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Celebrating 10 years at Movemeon: lessons on growth, resilience, simplicity, and authentic leadership.
This year marks a decade since Nick, my co-founder, and I welcomed our first paying customer (hiring for their strategy team) to movemeon.com.
Since then, I’ve gotten married, had 3 kids and moved house 4 times. With the support of a fantastic team, we’ve grown Movemeon globally (supporting hiring in 100+ countries), started and exited another people-tech startup and benefited from the support of some amazing mentors and customers advocating for our different approach.
I’ve also made countless mistakes. So now felt like the right time to share what I’ve learned - often the hard way.
I’ve split my lessons into a rough chronological order from the early days through to today. I hope you find them helpful - whatever scale and type of organisation you work in.
Thank you for your support - of me and of Movemeon - and for taking the time to read. Very best,
- Rich (more about me here on LinkedIn)
I hope you've enjoyed reading this article. Thank you for taking the time and also for your support over the last 10 years.
I share my thoughts more regularly on LinkedIn where 35,000 people now follow me (I am a little baffled by that, I must admit). If you'd like to join in, here's a link to my profile where you can click follow.
Keep in touch,
Rich
Discover why Private Equity funds are increasingly hiring Chief Transformation Officers (CTOs) and how their strategic roles drive a remarkable 24% increase in value through business transformations. Explore when and where CTOs are commonly employed, their evolving roles, and key strategies for CTO success.
According to a recent article from Bain & Company, a Chief Transformation Officer (CTO) to oversee a transformation results in a 24% uptick in value.
In this article, we look at where CTOs are most commonly hired, before looking at how Bain saw the role evolving during a transformation. This is a great introduction to both how a CTO could be implemented and the overarching value these hires offer.
Here at Movemeon, we most commonly support PE-backed portfolio companies in hiring a Chief Transformation Officer.
CTOs are commonly hired post-acquisition. The potential for transformation of the business has been identified during the deal due diligence. Now is the complex task of realising the value from the transformation.
Transformations are, by their nature, cross-cutting and reliant upon adopting new technologies and processes. Executed effectively, they are the ultimate driver of an increase in equity value. However, a lot can go wrong.
Whilst not common across all funds, a number we work with have increasingly looked to de-risk this transformation by hiring a Chief Transformation Officer. They are typically an ex-consultant who has subsequent experience driving transformation in businesses, often in a PE-backed environment.
If this sounds like something that could benefit your company, or a company in your portfolio, please do click here to ask any questions.
According to Bain, the CTO plays five critical roles: strategic architect, integrator, operator, coach, and controller. Each role is important at different stages of the transformation.
They saw the role evolve as follows:
CTOs often find themselves in the position for the first time, and external coaching or peer mentoring can be highly valuable in helping them succeed in their roles. Building a strong team of leaders with complementary skills is also crucial for CTOs to effectively lead transformations.
The most effective CTOs report directly to the CEO and are an integral part of the CEO’s leadership team. They should have unfiltered access to the executive suite and should arrive as a peer of the CEO’s other reports.
Speak to Movemeon today about partnering to equip your organisation with top PE strategic talent.
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Movemeon helps PE firms to hire top-tier consulting trained professionals for their teams. Get in touch for more information!
An ever-changing market landscape poses challenges to Private Equity (PE) firms. Funds are honing their portfolio operations approaches to achieve organic value creation, employing innovative strategies like equity relief, and meticulously managing risk exposure during due diligence. Here, we shed light on these approaches, and how they can drive value for PE firms.
Organic value creation has emerged as a dominant theme for PE this year, with sustainable growth within portfolio companies becoming paramount. PE funds recognize that fostering organic value yields not only financial gains but also fortifies the long-term viability of investments.
In the current market, the number one capital deployment strategy is equity relief. This approach empowers PE funds to inject capital into portfolio companies while avoiding the burden of increased debt, enabling them to navigate uncertainty and leverage growth opportunities. This strategy establishes a collaborative partnership, aligning the interests of both PE funds and portfolio companies for optimal results.
Sentiment around deals remains cautious this year. Sky-high valuations and financing uncertainties have shifted the focus to risk exposure during due diligence, while operating partners are encountering unforeseen risks that challenge deal closure. Robust risk management and thorough due diligence are crucial to ensure the resilience of investments in this evolving landscape.
