Management consulting market – additional information
Management Consulting is the industry and practice of helping organizations improve their performance by analyzing existing problems and development plans for improvement. Organizations hire management consulting firms to gain external advice or when they need specialized expertise and services which are offered by consultants include strategy, operations, financial advisory, human resources and internet technology. The largest markets for consulting services include operations and financial advising, more than double the human resources and strategy markets. However, all the management consulting markets are seeing average growth each year.
In 2017, the top consulting firms in the United States, by prestige rating, are McKinsey & Company, followed by the Boston Consulting Group, Inc. and Bain and Company. McKinsey & Company also was ranked as the best employer to work for in 2017. The Boston Consulting Group came second, followed by Bain & Company.
The number of people employed in management consulting in the United States has grown annually over the past five years and in 2016, there were around 637,690 management consultants employed in the U.S. Despite the increasing number of consultants, finding and keeping good employees was one of the leading business challenges for management consulting firms in 2017. The most pressing issue for companies was, by far, attracting and developing new businesses, with 79 percent of senior managers citing this a leading challenge.