Management Consultancy
• What is the importance and impact of standards set by professional bodies and trade associations in the Management Consultancy industry?
The principal objective of setting standards by professional bodies and trade associations in the Management Consultancy industry is for the advancement of the professions of management consultancy and business advice but also for the establishment and maintenance of the highest standards of performance and conduct by its members in the promotion of the knowledge and skills required for that purpose to be achieved.
“At the heart of best practices – whether in business advice, management consultancy or management in general – is the maintenance of high standards of professional conduct and competence, underpinned by the principles of honesty and integrity. These standards apply equally to personal behaviour as professional, working relationships with team members and colleagues, interaction with clients, customers, suppliers, business partners and other stakeholders, responsibilities to the wider community, and responsibility to your professional Institute.”(IMC, 2009)
The importance and impact of standards in the Management Consultancy industry is essential as the management consulting companies provide expert advice to companies and fulfil client expectations which involve time, organisations people, environment and the client’s wishes and expectations. To achieve these there is a need of certain standards in the Management Consultancy. The Professional and regulatory bodies play three important roles (Harvey & Mason, 1995). * The professional bodies are set up to safeguard the public and private interest. This is what gives them their legitimacy. * The professional bodies also represent the interest of the professional practitioners and act as a professional association or trade union contributing to continuous professional development. * The professional body represents its own self-interest: the
The principal objective of setting standards by professional bodies and trade associations in the Management Consultancy industry is for the advancement of the professions of management consultancy and business advice but also for the establishment and maintenance of the highest standards of performance and conduct by its members in the promotion of the knowledge and skills required for that purpose to be achieved.
“At the heart of best practices – whether in business advice, management consultancy or management in general – is the maintenance of high standards of professional conduct and competence, underpinned by the principles of honesty and integrity. These standards apply equally to personal behaviour as professional, working relationships with team members and colleagues, interaction with clients, customers, suppliers, business partners and other stakeholders, responsibilities to the wider community, and responsibility to your professional Institute.”(IMC, 2009)
The importance and impact of standards in the Management Consultancy industry is essential as the management consulting companies provide expert advice to companies and fulfil client expectations which involve time, organisations people, environment and the client’s wishes and expectations. To achieve these there is a need of certain standards in the Management Consultancy. The Professional and regulatory bodies play three important roles (Harvey & Mason, 1995). * The professional bodies are set up to safeguard the public and private interest. This is what gives them their legitimacy. * The professional bodies also represent the interest of the professional practitioners and act as a professional association or trade union contributing to continuous professional development. * The professional body represents its own self-interest: the
References: Apllebaum ,H.S & Steed, J.A (2005) “The critical success factors in the client-consulting relationship” . Journal of Management Development Vol. 24 No. 1, 2005 pp. 68-93 Curnow, B (2003) ‘Selecting and appointing a Management Consultant’ in Curnow,B & Reuvid , J, 2nd edn , “ The International Guide to Management Consultancy”, UK: Kogan Page, pp 175-185 Curnow, B (2003) “client consultant relationship: setting the guidelines “ in Curnow,B & Reuvid , J, 2nd edn , “ The International Guide to Management Consultancy”, UK: Kogan Page, pp 159 Harvey, L. and Mason, S., 1995, The Role of Professional Bodies in Higher education Quality Monitoring, Birmingham IMCA (2009) Accessed on 15th march, 2010 http://www.imca.ie/home/default.asp Lambert,T (1998), ‘High Value Consulting’. London: Nicholas Brealey Publishing, pp6. Stumpf, S.A., Longman, R. (2000), "The ultimate consultant: building long term, exceptional value client relationships", Career Development International, Vol.5, No. 3, pp 124-34