Management consulting is an industry that provides professional advice to organizations to improve their overall performance, through better “management”, including strategy, governance, operations, organization, finance, and marketing. Jonathan Dison is the co-founder of LightRock Consulting and BenchWatch, and author of The Consulting Economy. Consultants can be hired after 6 months if their performance isn't good enough, but that's not always the case. Most consultants leave the company because of their own intentions: compensation and benefits, work-life balance, or personal preferences.
We saw several smart consulting and hiring companies reduce their rates by 10 to 20% without affecting the rate they paid to the contractor. An expert's reference sheet for succeeding in the first few months and achieving rapid promotion in consulting companies includes: consulting mentality, resource management, customer management and work-life balance. It is important to seek help right away from other consultants or your hiring manager, an investment banking friend, or your company mentor. Trust is essential for a consultant or contractor as it makes business enjoyable. The staff will do some analysis and, most of the time, they will offer the consultant a second chance to work on another project. Not all consulting firms hire “superior” or “outside” employees; some are comfortable letting their employees remain in the same positions for many years.
When hiring a consultant, it's usually considered transferring them to another office within the company, based on their experience and skills. Consultants make mistakes: they blame unknown clients, rotating work teams, and constant travel. As long as the consultant maintains that trust, that client will repeat their jobs for the rest of their career. To succeed as a management consultant and avoid getting fired, it is important to understand when background checks are performed (before extending the offer or after accepting it). Additionally, it is important to be aware of the reasons why consultants get fired (poor performance) and how to prevent it (seeking help right away).
Finally, it is essential to understand how consulting firms hire employees (based on experience and skills) and how trust plays an important role in maintaining a successful career.