Consulting attracts intellectual individuals, and those individuals collectively form the core product of a management consultancy. Packaging the knowledge and skills of its people, and delivering these skills through services and solutions, creates differentiation for a consulting firm.
The people side of the consulting business can't be under-emphasized. As evidence of this priority, we have found that the vetting process of candidates at many firms, particularly mid-sized, can average 45 hours of interviews per hire. This time investment is necessary since proper selection leads to very low turnover and avoids the costly measures of retaining or replacing talent.
With all the emphasis on talent selection and human capital as a means of creating such levels of differentiation, it is surprising that the methods used by consultancies to manage these resources are relatively staid by comparison. In fact, this phenomenon reinforces the fact that while consultants are expert in advising clients on best practices, they often face difficulties with their own operations.
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