Consultancy Assignment

UGB 308; Managing Consultancy; Michael Winship

UGB 308; Managing Consultancy

Given the behavior of our Captains of Industry in 2009, how has this affected the

consultancy profession as a viable business support system

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Table of Contents

1.0Introduction……………………………………………………Page Three2.0Management Consultancy Findings……………………… Page Four

2.1The Captains of Industry in 2009………………… Page Four2.12 Who are the captains of industry?................... Page Four

2.2 How have the captains of industry affected the Consultancy industry as a viable business support system?.. Page Five

2.3 Benefits and Challenges in today’s economic climate of 2011 Page Nine2.31 Benefits……………………………………………Page Ten2.32 Challenges……………………………………… Page Eleven

3.0 Conclusion…………………………………………………… Page Fourteen4.0 Bibliography……………………………………………………Page Fifteen5.0 References…………………………………………………… Page Twenty Two

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1.0 Introduction

This report will be wrote to the Institute of Management from a perspective management consultant and will seek to look at how the bosses of the major financial institutions played their part in the economic disaster of 2009, the 2009 credit crunch crisis caused a major loss of confidence and resulted in a global recession. The effects were felt all over the world and continue to be felt in 2011 with rising inflation and record low interest rates in the UK. This report aims to look more deeply at the effects of the 2009 crisis on the consultancy side of business, a part of business which is worth around 8.1 billion and employs around 40,000 consultants

In this report a number of examples will be used to demonstrate the severity of the crash and how the consultancy side of business reacted to what was happening. Real case studies will be used to try and analyze the impact that the crisis raised. This report will also consider whether the crisis of 2009 has had a good or bad impact on consultancy as a viable business support system.

‘In short a management consultant offers his or her management abilities, expertise and insights to the client business in order to create value for it’ (P Wickham, L Wickham 2010)

Management consultancy can also be defined as ‘‘The creation of value for organisations, through the application of knowledge, applications, techniques and assets, to improve business performance. This is achieved through the rendering of objective advice and/or the implementation of business solutions’ (O Mahoney J, 2010)

‘Management consultancy now encompasses so many different types of activities and covers such a wide span of clients that people in the industry perceive it differently to those outside it. Working as a consultant to a major corporation and working as a consultant for a small to medium-sized enterprise are, in practice, likely to be quite contrasting experiences. Similarly, the consultancy firms that derive most of their work from major corporations and those firms that find most of their work from small and medium-sized clients are likely to describe the consultancy market in quite different ways and with a different emphasis’ (Www.keynote.co.uk)

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http://Www.keynote.co.uk/


2.0 Management Consultancy Findings.

2.1 The captains of industry in 2009

2009 highlighted one of the most severe economic years of late, too much cheap credit and not enough regulation into the financial side of business resulted in catastrophic effect across the global economic scale. The effects of this crisis are still being felt today in 2011.with spiraling problems for Euro zone countries such as Germany, Spain and Greece. Europe it would appear has been the hardest hit due to the problems that were caused mainly by America and the UK. The then boss of Northern rock, Adam Applegarth is highlighted by many as the man who started the whole crisis investing in high risk sectors such as offering good deals when things in the ‘boom’ and not preparing for the ‘bust’ The many different captains of industry all shared the same ideology in not preparing for when things were bad which resulted in major institutions needing a bail out of some sort. The major lapse from the crisis first started when Northern Rock needed a bailout but the major fears were not fully realized until the major USA institution Lehmann Brothers collapsed. Lehmann brothers was considered the fourth major bank on Wall Street in the states and was always a case of ‘it’s too big to fall’ however a lack of agreement from the USA treasury meant that due to significant write downs at the bank in the region of $700 million markets lost confidence in the bank.

2.12 Who are the captains of industry?

Some of the captains of industry at the time of the crisis were;

Sir Fred Goodwin – Royal Bank Of Scotland, (UK) Adam Applegarth – Northern Rock (UK) Dick Fuld – Lehman Brothers (USA) Eric Daniels – Lloyds TSB (UK) Jimmy Cayne – Bear Stearings (USA) Henry Paulson – Federal Reserve (USA) John Thain – Merrill Lynch

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Global Effect Of The Crisis

www.bbc.co.uk/news

This chart about the global effect of the crisis shows the severity of the crisis in 2009, mainly showing that the USA was the worst hit in the crisis mainly as a result of the sub-prime mortgage market. The subprime mortgage market happened due to USA financial institutions offering mortgages to customers that they could never pay back. Whilst the UK was hit hard by the crisis it can be said that due to the size of other countries such as China and Australia the overall damage was limited to financial institutions.