Benchmarking PE fund portfolio operations is essential for gauging performance and identifying areas of improvement. The key elements to consider are:
1. Value-Creation Framework. Evaluate the extent to which the PE fund's portfolio operations prioritise organic value creation. Assess the strategies and initiatives in place to enhance growth, optimise operations, and foster innovation within portfolio companies.
2. Equity Relief Integration. Scrutinise how effectively the equity relief strategy is integrated into the fund's operations. Examine the alignment of capital deployment with portfolio company needs and market dynamics, ensuring that equity relief serves as a catalyst for sustained growth.
3. Risk Management Protocols. Analyse the fund's risk management protocols and due diligence processes. Investigate how risks are identified, assessed, and mitigated during different stages of investment. A strong emphasis on risk management showcases a fund's commitment to safeguarding investments.
4. Performance Tracking Metrics. Consider the performance metrics used to gauge the success of portfolio companies’ initiatives. These could include revenue growth, EBITDA margins, customer retention, or market share.
5. Collaboration and Communication. Assess the level of collaboration and communication between the PE fund and portfolio companies. Open and transparent communication fosters a synergistic partnership, enabling the alignment of goals and strategies.
Implementing some or all of the strategies above is crucial to ensure PE success in the current environment. Through doing so, PE firms can position themselves for sustained growth, profitability, and resilience despite the ever-evolving demands of the market.
Speak to Movemeon today about partnering to equip your organisation with top PE strategic talent.
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In this article, we'll delve into the impact and potential of fractional hiring, drawing inspiration from industry insights and success stories.
Venture capital funding fell 53% in Q1 2023, underscoring a difficult period for the start-up and scale-up ecosystem. Against this backdrop, fractional hiring is surging in popularity among organisations looking to improve cost-effectiveness and efficiency when leveraging specialised skill sets, particularly at C-suite and Director level.
In this article, we'll delve into the impact and potential of fractional hiring, drawing inspiration from industry insights and success stories.
An Evolving Landscape: The business world is evolving rapidly, with start-ups, scale-ups, and even established enterprises looking beyond the traditional 40-hour workweek. Fractional hiring enables businesses to tap into a vast pool of seasoned professionals, many of whom are seeking flexible arrangements to balance their work and personal commitments.
Speak to Movemeon to enquire about our lists of candidates available for fractional employment.
A Depth of Expertise: Fractional senior hires bring in expertise that can propel a company’s growth. Imagine having a former CFO of a Fortune 500 company orchestrating your financial strategies, or a seasoned CMO devising your marketing campaigns.
Cost-Effectiveness Redefined: Instead of committing to a full-time executive with a hefty salary package, companies can access top-tier talent on a part-time basis, achieving substantial cost savings without compromising on quality.
The Silicon Valley Paradigm Shift: TechCrunch calls fractional hiring a "growth cheat code". Start-ups, especially in challenging financial environments, have found fractional executives to be a lifeline offering fresh perspectives and novel strategies while contributing to bottom-line results.
Forbes' Formula for Start-up Success: Forbes’ Tech Council advocates for start-ups to embrace fractional hiring to secure high-level expertise within budget constraints. By enlisting fractional leaders, start-ups can access knowledge, mentorship, and strategic guidance usually reserved for more established players.
House of Revenue's Vision for Transformation: House of Revenue called 2023 the "Year of Fractional Executive Services". The ability to bring in specialised leaders to drive synchronised efforts across sales, marketing and customer success is a recipe for market domination.
Clarity of Purpose: Before diving into fractional hiring, define your objectives and desired outcomes. Outline the roles you seek to fill, the expertise required, and the impact you envision these leaders making on your business.
Effective Integration: Use open communication lines, provide appropriate resources and offer comprehensive support to integrate fractional leaders seamlessly into your team.
Measure Success: Define, and regularly assess, key performance indicators (KPIs) and metrics that align with your fractional leaders' responsibilities.
At Movemeon, we specialise in connecting visionary companies with exceptional talent, including fractional leaders who are poised to make a difference. Our platform is your gateway to unlocking growth, where expertise meets flexibility.
Get in touch today to explore the potential of fractional hiring for senior roles.
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On Movemeon we have loads of freelance projects. Here you'll find our most important FAQs to start your career as a freelancer.
