What can individual management consultants or management consultancy as a profession contribute to the recover from current economic climate.
• Definition ]
• Management consultant history development
• Possible contribution of management consultant
• Current economic climate, whats needed but organisations in the recovery
• What I am going to talk about in the essay – base of my argument
• Control of risk
• Business become lean
• Create jobs
Management consultant is a profession and a practice that helps organisations improve productivity and performance through the use of expertise and knowledge. Consultants have been viewed as external experts brought in to provide advice about a specific problem where internal managers are ill equipped or unsure of the best strategy or solution [Kubr, 199622. Consultants use analytical tool to produce organisations future objective and formulate strategic plan to achieve these goals. As pointed out by Rossi (2009) to create value consultants must be precise and creative in addressing problems organisation faces, proposing innovative solution and taking responsibility of implementation of the recommendations. In the current economic climate no organisation has been immune to the affects of the unstable economic climate. In this environment management consultant has become important due to the fact that a change in direction is required; consultants offer this change in a decisive way since they have an impartial opinion and an external view of organisation. As a result of the credit crunch the current economic climate is unpredictable, with high level of unemployment, high inflation and euro zone crisis; organisations have had to find innovative ways to stay competitive in their markets. This has resulted in organisations reducing the use of consultants as firms cancel or delay project in order to save money. However for some firms the current economic crisis is beyond anything they have experienced before, with modest guidance from historic evidence to depend on, they have looked toward management consultants for assistance and help to survive the recession. The purpose of this report is to provide an overview of the different ways in which consultants can contribute to the economic recovery in general, whilst critically analysing the interventions management consultants can make and its limitations to be specific.
Globalisation and technological advances led the economic boom that nations experienced during the late 1990s, however due to the banking crisis of 2008-2010 the economies around the world have never full recovered.
The recovery of the global economies according to Shaikh (2010) is going to dependant on business spending and investments in emerging market such as China as well as efficient management of resources. In the current economic climate, organisations are facing high cost of production and low levels of liquidity, by moving production to low-cost countries organisations will be able to decrease their cost of production. Management consultancy will be imperative for organisation in the strategic planning in order to meet these objectives; as they offer expertise in efficiency management and risk management needed in investing in new markets. Leaman (2008) pointed out that the one of the challenges organisations face when moving into a new country is management of workforce due to the difference in culture. Consultancy can help organisations in managing and training an international workforce by advising the managers on human resources issues such as workforce retention and in turn provide workforce stability. Consultancy can intervene by offering the organisation specific tools to control employee turnover and services which in turn will benefit the organisation retain their best employees. Retaining the best employees is important...
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