Our survey data supports this idea. This year, 91 percent of consultants polled believe that their firms are adding headcount, which suggests that competition is fierce for top candidates. Probably as a result, 76 percent of consultants tell us that morale at their firms is high or very high, compared to 73 percent last year and a mere 56 percent in 2004.
   
So, how are consulting firms shaping up to lure talent away from the competition? Top firms continue to offer what they’ve always offered: incredible learning curves, stellar client portfolios, enviable mentorship, merit-based promotions, and opportunities to meet some of the most impressive business minds on the planet.
 
But now, some firms, especially those that made our list this year, have tipped the delicate work/life balance in favor of life.
 
 

Keeping Work in Check
   
This year, we discovered an interesting pattern in our survey data: The overall top five firms were also the top five firms in the work/life balance and culture categories. In the rest of the categories, other participating firms filled some of the first five spots. This suggests that the stellar firms that made our list all share a few important qualities: Their status on our ranking is predicated by dedication to helping consultants manage their careers and build solid relationships with their colleagues. (It’s worth mentioning that out of the ten firms that provide consultants with the most valuable mentors, four of them are also in our overall top ten list.)
 
Interestingly, Monitor’s leap onto our list to the number five spot this year is driven in part by its strides in the work/life metric. (It jumped from the sixth spot to the third place in that category this year.) And McKinsey’s improved standing on our list — from sixth to second — is also driven by a similar improvements in work/life balance, as it bounced from the 19th spot to second place in that metric this year.

According to Rohn, “The ‘up-or-out’ has changed drastically industry-wide … because there are a lot of people who want to do interesting work who don’t want to kill themselves in the process.”
   
In addition to providing consultants with a system of checks and balances for monitoring hours and curbing overwork, many of the top firms also offer flexible work options, and unpaid time off for when they really need a rest. For instance, every single consultant at Monitor who filled out a survey told us they are satisfied with their flexible work arrangements. The firm is notorious for allowing consultants to determine their own work schedules, as long as results are delivered.