Embarking on a freelancing journey is an exciting leap into the world of independence and entrepreneurship, but some aspects of the transition can be confusing for newcomers. Here, we answer the most common freelancer FAQs, providing valuable insights on how to establish a limited (ltd) company, identify reliable sources of professional insurance, and choose the best business bank accounts for your consultancy venture.
This seems a daunting requirement at first glance, but by following these simple steps you can have your ltd company set up quickly and efficiently:
Insuring yourself as a freelancer offers protection against legal claims and financial liabilities. As a rule of thumb, this is a crucial safeguard to implement when setting up your freelance business.
Conduct thorough research to ensure you select a reputable provider, with coverage tailored to your industry and services and with indemnity insurance included. Consider other specialist cover you may need, such as general liability insurance, cyber liability insurance, or worker's compensation insurance.
Click here to view all freelance projects on Movemeon!
Research dedicated business banking accounts thoroughly. You may want to use a “traditional” bank for your business, but for a faster, digital-first process, consider using a “challenger” bank such as Monzo, Tide or Starling.
Ideally, your bank will:
As a freelancer, you can no longer rely on your employer for training and professional development. Remember to invest in enhancing your skills and staying up-to-date with industry trends. This adds value to your services and helps you stand out in a competitive market.
Ensure you network constantly to find new potential clients. Networking can lead to collaborations, referrals, and growth opportunities. Connect with fellow freelancers, industry professionals, and attend conferences — try to tie networking and business development in with professional development by learning about the emerging trends in your field.
Becoming a freelancer offers the freedom to shape your career on your terms. Setting up a ltd company, securing professional insurance, and choosing the right business checking account are the first steps towards a potentially fulfilling career path.
To connect with employers seeking to hire freelancers, speak to Movemeon today.
Would you like to hire a freelancer for your team or want to know more about it? Get in touch with one of our in-house experts!
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4,000+ organisations trust Movemeon to solve strategy, transformation & general/commercial management challenges.
In the ever-evolving landscape of corporate strategy, the art of hiring has taken centre stage. Traditionally, the onus has been on recruiting from the illustrious trio of McKinsey, Bain, and Boston Consulting Group (MBB), but considering a more diverse talent pool could be a strategic masterstroke.
Their dominance makes it easy to forget, but there's a whole world of strategic expertise outside of MBB. The trio have surprisingly low intakes each year, meaning that thousands of talented consultants develop outside of the traditional MBB bubble.
Additionally, many graduates join boutique firms due to their own areas of specialisation. Organisations such as OC&C have honed their expertise in retail, while Roland Berger have an outstanding reputation in consumer goods. Their specialised consultants bring unique perspectives that can prove invaluable when crafting industry-specific strategies and are often as qualified and talented as MBB consultants.
In today's fast-paced business environment, agility is key. Diverse teams bring a range of perspectives, approaches, and problem-solving methodologies that can be crucial when facing dynamic challenges. While MBB consultants certainly possess remarkable analytical and problem-solving skills, introducing professionals from a broader spectrum can infuse fresh ideas and adaptability into the strategic process.
MBB consultants often earn a premium of around 20% compared to consultants from other top-tier strategy firms. Looking outside of MBB can provide a significant cost advantage without compromising on quality. This is particularly useful when working within the tight salary bands of most large corporates.
Even if we accept that MBB consultants may have an edge in strategic planning, alternative consultants can outperform in implementation. Executing strategies within a business requires not just a strategic mindset but the ability to navigate cross-functional environments and operational intricacies. Consultants from outside MBB often have more hands-on experience in translating strategic vision into tangible business results.
With this increased hands-on experience comes a smoother, more natural transition from strategy to execution. Consultants from specialised firms can hit the ground running faster, thanks to their prior experience in not only shaping strategies but also driving their practical implementation across different business functions.
While MBB consultants have long been considered the gold standard, many of the strategy directors we work with are increasingly open to expanding their horizons by hiring outside of the trio, resulting in more diverse, specialised, and adaptable teams. The skillsets, talent and often value for money of consultants from strategy firms like OC&C, Roland Berger, LEK etc. make them potential strategic differentiators that can propel organisations toward unprecedented success.
Movemeon was founded by two MBB alumni, but works with consultants from a comprehensive range of firms. Find out how we can help hire a specialised strategist for your team.