2.2 How have the captains of industry affected the consultancy industry as a viable business support system?

The captains of industry have not helped the consultancy industry if anything they have contributed towards the view of the industry today. The culture of these captains of industry is a greed culture, these captains give off the impression of enjoy the boom while it lasts now and do not prepare for the bust. The captain’s greed has meant a dry up of money which has resulted in the major bail outs needed and also tighter restrains on consumers.

One way in which the captains of industry have helped the consultancy industry is that it has helped showcase what is wrong in financial institutions and has led the way for better regulation to be brought in, in order to ensure that the credit crisis of 2009 does not happen again. However this regulation comes at a cost and the majority of which is still not understood by some of the big players in the financial institutions and therefore these people need to be trained on this regulation in order to ensure that this crisis does not happen again.

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http://www.bbc.co.uk/news


Consultancy Income

Www.top-consultant.com

The chart about consultancy income shows the amount of income in UK consulting fee income, the chart shows 2008 date as 2009 data was unavailable at the time however it projects that in 2009 when the worst of the financial crisis was to hit that income would be severely lower than in previous years. 2007 can be seen as a strong year for consultancy with more income than in the years before. This chart projects what might happen in 2009 to the consultancy industry in terms of growth and highlights that there will not be any growth.

mpact of Economy on organisation

www.managers.org.uk

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http://www.managers.org.uk/

http://Www.top-consultant.com/


The chart above shows one example of what the current situation of the economy has done for an organisation, it shows that due to fears for a double dip recession in the UK this has created a negative impact on the organisation which may affect their day to day duties in the organization. What is more concerning from the chart is that the overall impact from the economy has had a very little positive impact on organizations. Referring this to the captains of industry it can now be said that these people have helped towards making these organizations not work as good as they once did due to the overall negativity around the economy.

Types of consultancy and income

www.top-consultant.com

This chart shows all of the types of consultancy and how they are faring in terms of income against other areas of consultancy. What can be drawn from this is that banking is the area in which consultancy makes the most income and is a snapshot of where most businesses need help from consultants. Non- profit organizations is where consultancy makes the least amount of income. Possibly a sign of even in 2008 of businesses feeling the need to learn more about banking before the full effect of the credit crisis in 2009.

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http://www.top-consultant.com/


Consultancy Recruitment

www.top-consultant.com

The 2009 impact stemming from the credit crisis can be seen in this diagram indicating that the consultancy industry planned to not make as many people employed then it did during the previous year. This may be as a result of the deepening effect of the crisis and businesses not wanting to spend money on consultants that could be spent on other areas of the business.

Most active parts of consultancy through 2009

Www.top-consultant.com

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http://Www.top-consultant.com/

http://www.top-consultant.com/


There are now more opportunity within the consultancy industry however these opportunities are not in every part of consultancy such as there will be now be more need to have consultants that specialize in banking. Tax and other financial matters. Other areas of consultancy that are experiencing growth include IT/Software development and business process improvement this is in order to ensure the business can remain competitive in the future.

2.3 Benefits and challenges in today’s economic climate of 2011

The economic climate of 2011is still unstable due to the knock on effect from the credit crisis in 2009, 2011 showcased a major year for economies around the world due to the uncertainty surrounding the Euro. Major fears of a double dip recession in the UK led to major job losses and a major lack of consumer confidence on the high street which hit a record low. Retailers across the UK were faced with a difficult Christmas period in 2011 in order to bring in sales and revenue, major discounts of up to 70% were offered in a sign of the pressure facing retailers in the current dire economic outlook for the UK and beyond. One of the major problems of the economy in 2011 is that everything has a knock on effect for something including jobs and financial stability. Economies around the world face a major uphill task in 2012 to try and maintain stability with new fears of recessions and the heightened risk of deflation.

Many analysts have predicted that due to the nature of the crisis it may take a number of years for things to get back to the way they were prior to the 2009 crash.

The Rate of Inflation

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www.bbc.co.uk/news

Throughout the economic crisis of 2009 inflation has been out of control being above 2.% which is the Bank of England’s target anything above 2% means consumers are paying more for their goods then they previously were. Chart showing the rate of inflation and the spiraling risk of deflation in 2012. The rate of inflation may have helped consultancy as due to the spiraling nature of it more consultants may be needed in to a business in order to advise on what the next big issue will be. Deflation is a major concern for businesses in 2012 with the cost of products falling rather than rising.

