Month: June 2019

The concept of management as an independent discipline has evolved relatively recently, with the earliest roots traceable to the early 1900s. In the past few decades, there has been massive growth in the field, and the management consulting services market has developed into an independent industry, providing management services to other companies, to streamline their processes.

With the advent of globalization, the management consulting services market has gone global. Management consulting services include strategy consulting, operations consulting, financial services consulting, HR consulting and IT consulting, and are typically customized on the basis of the needs of the specific company and industry.

Growth of the Global Management Consulting Services Market in Recent Years

The current value of the global management consulting services market is estimated to be $260 billion and has been growing at a rate of approximately 4-5 percent over the past few years. Around 75 percent of the revenue for consulting services is garnered from the highly mature markets of North America and Europe, while the APAC has a comparatively lesser market share. Key drivers behind the demand for management consulting services are the need for operational efficiency, regulatory compliance, and technological advancements.

• End User Industry: While virtually every industry can make use of management consulting services, there are certain fields that make up the majority of the demand. Financial services began as one of the first sectors where management consulting services were offered, and even now, financial services account for the largest end-user segment, at approximately 25 percent. Apart from financial services, other significant end-user industries are manufacturing (for 16 percent of the demand), public sector (14 percent demand) and natural resources and power (12 percent).
  • Globalization: Companies are no longer bound by geographical boundaries and major companies are now investing in setting up international branches. However, there are many factors that need to be considered when setting up a company branch in a new country. Global management consulting services are qualified and familiar with the business set up of a given country and can help make the transition process smooth. US tax reforms, European Union General Data Protection Regulation (EU GDPR) and Brexit have further increased the demand for management consulting services as multinational companies seek effective advice.
• Technological Advancements: In today’s modern times, technology plays a major role in the functioning of companies, and in order to maximize the benefits of technology, proper management techniques are important. Global management consulting service providers are capable of bridging the gaps between a company’s existing policies and optimum use of technology to gain the most benefits in a competitive market outlook. Specific areas where MNCs seek the advice of global management consulting service providers are artificial intelligence and analytics, which have a major impact on customer service, data analytics, and customer engagement, helping companies gain an edge over the competition.
• Cost Savings: One of the major goals of global management consulting services is to enhance the cost savings of a particular company. Since companies are always trying to reduce costs while increasing efficiency, the potential for cost savings is a major driving factor for companies to take on global management consulting services.

The global management consulting services market has grown rapidly in the past years, especially in the mature markets of North America and Europe. Although the market does face challenges, specifically in the form of freelance consultants and companies hiring in-house consulting groups, the overall market is expected to maintain steady growth in the future, expanding further in emerging markets. 

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Do you have a plan in place to protect your lone workers? Even if your business seems like a safe environment, it can still be dangerous to be alone. The people who work for you should have knowledge about the dangers and risks of their job. It is your responsibility to help keep them safe in their line of work. This can include everything from safety training to workplace panic buttons.

Educate Your Employees on Potential Dangers

Lone workers face many dangers every day. These threats are part of their normal routine, and they should be aware of them. Discuss the different possibilities that could come up. Schedule training with your workers on how to react to these potential scenarios.

Accidents happen everywhere, and lone workers are more threatened by these than people in a traditional business setting. Isolation means there could be a delay in response time. People working by themselves also are more likely to be targeted for violence. Attackers are often bolder when they see someone on their own than when there’s a crowd.

Teach Employees How to Respond to Dangerous Situations

Employees should know how to assess their environment for potential dangers. It’s easy to become so involved in work that they forget to keep an eye out for problems. They should plan for the worst, so they can prevent a bad situation from escalating. This requires safety training, such as first aid and developing self-defense skills. They should also know how to diffuse a situation without violence.

Safety equipment, such as a workplace panic button, can come in handy. Other safety equipment could include bandages, a cellphone, and a fire extinguisher.

Monitor Your Employees Out in the Field

Knowing where your workers are and how they’re doing can help in a critical situation. You should always keep a clear log of your employee’s locations when they’re out in the field. Being aware of their most recent location can be important if they need help. Additionally, you should have your lone workers check in more regularly. If you set up a system of when they should check in, you can be aware of potential danger should they miss their check-in time. Additionally, they should always tell others where they’re going to be.

Follow Industry Safety Guidelines

Government regulations require every company to have safety guidelines. The Occupational Health and Safety Act (OSHA) covers all workers other than those who are self-employed or work in state and local governments. Some of these guidelines might seem unnecessary to an employee, but they’re there for a reason. They’re meant to protect employees from illnesses, injuries, and accidents.

Understanding these guidelines is a vital part of any job. It’s not enough to give your workers a paper with the guidelines; you must make sure they understand them and feel comfortable asking questions about them.

Have a Communication Plan in Place

For lone employees, the ability to easily communicate with others is a must. They should never go to work without having an efficient way to contact you. They should know what types of communications can be used and whether they’re applicable in every situation.

Tools like workplace panic buttons will allow your workers to quickly call for help. However, you should also have a way of contacting your lone workers. You need to be able to tell them if a schedule has changed, if an appointment gets canceled, or if the weather is closing down certain routes. In fact, you can use software to send routine and emergency alerts to your workers.

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