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Management Consulting

There are many companies that specialize in management consulting, which is indeed a huge and thriving multi-billion dollar business around the world. Companies engage the services of management consultants as they are considered to be experts in their respective fields and offer consultancy for various business related matters. These consultants offer advice, conduct surveys, study company processes and recommend strategies to companies for business improvement and enhancement. In today’s business scenario, it has indeed become quite fashionable to engage management consultants as companies are willing to pay top dollars to consultancy firms.

Management consulting could take on many hues, specializations and forms. There are quite a few consulting firms like Mercer, Hay, Hewitt who specialize in HR consulting. From visioning and mission statements to employee satisfaction surveys, compensation and benefits practices and plans, performance management to handling conflict and changes in management, you name it and the HR consultant claims to have a solution for the same. In the finance arena, consultants can help out in financial re-structuring to mergers and acquisitions or public issues - to name a few. The point is that if you have a problem area, you can choose from a host of management consultants who have made a name for themselves in that particular field of management.

Modern management owes a lot to American enterprises that introduced a lot of management principles. Even companies like Boston Consulting Group, Booz and Company, McKinsey and the Harvard Business School can be credited with having laid the foundations of management consulting. Management consulting is indeed an exciting and lucrative profession and if you would go to B-Schools, many of the brightest and the best of students opt for management consulting programs. This is because management consulting requires sharp minds that are able to appreciate concepts and situations quickly and have the creativity, ingenuity, problem solving ability and the intelligence to recommend solutions to clients, which are acceptable and workable. The profession also means a lot of respect and good money as well as exposure in some of the best companies of the world, which can lay the foundation for a fulfilling career ahead.

It is true that management consulting is serious and very cerebral business. You have to be an expert to be able to come in from the outside and bring in special skills to understand the context and the problem, which may be baffling veterans of the industry. You should also be able to provide solutions that click. This is no easy task and hence companies are willing to pay as much as they do to management consulting firms.

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