2.31 Benefits

Benefits that have arisen from the challenges of the credit crisis in 2009 are that there is now more regulation of the banking industry. The regulation needed to come in order to ensure that not only is the banking industry more secure than it was in 2009 also that the money of customers in the biggest banks is protected and not being used irresponsibly. However this regulation has taken time to come about and is still not fully understood therefore could be argued as to whether it is the right thing to do in order to save the UK economy from further pain,

Another major benefit that has came out of the credit crisis in 2009 is that more awareness has been raised about the issues of banking and led to consumers being

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http://www.bbc.co.uk/news


ever more cautious with their money then what they previously have been which can only be considered a good thing.

A further benefit of the current economic climate is that most of the top bankers who were at the helm of these big banks at the time have now left so that banks can try and get themselves back to normal and try and regain customer confidence.

2.32 Challenges

Challenges in today’s economic climate of 2011 include banking, banks are less likely to lend money to businesses and therefore businesses can’t pass this on to consumers resulting in consumers not spending all of which has a severe knock on effect. One major challenge is employment in 2011 it was widely reported that youth unemployment has hit more than one million which is the worst in over a decade and with the heightened risk of a double dip recession this is only likely to get worse.

Organisational prospects for 2011 by sector

www.managers.org.uk

A real risk for businesses in the current economic climate where things are tight for all consumers as well as business is what will happen to the business over the next few years. Worrying the chart indicates that all sectors will decline over the next year or so in line with the economy and spending cuts by the government not helping businesses looking for support.Managers agreeing that their organisation has the right people to fulfill business objectives in 2011 by sector.

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www.managers.org.uk

In 2011 going in to 2012 the chart above is worrying as it shows that due to the conditions of the economy some managers believe that they do not have the right people in their company in order to fulfill business objectives. This could be good and bad for consultancy as more consultants will be needed in order to ensure that the business is making sure that they have the right people needed to fulfill the business objectives. However consultancy more not be needed as the business may feel that consultants will not sort the problem and have to send employees away to do some extra training.

Issues faced by managers in 2011 by sector

www.managers.org.uk

This chart about issues faced by managers shows what issues most managers believe are the key problems facing their business in 2011 as it shows that they believe lack of

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key skills is the main problem going forward. This can have a negative impact on the business going forward as they may feel that they do not have the right staff in order to remain competitively.

Managers expecting redundancies in 2011 by sector

www.managers.org.uk

Another indication of what the crisis in 2009 has done to jobs this chart above shows that 48% of managers believe that in 2011 redundancies will happen as a result of trying to save costs and only keeping the staff that they believe can make a real difference to the business.

The bonus culture is another challenge in the current economic climate of 2011 as during the crash of 2009 the amount of bonuses that get paid to bankers who have played their part in the current difficult economic climate was highlighted more than ever. In the current climate bankers getting paid excessively for causing economic problems is unacceptable and needs to be addressed so that they get paid competitively.

3.0 Conclusion

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In conclusion it can be argued that yes the captains of industry did affect the consultancy industry as a viable business support system due to the amount of job losses and other economic issues that have happened as a consequence of their actions. Some people may also argue that they have helped the industry as now due to new regulation within the banking industry new consultants may be needed to help business understand what the new regulation is and this will help to create new jobs in consultancy.

This report into the captains of industry and the consultancy industry has highlighted the damage that was caused by these captains of industry not taking considerable interest in the lives of the consumers that they work on behalf on. The economy in 2011 going into to 2012 still looks very volatile and whilst growth in the UK economy may have been revised up by the office for national statistics (www.politics.co.uk) there are still concerns over the future for the economy. With many predicting that there may be another recession for many countries in 2012 the captains of industry have certainly did their fair share of damage in order to contribute towards the mass scale of problems.

In defense of the captains of industry they were doing their job to some extent in order to try and maintain the best possible result for the consumer. However few would have predicted such the damage these captains of industry have created with their greed and excessiveness in making themselves more money. As a result of these reckless captains of industry the UK taxpayer and other members of the public around the world now faces years of having to pay for these bankers doing what they like. It has previously

4.0 Bibliography

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http://www.politics.co.uk/


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blame - Date Accessed 12th December 2011

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http://www.guardian.co.uk/business/2011/oct/09/big-bang-1986-city-deregulation- boom-bust - Date Accessed 2nd January 2012

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https://www.keynote.co.uk/market-intelligence/view/product/1285/chapter/1 - Date Accessed 2nd January 2012



http://www.managers.org.uk/sites/default/files/ Future_Forecast_December_2010.pdf - Page Ten - Date Accessed 2nd January 2012

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Management Consultancy, A Complete guide to the industry, S Biswas, 2001, John Wiley and Sons

