Despite the pandemic, strategy firm Boston Consulting Group (BCG) saw global revenue rise by 8% (at constant rates) in 2020 to reach $8.6 billion.
While the firm was able to maintain a healthy growth rate during a global economic slump, the 8% figure represented a significant decline from 2019’s 14% growth. It also broke an impressive six-year run of double-digit growth at the Boston-based strategy consultancy.
BCG, however, expanded its headcount in the last 12 months rather than contracting like many other firms. The company added approximately 1,000 people to reach 22,000 globally.]
"In an exceptionally challenging global economy, BCG adapted, remained agile, and continued to put our clients first. I'm enormously proud of the dedication, inventiveness, and commitment of our team to partner with leaders across every industry to build resilience, protect employees, support frontline workers, and prepare for a strong recovery," said Rich Lesser, CEO of BCG.
The firm has in the last year invested $150 million to help public and private sector organizations respond to the pandemic, according to a release from the consultancy. BCG, alongside other consulting firms, has been actively supporting global governments in their response to pandemic challenges – including current vaccine rollout efforts.
Lesser also credited the firm’s long-term investment in digital capabilities and services – which have seen growing demand due to the particular challenges of the pandemic – with helping the firm maintain significant revenue growth.
The CEO highlighted that the company hasn’t lessened its focus on corporate social responsibility in the pandemic context. BCG in 2020 invested $300 million into its sustainability and social impact work, including support for initiatives from the World Economic Forum and World Business Council for Sustainable Development.
"Looking forward, climate action remains one of our most urgent challenges,” Lesser said. “As we partner with clients to help them realize their net-zero ambitions, we have continued to change the way we operate as a firm.”
The firm last year announced that it would invest $400 million over the next 10 years to achieve a “climate positive” sustainability target in its global operations.
BCG also noted its continuing efforts in diversity and inclusion, particularly within the firm’s leadership pipeline. The number of female managing directors and partners has grown at nearly three times the rate of male managing directors and partners in the last ten years. The proportion of women on the firm’s executive committee has, meanwhile, jumped from 18% to 35% over the same time period.