More than 1,000 companies have hired consultants in the past five years to advise them on the company’s performance, but the majority of these consultants have not been recognised by their own firms.
As a result, most firms fail to recognise the value of these professionals.
“They are not necessarily good at their jobs and in many cases, they are not getting their clients what they want,” says Alan O’Reilly, managing director of consultants at consultants firm Consultation Definition.
The problem is that the number of consultants employed in the US has been falling for the past few years, which means fewer are being recognised as qualified by their firms.
The proportion of consultants in private equity and corporate law firms declined from 7.6% in 2013 to 7.2% in 2016, according to data from McKinsey & Company.
According to McKinsey, this means that only about half of firms have been recognised for their consultants.
The biggest challenge for those who are trying to get recognised as consultants is that many firms still don’t recognise them as a professional, says Alan, who says the process for getting recognised varies from firm to firm.
Some firms require a minimum of six months’ experience in the area.
“In a lot of the private equity or corporate law world, the level of experience is very high and it is very difficult for people to get that recognition,” he says.
For many, the only way they will get recognised is if they are the only one who has done the work and their firm has a track record of being successful, says O’Brien.
For some, getting recognised is not an option.
“The most important thing for a lot people is the quality of the work,” he adds.
“For people that are new, they don’t have the time to go through the whole process and have all the details worked out.”
But if you have done all the relevant work and the person that did it is doing a good job and they are doing it with good management, they will be recognised.
“The new government has set up a special adviser to promote the role of consultants and recruit more, but it has not made the appointment of a new ambassador for the profession.
The Government also announced a scheme for the new year that will pay consultants an extra £300 to £1,200 a year for three years.
The UK’s role in the world has changed significantly over the past two decades, with many countries embracing technology and other forms of social change.
It has also seen the creation of new sectors such as finance, health and energy, which have helped to change the business model of many companies.
While the number and type of firms in the UK are changing, the role that consultants play in the industry has remained unchanged, says Michael Wylie, a partner at consultancy firm Consultation Definition and former adviser to the Government’s Chief Investment Officer (CIO).”
The biggest change has been the shift to technology, and it has changed the way that consultants work, what they do and how they work,” says Wylies.”
There are more and more people coming out of business that don’t necessarily have the best of knowledge, or the skills, and so the role has changed.
“What you need to know about outsourcing in Australia:What you should know about working in Australia and how to prepare for the roleYou can read more about outsourcing from the Government here.
Topics:consultations,business-economics-and-finance,industry,finance-and.debt,business,consolidated-unions,business—financial-services,global-financial-system,government-and the-minister,government,uk,australiaFirst posted September 19, 2019 07:59:46Contact Nick RourkeMore stories from Victoria