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http://www.ons.gov.uk/ons/index.html - Date Accessed 4th January 2012

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under-the-spotlight.html - Date Accessed 12th December 2011

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http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/ 8987846/Ambrose-Evans-Pritchard-2012-could-be-the-year-Germany-lets-the-euro-die.html - Date Accessed 2nd January 2012

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http://www.thisislondon.co.uk/standard-business/article-23471747-europe- launches-full-probe-into-northern-rock-bailout.do -Date Accessed 28th December 2011

http://www.thisismoney.co.uk/money/news/article-2076473/Customers-pay-cost- banking-shake-warn-experts.html - Date Accessed 2nd January 2012

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http://www.thesun.co.uk/sol/homepage/news/money/4014402/European-Central- Banks-emergency-loans-to-banks.html - Date Accessed 2nd January 2012

http://www.thesun.co.uk/sol/homepage/news/money/city/3999030/Government- backed-FSCS-has-forked-out-26bn-to-customers-over-the-past-decade-as-financial-institutions-including-banks-have-gone-bust.html - Date Accessed 2nd January 2012

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http://www.thisismoney.co.uk/money/news/article-2081631/Retailers-Xmas- sales-gamble-fails-report-shows-December-discounts-did-save-High-Street.html - Date Accessed 2nd January 2012

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http://www.thisismoney.co.uk/money/news/article-2081580/Euro-break-biggest- threat-UK-firms-say-bosses-predict-double-dip-Britain.html - Date Accessed 2nd January 2012

http://www.thisismoney.co.uk/money/markets/article-2081235/Lloyds-sued-U-S- investors-demanding-compensation-HBOS-deal.html - Date Accessed 2nd January 2012

http://www.thisismoney.co.uk/money/news/article-2081572/Bank-profits- expected-hit-35bn--135m-day--bonuses-soar-results-revealed-month.html - Date Accessed 2nd January 2012

http://www.thisismoney.co.uk/money/markets/article-2081431/Barclays-losses- reduce-tax-bill.html - Date Accessed 2nd January 2012

http://www.wolterskluwer.com/Press/Latest-News/2011/Pages/ pr12Dec2011.aspx - Date Accessed 28th December 2011

5.0 References

Books;

P Whikham, L Wickham, Management Consultancy, Delivering an effective project,2008, Pearson Education, Page Number Four

O Mahoney J, Management Consultancy, 2010, Oxford University Press, Page Number 14

Websites;

http://www.bbc.co.uk/news/10612209 - Date Accessed 27th December 2011

http://studyingeconomics.ac.uk/how-is-your-economics-degree-preparing-you- for-life/ - Date Accessed 15th November 2011

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http://studyingeconomics.ac.uk/how-is-your-economics-degree-preparing-you-for-life/

http://studyingeconomics.ac.uk/how-is-your-economics-degree-preparing-you-for-life/


http://news.bbc.co.uk/1/hi/7521250.stm - Date Accessed 12th December 2011

http://www.managers.org.uk/sites/default/files/u28/ Economic_Outlook_April_2010.pdf - Date Accessed 27th December 2011

http://news.bbc.co.uk/1/hi/7615974.stm - Date Accessed 2nd January 2012

http://www.top-consultant.com/mca_report_summary.pdf - Page Two – Date Accessed 2nd January 2012

http://www.top-consultant.com/mca_report_summary.pdf -Page Three - Date Accessed 2nd January 2012

http://www.top-consultant.com/Top-Consultant_Recruitment_Channel_Report. pdf - Page Six - Date Accessed 2nd January 2012

http://www.bankofengland.co.uk/monetarypolicy/framework. htm - Date Accessed 2nd January 2012

http://www.managers.org.uk/sites/default/files/ Future_Forecast_December_2010.pdf - Page Four - Date Accessed 2nd January 2012

http://www.managers.org.uk/sites/default/files/ Future_Forecast_December_2010.pdf - Page Five - Date Accessed 2nd January 2012

http://www.managers.org.uk/sites/default/files/ Future_Forecast_December_2010.pdf - Page Six - Date Accessed 2nd January 2012

https://www.keynote.co.uk/market-intelligence/view/product/1285/chapter/ 3 - Date Accessed 2nd January 2012

http://www.politics.co.uk/news/2011/12/22/a-ray-of-sunshine-at-christmas-uk- growth-revised-up - Date Accessed 2nd January 2012

*Total word count (Excluding bibliography and references) – 2,847

**Information in this report is up to date as of the 4th January 2012

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Consultancy Assignment

Documents

Transcript of Consultancy Assignment