year roadmap for BSNL to effectively compete with private telecom players like Jio and Airtel. Read more.

Alvarez & Marsal plans Big 4 talent raid for M&A expansion - US consulting firm Alvarez & Marsal aims to hire hundreds from the Big Four, starting with six senior KPMG advisors, to boost its M&A advisory business. A&M has a history of poaching talent, including partners and teams from KPMG in Australia and EY in China. Read more.

Roland Berger partners with Microsoft in UAE to enhance AI capabilities - The firm’s aim is to bolster AI adoption in the UAE, offering strategic AI advisory and integration support by leveraging Microsoft's AI tool. Read more.

Grant Thornton adopts “nine-day fortnight” in Australia - After a successful trial that led to increased productivity and retention, the initiative will be rolled out permanently, granting an extra day off every two weeks with no loss of pay. It received 94% approval from staff. Read more

Best of the rest:

Strategy& supports German charging infrastructure company Qwello enter the Dutch market with the acquisition of Park & Charge, British and Swiss partners of KPMG have voted overwhelmingly in favour of merging their partnerships, creating a £3.4 billion professional services group, KPMG’s EU AI Hub opens in Dublin, Currys selects Accenture and Microsoft for Generative AI adoption

Reader Poll 📊

Last Week Tonight

Interestingly, a recent BCG survey revealed that while Australia is the top country international workers would like to migrate to someday, London is still the world’s leading city for those willing to move. Read more.

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Interesting Detours 🔗

Why so many bad bosses still rise to the top - McKinsey Talks Talent

An examination is needed as to why current leadership selection processes elevate individuals who are overconfident and charismatic rather than genuinely competent and effective.
Leadership requires intellectual, social and psychological capital. The latter, including traits like curiosity and resilience, is crucial for success.
Effective leaders exhibit traits like empathy, self-awareness, integrity, and humility—qualities that are crucial for leadership but often overlooked in the selection process.
The McKinsey panel argue the need for a more meritocratic approach that values emotional intelligence, self-awareness - traits that truly contribute to effective leadership.
By redefining the criteria for leadership in this way, organizations can improve their leadership quality, enhance gender diversity, & achieve better performance.
AI could support the correction towards a more meritocratic system by identifying leaders with high EQ and reduce biases in selection processes, though it also risks reinforcing existing biases if not carefully managed.
In this way, AI could shift focus from technical skills to interpersonal skills in leadership selection, potentially improving the selection process by reducing bias
Current leadership selection processes need to prioritize soft skills and team-enhancing traits over individualistic and self-serving characteristics.

BTO Take:

Our perception of a leader needs to change. The skills that actually make for an effective leader - empathy, curiosity, self-awareness, are more subtle, but are becoming easier to measure and, as a result need to be rewarded to drive change through the selection process.

That’s all folks. Don’t forget your timesheets.

BTO Team

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