With the October Brexit deadline looming, companies are looking to hire and retain the best talent to offset any uncertainty and challenges that they may face. The same is true for management consultancies and other advisories. Nurturing the right talent will also allow these organisations to provide the correct support to their clients.
The Management Consultancies Association (MCA) has published its Annual Industry Report 2019, which has some interesting insights into recruitment in the consultancy sector.
The demand for apprentices
Apprenticeships have become a conduit for talent among consultancies in the UK. Many consultancies are now looking at recruiting school leavers to hire talent, and this has become a part of talent recruitment strategy in the sector. The report shows that MCA members took on almost 580 school leavers and apprentices in 2018.
It has been observed that many graduates are interested in becoming consultants. In 2018, almost 1,214 joined consultancies. The report pointed out that hundreds of graduates join consultancies each year, but retention rates are what these firms should focus on.
Almost 15% of graduates who join one leave within two years, and the fall rate rises to 18% for larger consultancies. The report says that these rates are not that different from the UK average, which was 15% for 2017, but emphasises that organisations should take measures to retain talent.
The key could be in employee training and development so that consultancies can not only attract the best talent but also keep it. The study found that, in 2018, MCA member organisations committed over £87.5m to training and development.
Small businesses have also realised the importance of training and development and, in 2018, spent almost £3,467,000. In comparison, large businesses have dedicated almost £66,080,000. Medium-sized consultancy firms spent £17,995,000 on staff development and training during the same period.