From navigating the turbulence of the 2008 financial crisis to rejoining Oliver Wyman as a Partner in our Finance and Risk and People and Organizational Performance Practices in London, Michelle Daisley’s career reflects a diversity of experiences and lessons learned. Discover how her time in banking shaped her client-centric approach, and the insights she has for those building their careers in consulting.

Tell us about your career journey and your boomerang back to Oliver Wyman

I first joined Oliver Wyman in 2000 when we were a boutique financial services consulting firm with just 120 people in our London office, compared to nearly 900 now. After five years I left to join Halifax Bank of Scotland (HBOS), one of the major UK high street banks at the time. An Oliver Wyman alum had moved there about 18 months prior; he thought I’d be perfect for a job opportunity that had come up within their risk division. I wanted to do something different and spent three great years at HBOS. First, I worked in the retail Division as the retail banking chief risk officer’s (CRO) right-hand person, helping him solve whatever problems came up. I then joined the group investor relations team in early 2008. That was the year HBOS collapsed and had to be bailed out by the UK government — it was terrifying having a front-row seat during that period but in hindsight, it was a fascinating experience. By the end of the year, I was an employee of Lloyds Banking Group because they’d rescued HBOS along with the government. Career prospects were uncertain, so when I got a call from a former Oliver Wyman colleague, I decided to rejoin the firm. I celebrated my 15-year (re)anniversary in March.

What had you missed about consulting?

I missed the travel, the variety and the freedom to go after interesting projects.

What lessons from the bank did you bring back to Oliver Wyman?

I learned how complex organizations function, how decisions get made, and the pressures on the shoulders of senior executives. That was a level of empathy I lacked as a consultant because I got great visibility on what kept the CRO awake at night; then I gained a different insight on what a chief financial officer (CFO) needs to feel comfortable dealing with investors and the board.

How can consultants develop a similar empathy?

Learning from colleagues who are experienced hires, or alumni who’ve gone into industry, can bring that perspective. I’m also a big proponent of secondments and long-term projects. Sometimes as consultants, we think we need to do lots of short-term projects to build up our performance grades quicker, but you get different skills and perspectives from longer projects. Those broader, deeper relationships enable you to see what else they’re juggling. That helps to develop empathy for the client's experience.

How had Oliver Wyman changed when you returned in 2009?

By that point, the London office had moved from Covent Garden to Baker Street and the firm had changed its name from Mercer Oliver Wyman to Oliver Wyman, four years after the acquisition by Marsh & McLennan.

We were on an upward trajectory: things felt bigger, and our brand recognition had significantly strengthened. I felt proud to be back, especially after the turbulence of working for a bank during the financial crisis.

How do you balance the demands of consulting with your well-being?

There were periods early in my career when I suffered burnout. I was determined not to let that happen after I came back, so I adopted a mindset of owning my work-life balance. That meant managing my to-do list in a smarter way and getting comfortable saying no when necessary.

Recognizing the signs of stress and taking steps to address them early-on makes my job more sustainable. Nowadays, I advise consultants to judge their own workload and set boundaries to maintain a healthy balance, because no one else will do it for them.

What advice do you have for consultants?

There’s always a focus on promotions, but as cliché as it sounds, life’s a journey, not a destination – enjoy it. There’s no rush. When I returned from HBOS, I was a Principal, and some colleagues who hadn’t left Oliver Wyman were already Partners. But I was promoted soon enough.

I wouldn’t change anything because I chose projects and roles that were interesting and gave me life experience, rather than just climbing the next rung on the ladder.

This page was originally published on December 16, 2024.