Such retrenchments may eventually happen but on a limited scale, say watchers
Although the global consultancy and professional services sector has been hit by a wave of layoffs since 2023, Singapore has so far been spared from major job cuts, with top consultancy firms in the region reporting continued demand for their services.
The global wave of layoffs started in 2023 and continues to impact the industry, with Big Four firms experiencing rounds of cuts. Recently, PwC Australia announced over 300 role redundancies, while Deloitte in the UK reduced 100 positions. Ernst & Young is reportedly considering further layoffs in Oceania. McKinsey & Co has also started global headcount reductions.
However, despite these global trends, local consultancy firms in Singapore have not seen significant layoffs. Budget-tightening in companies may dampen demand for consulting services in the future, but industry watchers predict that any retrenchments here will likely be limited in scale. Singapore’s consultancy firms have noted that demand for their services remains steady, which has helped shield them from the broader global trend of job cuts.