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Recruitment platforms are an increasingly popular and effective means of job seeking; we examine why, and the potential benefits for employers.
Following the Great Resignation, employers face an increasingly difficult task in attracting the right candidates to their organisation. Most recruitment channels, especially LinkedIn, are saturated, and the traditional recruitment agency experience is a negative one for candidates.
However, employers can improve their own prospects through the use of recruitment platforms. These are an increasingly popular avenue for jobseekers to find work, and offer various benefits to the employers using them including reduced time-to-hire and lower costs.
According to a survey of over 90,000 jobseekers conducted by BCG, 80% of people working in business management and 78% of those working in financial services are approached about new jobs at least several times per year. 72% of each group felt that they, rather than their potential employers, were in the driving seat when it came to salary negotiation.
Top talents will have many options, and they know it. Negative hiring experiences are a major turnoff in a highly competitive labour market; it isn’t just about making the best financial offer. 52% of respondents to BCG’s survey said that a strong negative experience during the selection process would put them off accepting an otherwise good offer, higher than any other factor.
Candidate experience is everything. Interview processes are two-way streets, and in-demand workers are assessing their prospective employer as much as the other way around. Employers need to take an end-to-end approach to their hiring processes, ensuring that it is seamless and intuitive from the start to set the best impression. Recruitment platforms are one of the best places to start.
More than half of the respondents said that they would use a recruitment platform, such as Movemeon, if they were looking for a new position. Further, when asked how they came by their current position, platforms had the highest response rate, at 29%. Recruitment platforms are a popular and effective means of scaling recruitment efforts.
Choosing the right platform is therefore key to building an efficient hiring process, and it can bring various benefits:
CIPD data shows that over half of companies using technology in their recruitment process found that it enabled them to screen out unsuitable applicants to some or a great extent.
Improve candidate experience. The same CIPD report shows that 78% of companies reported an improvement in candidate experience as a result of using recruitment technology.
Cost-per-hire is typically lower through recruitment platforms than through agencies, largely because much of the work an agency performs is automated by a recruitment platform. Further, with more efficient resourcing tools, in-house recruitment teams can do more with less, making them smaller and leaner.
Recruitment platforms tend to automatically log key hiring process data, especially when integrated with an ATS. This means cleaner, more thorough and less time-consuming data management, with analytics functions often included too.
For example, a multinational consumer-goods company cited by McKinsey found that adopting digital hiring tools delivered $1m hiring cost savings per annum (across approximately 800 hires, meaning a saving-per-hire of $1,250) as well as a 90% reduction in cost-per-hire
Movemeon, for example, offers various key advantages to candidates and employers. Rather than face the hassle of fielding cold calls from recruiters, candidates can receive notifications whenever they match with a company on the platform. This creates a better and more positive candidate experience, increasing the chances of a positive hiring outcome.
Likewise, hiring companies can strip out the time and effort needed to process irrelevant applications. No recruiters forwarding disinterested or underqualified candidates; matching candidates on Movemeon ensures that every connection is made with engaged, highly talented applicants.
Above all, candidates on Movemeon are a specialised community of current- and former consultants, each of whom trusts Movemeon as a partner to match them with roles highly suited to their backgrounds. As such, employers can find candidates through the platform that simply aren’t looking in other places, or via agencies.
Find out how Movemeon can improve your hiring through our innovative platform and global network of consultants. Get in touch with on of our experts!
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Exploring the characteristics that enable consulting firms to thrive even during periods of economic uncertainty.
In a world riddled with uncertainty, certain firms manage not just to survive, but to thrive. Smaller, more agile firms appeal to candidates in an increasingly competitive marketplace: Movemeon’s 2023 application trends show that the top four firms by number of applications received were all boutiques with a clear industry specialism and mission, and collectively received the same total number of applications as the next 16 companies combined.
This tallies with insights from our 2023 freelance report and 2022 index report, which showed that consultants changing firm while staying in advisory tended to want greater impact. Sideways moves, leveraging their existing (strategy) skills, are enabling more mission-driven career changes.
When compared with external data, it is clear that these career choices reflect broader changes taking place in the consulting industry, as advisory firms and their clients adjust to rapidly changing market conditions.
In uncertain times, it pays to be adaptable. Tough economic times go hand-in-hand with severe downturns for particular industries and sectors, but it is often hard to predict which markets will be affected and which will endure.
