In May, we held our annual Spring Consulting Summit in Chicago. Twice a year, the summits provide an arena for the profession to meet and discuss their businesses, challenges, opportunities etc., as well as provide a platform for industry thought leaders and executives to share some insights, market intelligence and best practices. (We also host a Fall Consulting Summit each November in New York.)
As you may imagine, the last three or four summits have been roller coaster rides of themes that seem to rise and fall with the economic outlook. A year ago in Chicago, the focus was on cost cutting, how to trim staff without cutting too deeply, how to reposition engagements into shorter and less costly segments, and even how to collect payments from clients in a more timely manner.
All of those topics were still on the table this time around, but with "Adapting to Market Realities; Balancing Optimism with Caution" as Chicago's official tag line, I'm happy to report the overall tone of the confab was much more "optimism" than "caution." Overall, the main themes to emerge from this Summit were how to re-engage an overworked workforce; how to bring utilization rates back down to realistic levels; how to retain staff as the economy recovers; how to make resource management work most effectively for your firm; how and where to recruit top talent; and, how to onboard, train, develop and incentivize Generation Y.
The takeaway, for me at least, was that this "new normal" we keep hearing about might not be such a bad place for well-run firms that are energized, properly staffed and focused on the right markets. As some of our Summit discussions confirmed, there's hay to be made by firms that have done their due diligence during the downturn.
One such firm is Navigant Consulting. William Goodyear, Chairman and CEO of Navigant, just navigated through the Great Recession. Although Navigant's revenue was down about 12 percent in 2009, Goodyear called it "a very satisfying year from a leadership and a management standpoint" because it required "rapid management action, disciplined leadership, and the ability to adjust your business model to the revenue reality." That's just what he did, streamlining the business into four core areas and jettisoning those units that were underperforming or had undergone "strategy creep."
Goodyear heads this year's class of The Top 25 Consultants. As it is each year, it is an impressive group delivering even more impressive results. The special 24-page section begins on Page 12. Take a look and let us know your thoughts.
Joseph Kornik
Editor-in-Chief
jkornik@consultingmag.com
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