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Worldwide Revenues Reach $11 Billion
BOSTON: Boston Consulting Group (BCG), one of the world's leading management consulting firms, announced today global sales of $11 billion for year-end 2021, with underlying revenue growth of 25% at constant exchange rates, continuing BCG's long-term success, which has seen the firm more than triple in revenues over the past decade and grow nearly ten-fold over the past two decades. More than 98% of this growth is organic. BCG's global workforce grew by 10% to 25,000, up from 22,500 the year before.
Christoph Schweizer, who was elected Global CEO in May 2021 and took office on October 1, 2021, highlighted strong demand from clients related to their climate & sustainability agenda as well as digital & artificial intelligence (AI) as two of the firm's key growth drivers.
“We are recruiting 8,000 new staff this year, including significant numbers of climate and sustainability and AI experts to join our consulting teams,” said Schweizer.
“We have benefited from our multi-year commitment to invest in developing world-class capabilities. Increasingly, we are bringing those capabilities together to support clients on their path to net-zero, and in the past few months BCG has also launched major partnerships with SAP and the Carbon Disclosure Project (CDP).”
BCG made significant progress on the firm's own path to net-zero and will be issuing its annual sustainability report at the end of April with more details. Since 2020, BCG has invested $240 million to broaden and deepen its climate partnerships, advance its thought leadership, and expand its capabilities. BCG served as the consulting partner for COP26 and is supporting critical climate efforts for the World Economic Forum and the World Business Council for Sustainable Development. The firm is also a founding partner of Breakthrough Energy Catalyst, a new fund investing in companies developing cutting-edge technologies to achieve net-zero emissions.
“I'm also very proud of the way our team has partnered with clients in every sector to help them navigate through a very challenging period. We are enabling our clients to harness the potential of digital transformation, advanced analytics, and AI at scale to build resilience and prepare for future opportunities.”
Business Updates and Highlights
- Ukraine Humanitarian Support: Today, BCG launched a virtual hub for Ukrainian talent, which provides job opportunities at BCG. The firm continues to address the humanitarian crisis with many initiatives and by supporting NGOs.
- Diversity, Equity, and Inclusion: BCG has a long-standing commitment to DE&I and today, 44% of BCG staff are women. BCG's Executive Committee comprises 35% women, with members from more than ten countries. Women also lead BCG in three of the world's largest economies (North America, China, and UK). In addition, the number of managing directors and partners who are women continues to grow at almost three times the rate of managing directors and partners who are men. 51% of the firm's new hires in the U.S. are from ethnic minority backgrounds. The firm has launched ethnic diversity networks in Europe, Australia, and Africa.
- Social Impact: BCG invested a record $320 million in social impact work through FY2021. The firm's efforts included 1,300 social impact cases in 2021, including advancing education in Africa with Teach For All, building resilience in Egyptian food systems, and supporting COVAX with its COVID-19 vaccine program.
About Boston Consulting Group
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.
Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.
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