Consulting is about more than financial return on investment (ROI). Success is fueled by the knowledge, skills, talent, and efforts of individual consultants.
As Generation Z comes of age, it is important for consulting firms to understand the hopes and expectations of the newest cohort of graduating talent. Their experience of the workplace is already drastically different from previous generations.
Due to the COVID-19 pandemic, many consulting analysts commenced their careers via remote work, a work arrangement that had rarely been available to older generations. This new generation of workers also has different expectations about the role of technology and the importance of initiatives focused on corporate social responsibility and diversity and inclusion. Even if such initiatives are meaningless in practice, failing to include them as part of a firm’s recruitment talking points could result in top graduating talent flocking to other firms.
As a result of this generational shift in workplace culture, consulting firms are under pressure to adapt by improving work arrangements for employees. A change in the culture of the sector could help to enhance the work environment, encourage employee loyalty, and enable hiring managers to attract top talent.
What might a new, more flexible culture in consulting look like?
1. Employee productivity being assessed by work completed not hours worked
Professional services organizations have traditionally measured productivity by the number of billable hours worked rather than by the work produced during those hours. The reason for this is obvious. It is much easier to invoice clients for an hour of work than for a few PowerPoint slides that may not have even made their way into the final edit of the client presentation.
Unfortunately, measuring productivity based on hours worked can seriously damage employee morale. This is especially true for recent university graduates who have impressive degrees yet limited work experience, and for whom high charge-out rates can create the all too common feeling of imposter syndrome.
Ambitious young professionals value workplaces that recognize and reward productivity. Employee productivity does not have to be measured by hours worked. Instead, it could be tracked through completion of project deliverables, feedback from the client, and daily check-in sessions with the team leader.
While deadlines and schedules will always remain important, engagement managers and partners should also address questions such as:
- What criteria do we use to assess project outcomes?
- How do we make sure that teams are meeting expected standards of performance?
- If key outcomes aren’t met, what steps do we take to make sure that employees are supported?
2. Ongoing investment in professional development
Due to an ongoing labour shortage in the professional services sector, organizations are struggling to retain top talent. While consulting firms offer some of the most attractive compensation packages of any industry, they also rely heavily on the quality of their talent to generate business revenue. As a result, high salaries, travel opportunities, prospects for promotion, and lucrative exit opportunities may not always be enough to fill the ranks. Consulting firms also need to invest heavily in a range of educational and training opportunities. While this is a business necessity, it is also a perk of working in the consulting industry.
Providing access to training that helps consultants to stay competitive as well as to pursue self-actualisation is good for business. Although it may seem counterintuitive, consulting firms should enable employees to pursue training, even if it does not directly contribute to the consulting firm’s bottom line. Firms that invest in their consultants are sending a signal that they are highly valued. Consulting firms can also often purchase training programs at discounted prices not available to individual staff members. This can make education both a relatively low-cost and high-value way to motivate staff and increase levels of job satisfaction.
3. Regular feedback sessions
Regular informal feedback makes it easier for mistakes to be identified and corrected. The practice of providing frequent constructive feedback should be treated with the same seriousness as more formal yearly performance reviews.
Ongoing feedback is especially important for entry-level consultants who are still learning how to navigate their way around the industry. Preparing presentations is one area where junior consultants can benefit significantly from informal feedback since each manager will work on this deliverable, and have their own unique style when it comes to crafting and delivering a powerful client presentation.
If managers fail to provide ongoing feedback about how a project team is performing, then this can lead to avoidable mistakes, an atmosphere of uncertainty, diminished morale, reduced team cohesion, loss of productivity, and ultimately failure to meet the client’s expectations.
The bottom line
Since high skilled labor is one of the primary assets of consulting firms, fostering a collaborative firm culture can enable firms to create and sustain a competitive advantage within the industry. Firms which are committed to investing in their employees will be in a better position to attract and retain top talent.
Consulting firms should build a culture that enables employees to be productive, achieve their full potential both personally and professionally, and learn continuously based on regular constructive feedback. This is likely to be particularly attractive to Generation Z, a cohort that is just now starting to enter the workforce and who often have different hopes and expectations than the generations which have come before them.
Thanduxolo Love Mtsweni is a Management Consultant Analyst at Accenture in South Africa. She holds a Bachelor of Administration in International Relations and a Post-Graduate Diploma in Management (PDM- Business Administration). She is passionate about empowering the youth, and advocating for better youth employment opportunities.
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