Companies that rely heavily on a single market or revenue stream are at risk, and it is harder for large organisations to pivot quickly if their core customer base suddenly cuts spending. Smaller businesses, however, typically have faster iteration times; they are used, by necessity, to constantly monitoring, assessing and pivoting their offerings.
This is why smaller companies are currently proving more popular on Movemeon; candidates are clearly attuned to the advantages of boutique firms in the unpredictability of the currency business cycle.
The need to adapt is also driving hiring behaviours in these firms. Boutique consultancies are increasingly engaging specialists in a variety of niche markets and industries, especially social impact, government and energy consulting.
Contractors are increasingly popular, their flexibility offering much-needed expertise while retaining the ability to cut costs and pivot quickly if necessary. Movemeon’s most successful advisory partners are increasing their use of contractors, as our Advisory Lead, Ethan Cho, mentioned in his most recent newsletter.
Talented teams drive innovation and navigate change effectively; research from McKinsey Global Institute found that the world’s most successful businesses typically combine investment in talent development with a culture of innovation.
However, gaps exist between supply and demand for certain skills. Companies must therefore be ready to offer training, either to existing staff or to new hires who may lack industry-specific experience but who demonstrate the right transferable skills.
Firms that invest in employee development can see improved talent retention; research from LinkedIn shows that 94% of people will stay at a company longer if it invests in their career development. Similarly, effective in-house training programmes mean these firms can cast the net wider when they do hire, accessing a broader talent pool. This in turn will naturally improve diversity, which improves a business’s ability to adapt and innovate.
Companies offering effective training programmes do well to broadcast them during the hiring process, since candidates, particularly younger ones, are increasingly interested in internal development opportunities when assessing competing job offers.
Movemeon’s in-house experts can advise on the best way to position training programmes in job adverts. Get in touch here!
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Geographical diversification can limit exposure to localised uncertainty.
While “traditional” markets (especially the US, UK and EU) are undergoing a period of economic uncertainty, other geographies, particularly the Middle East, are thriving. Projects are in abundance, and advisory firms are relocating teams and resources here; the FT reported in February that, even as consultancies looked to cut costs in their home markets , firms like PwC were increasing the number of staff deployed in the region.
Boutique and medium-sized firms are also joining this trend, and allocating resources accordingly. For example, Roland Berger’s annual meeting earlier this year saw a quarter of all its partner appointments made to its Middle East practice, while Renoir Consulting acquired Dubai’s ESG-Integrate last year to boost its presence in the region.
Movemeon’s Advisory Lead, Ethan Cho, has been supporting boutiques and large firms with their Middle East expansion. Feel free to reach out for more information or if you have questions about Movemeon’s candidate base in the Middle East.
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Find out what to pay someone from a boutique consultancy you hire for your business or team when calculating how much to pay them.
When hiring former consultants into their businesses, companies often fall into the trap of letting the big three strategy houses – McKinsey, Bain and BCG (MBB) – skew their data.
In fact, these three companies typically pay elevated salaries for consultants at all seniority levels, by approximately one third of annual salary. Here, we review the average salaries that consultants leaving boutique management consultancies typically seek.
At Analyst level, consultants from boutique firms typically earn £47,000 per annum. This is approximately 36% less than analysts at MBB companies earn. It is worth noting that, at Analyst level, salary will make up approximately 87% of total compensation, with bonus accounting for 10% and pension for 3%.
The gap narrows slightly at Associate level, where consultants from boutique consultancies earn an average of £73,000, 27% less than their counterparts in MBB firms.
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Managers at boutique consultancies earn, on average, £98,000. This is approximately two thirds of the salary that their equivalents in MBB firms earn. Base salary accounts for 84% of manager compensation, with bonus rising to 12% of the total.
Director / VP level consultants in boutique firms earn, on average, £172,000, again close to two thirds of the salary that their MBB counterparts earn. At Director / VP level, base salary forms just 79% of total compensation, with bonus comprising 16% and a further 2% being equity.
Movemeon partners with over 80,000 consultants worldwide, from all types of firms, to ensure our clients can find the perfect fit for their needs.
Whether you are ready to hire, looking for more information about hiring or just want some advice, one of our team of friendly specialists will get in touch within 24hrs.
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