Trends that are shaping the future of management consulting jobs
Summary
The world of consulting has been undergoing a massive transformation and management consulting jobs are experiencing the impacts of these changes.
With most businesses having the infrastructures needed to operate all or most of their operations remotely, consulting firms are also shifting towards adopting remote consulting working models to become more accessible to a wider audience.
The business landscape has been shifting rapidly and consulting firms are recruiting new talent with future-ready skill sets to create workplaces that are agile and capable of handling new challenges.
Aside from hiring the right talent, firms are also working towards retaining existing talent who are looking for better career opportunities. Businesses need to create focused career paths for employees who are finding more attractive opportunities with competitive companies.
Industries around the world are being disrupted by megatrends, and the management consulting field is no exception. The industry has seen incredible growth over the past few years and today, the management consulting industry in Europe is estimated to be worth €225 billion.
With over 998,000 management consultancy businesses in the EU, the market has grown and is experiencing new challenges and trends that may be impacting firms around the world. These trends are making noticeable changes to management consulting jobs through transforming processes, service delivery, and advanced ways of working.
The transformation of the management consulting industry may already be in motion but there are still many gaps that need to be addressed, including the integration of big data and process automation, to name a few.
While the industry delved deeper into the world of high-tech in 2018 and 2019, there is still significant progress to be made in the area of digitisation to further this unprecedented connection between management consulting and technology.
Aside from the rapid adoption of high-tech processes in consulting, many trends are changing the future of the industry and contributing to the rising number of management consulting jobs.
Adopting remote consulting
Even with travel restrictions and health advisories being relaxed, many organisations are continuing hybrid working models.
With studies showing the positive impact that the shift has had on both the organisation and the employees, experts believe that this is a trend that will not only be a part of the “new normal” but will also be a trend that is likely to grow in the future.
Management consultants are also benefitting from this trend, especially when working with a clientele based in different geographical locations. For instance, using online communication platforms that allow consultants to effectively communicate with different clients from different locations is an important step that most businesses have already adopted.
Similar technologies and tools are creating a consulting landscape that is much easier to navigate and the ability to integrate these technologies with a business’s key operations makes remote working one of the top priorities that businesses must focus on during the year.
Recruiting new talent with future-ready skill sets
Management consulting jobs are on the rise not only because companies are looking for specialised guidance and advice on the changing business landscape but also because these growing demands require new skill sets and attitudes.
With the new ways of working and new business models, consulting firms are looking for fresh talent with skill sets that are suited to take on the rising trends. In addition to expanding the productivity and efficiency of business operations, employers are looking for management consultants who can offer reliable input to provide better value to their clients.
The ability to cope with continuous changes and unexpected developments will be one of the key attributes that businesses focus on when hiring new talent and is a trend that is likely to continue.
Those looking to pursue a career in management consulting must be future-ready, be willing to face challenges, and become active and valuable members of the firms they represent. Being able to provide subject matter expertise and other value-adding information to their clients will be the deciding factor for a successful career in management consulting.
Retaining existing talent
A common issue that is being experienced by management consulting firms around the world is the inability for them to retain their talent. This is largely due to the rising number of consulting jobs that are entering the labour market every day.
The majority of good employees look for alternative job opportunities because of failure to offer a clear and tangible career progression plan. This is confirmed by a study that found that 92% of junior consultants are more likely to be attracted to businesses that have a clear career progression.
Offering the right career support, striving to be more innovative, and educating employees on current processes are all great ways to retain talent within the company instead of being an incubator where good employees are developed whose learnings may benefit competitors.
Management consulting jobs and the future of the industry
The ultimate goal of any consulting firm is to give its clients unparalleled access to their experiences and expertise on a given subject regardless of whether it is through involvement from senior partners and industry experts or an open consulting ecosystem and network.
Sharing knowledge among markets together with an approach that gives insights into the global picture and regional specifications, and the ability to integrate new technologies are all vital components of a winning business model to remain competitive in the future of management consulting.
Whether it is management consulting, procurement consulting, or any other form of consultancy, the future of consultancy depends on a business’s ability to become an advisor to help clients to realise and step into new business opportunities.
