A group of 12 leading investment consultancies in the UK have banded together to help bolder sustainability practices across the industry. Aon, Barnett Waddingham, Cambridge Associates, Cardano, Hymans Robertson, ISIO, LCP, Mercer, MJ Hudson Allenbridge, Redington, SEI and Willis Towers Watson will collaborate as ESG goals in investment shoot up the agenda of investment professionals.

Over the last decade, environmental, social and governance (ESG) risks have swiftly risen to the top of the investment community’s agenda. One survey from EY previously found that 92% of investors agree that over the long-term, ESG issues such as climate change and executive diversity have quantifiable impacts on businesses. Factoring this into a business plan is proving easier said than done, however, with one example of this being that fewer than one-in-10 pension funds having developed a dedicated resource focused on responsible investment.

The UK Government has once again come under fire for its spending on private consulting contractors, after it emerged the industry had received contracts worth £56 million to help with the national response to the coronavirus. Deloitte, Cambridge Consultants and PwC took the three largest fees, pocketing some £23 million between them.

Despite a recent edition of the respected Global Health Security Index predicting at the turn of the year that the UK was one of the best-positioned nations in the world to handle a pandemic, Government mismanagement of the situation quickly saw Britain spiral into crisis, amid the 2020 Covid-19 outbreak. After a decade of austerity, the National Health Service had been left under-resourced and under-staffed, and hospitals quickly reached bursting point.

Northamptonshire County Council has become the latest local authority to court controversy by issuing a lucrative contract to a private consulting firm, following stringent budget cuts. Earlier in July, the council handed £1.4 million to a team of consultants to draw up a procurement contract for an outsourcer to take on the maintenance of the county’s highways.

In the summer of 2018, Northamptonshire County Council’s Conservative-led administration voted in favour of a massive programme of spending cuts, resulting in widespread job losses, and the crippling of many public services. The government had already sent in commissioners to oversee the cash-strapped council Northamptonshire that spring, after the authority revealed a projected overspend of £21 million for 2017-18 – however, the council was forced to issue a second spending control order to stave off a projected budget shortfall of £60 million-£70 million the next financial year.

Redington, Aon, Lane Clark & Peacock and Mercer have joined a coalition of financial services firms aiming to promote Black talent. The initiative will look to put 25 Black students in contact with financial services companies in order to obtain entry-level roles.

On May 25, 2020, George Floyd died in police custody, sparking outrage and protests in the United States and around the world. The incident reignited conversations around racial inequality and police violence, with individuals and organisations expressing solidarity with the #BlackLivesMatter movement by attending protests in person or voicing their support on social media. As the struggle for equality continues, it has also brought issues surrounding corporate representation to prominence.

Much has been written about the impact of coronavirus on leading consulting firms and the industry as a whole. Now, a new international survey has shed light on how the pandemic is impacting the top-segment of the independent landscape.

Coronavirus has had a profound impact on independent consulting, leaving many with less income and delayed project work, according to survey by Comatch among almost 1000 respondents in 20+ countries. Most respondents came from larger markets, such as Germany, France, the United Kingdom, and US.

The coronavirus pandemic has had pretty significant implications for independents. Roughly 30% of independent consultants said their running and/or planned project was postponed. 12% of respondents said that a running project was cancelled, while 19% said that a planned project was cancelled. Only 22% of those surveyed said that their project work was not impacted.

Ireland’s ten largest consulting firms with an accounting heritage generated more than €2 billion in fees last year, with the Big Four giants making up 86% of all fees.

With revenues of over €550 million, on an all-Ireland basis. PwC is Ireland’s largest professional services group that has its roots in the world of accounting. However, today, PwC generates around two thirds of its business outside of its traditional audit division, in services areas including tax advice, mergers & acquisitions, restructuring, management consulting and digital transformation.

The number two in Ireland’s accountancy and consultancy market is KPMG, followed by Deloitte and EY. Combined, the so-called Big Four earn nearly €1.8 billion in fee income, generated by a workforce of nearly 15,000 accountants, advisors, consultants and digital specialists. All four of the quartet are privately-held, owned by a group of partners that distribute the firm’s ownership and profits.

A new research estimates that around one in five independent consultants and contractors fear having to stop their business amid the fallout of demand caused by the Covid-19 crisis.

The study, conducted by the University of Edinburgh Business School in association and the Association of Independent Professionals and the Self-Employed (IPSE), is based on a survey of over 1,400 highly skilled freelancers in the UK, including 350 independent consultants and contractors.

The researchers found not surprisingly that around three quarters of independent consultants and contractors had lost income in the past months, having seen projects cancelled and new projects delayed.

Consulting firms live and die by their people; ultimately in consulting, clients pay for talented people, ahead of other factors such as a brand and proprietary methodologies. So how can consultancies attract the best talent, and at the other side of the equation ensure that their best people stay on board?

Just as consulting firms might market and pitch to a client, designing and promoting propositions for their clients’ needs, consultancies also have to market and pitch to candidates. “Marketing obviously is a major factor in talent acquisition,” says Richard Longstreet, who runs the Consulting recruitment practice at 3Search, a firm that works for many leading consultancies.

It starts with an attractive website and a careers section, reinforced by a social media presence. There are several ways of using this online presence to make a consultancy a more attractive employer, three of which stand out, says Longstreet.

The UK’s economic performance had been flagging long before the emergence of the Covid-19 pandemic. Pressures resulting from Brexit and stagnant wages had already seen GDP growth stifled to between just 0.2% and 0.3% on average during 2019 – something which saw a number of high profile sectors such as retail, dining and travel record a sharp spike in liquidity issues. In turn, this saw many clients of Britain’s consulting industry scale back their advisory spending, something which led to the UK’s management consulting market seeing its slowest growth in seven years.

Now, thanks to the additional pressures inflicted by the global coronavirus lock-down, research firm Statista’s latest estimates the UK’s economy is set to hit negative growth for the duration of this year. Due to this forecast recession, a recent study from Source Global Research suggested that the consulting sector is set to see a stagnant 2019 turn into a potentially disastrous 2020, with revenues possibly falling from £8.6 billion to as little as £6.1 billion in the current 12-month period.

With clients of the consulting industry currently looking to obtain better value for money regarding their advisory contracts, independent consulting could offer a vital alternative to tapping expertise from major firms. Consulthon co-founder Marieta Bencheva spoke to Consultancy.uk about the role freelancers can play helping companies amid the coronavirus lock-down.

Consulting is renowned as one of the most travelled facets of modern business – with some professionals in the trade spending as much as 80% of their working lives away from home. Experts from top firms often jet across the globe to assist clients with a variety of advisory matters, leading to consultants losing a significant amount of work amid the current Covid-19 lock-down. One way consultants are continuing to pick up contracts is via digital marketplaces.

Consulthon, an online marketplace for management consultants, is well-placed to help clients and consultants in these challenging times. The firm was founded in 2018 by Marieta Bencheva and Mirel Baila – who have over 20 years combined experience in operational, agile and lean consulting.

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