About a month ago, I wrote here about the factors that drive consultants to choose one firm over another, and whether perceived prestige of a firm was the major catalyst in such decisions. At the time, our annual Vault Consulting Survey had just begun, and consultants' responses dramatically pointed to firm culture as the predominant factor for an individual selecting a workplace. Almost one month and 5,000 respondents later, the percentages are consistent with the initial breakdown: 42 percent of respondents feel that firm culture is the most important factor, followed by practice strength at 15 percent, prestige at 10, compensation at 7, and work/life balance at 5.
And today, I found this—a brief explanation of findings from Consulting magazine's recent MBA survey. They found that work/life balance was the prevailing factor in deciding on a firm, while compensation seems to have fallen similarly down the totem pole.
So while perceived prestige in the industry continues to be an important factor, it seems that priorities have certainly shifted in the marketplace, and consultants are most concerned now with finding a workplace that suits their lifestyle and personality. As more positions open up over the next year and candidates find themselves with more than one job offer, these lifestyle factors are likely to play an even larger role.
Our consulting survey is still open, so if you haven't had a chance to give us your feedback, please do so!