One of the key challenges faced by companies is that of developing a growth strategy that enables them to outperform their market over a minimum of the next 10 years. Sadly, most organizations fail to develop such a strategy and thus end up merely keeping up with or even trailing behind their market. That is why an increasing number of organizations today are seeking the services of strategy consulting firms India. The professional strategy consultants employed by these firms help companies to avoid the below-discussed mistakes that prevent the development of a great strategy.
Preference For Existing Assets Over The Ones That Must Be Owned It is quite common for organizations to hold on to their existing business assets for too long. This makes them ignore the importance of investing in assets that can help them to enhance and transform their profit-making processes. This prevents the organizations from capitalizing on the available growth opportunities and mitigating the threats from new players in the market. Overlooking the Need to Modify Current Management Routines Business leaders tend to become comfortable with the existing reporting structures and routines and thus avoid changing them as per changing market needs. Hiring the services of strategy and leadership consulting firms ensures that business leaders understand the significance of thinking beyond today’s performance. This is essential to help them to recognize the true boundaries and inter dependencies of business units. It also teaches them the significance of avoiding the habit of thinking about the potential of the business according to its current performance. Focusing On Democratic Allocation of Resources Business organizations often feel that allocating resources evenly across the business divisions according to the previous years' performance. However, such a democratic allocation of resources can prevent companies from making most of the investment options and potential returns that might impact business growth. The professional strategy consultants believe that such an approach by organizations makes them focus too much on protection against downside scenarios rather than capturing upside ones. It is also important to set clear priorities and resolve trade-offs across the leadership portfolios to get the best results. Failure to Take Market Uncertainty into Account According to the top HR strategy consultants, one of the biggest mistakes committed by organizations is their failure to consider market uncertainty. This can have deeply damaging consequences especially in the ever-evolving markets of today with the rapid pace of digitization and shifting business boundaries. Companies need to develop no-regret initiatives and well-developed scenarios to make the development of great business strategies relatively easier and hassle-free.
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Indeed, running strategy consulting firms in India is not an easy game considering the level of selling and influencing involved. Also, one is required to maintain a good image and the clients are constantly watching the HR strategy consultants from different angles.
Here are certain learning experiences which make HR consultants a must have for every organisation:
The consulting firms work on the principle of solution sales. They have an in depth knowledge of the subject and are experts in providing solutions to the problems being faced by the client organisation. The consultants don't offer a one fit all solutions, rather use their knowledge and expertise to develop a customised solution which can best serve the needs of the clients.
A good consultant is the one who has a wide network of professionals in its radar who belong to different industries all together. Since, the consulting firms constantly influence clients and stakeholders, they are able to build a great network and thus are able to ensure success of the consulting business.
This is one of the most critical aspects of strategy consultants. A good consulting firm is the one which brings value and insights in the client's business. They should be able to make visible changes in the working and business. They should work on the business drivers for the client in order to achieve successful client engagement.
Consulting is considered as one of the hectic professions since they are required to coach as a competent leader and keep their client organisation always on the path of excellence. The consulting firms are therefore required to first understand the strengths of the organisation and then work towards leveraging it.
In every industry there are a number of tools and concepts which are considered to be trending, however, a good consulting firm always make sure to provide solutions which meet the needs of the clients in an efficient and effective manner. Thus they work on pragmatic solutions instead of ideal solution. Globalisation has led to multiple changes in the Indian work environment. One of the major changes is the growing need for a skilled and strategic team. And with multiple companies, employees have more opportunities that lead to job changes. It has impacted company boards and CEOs to have a long-lasting team. This situation has resulted in the boom of the human resource industry in India.
Human Resource, also known as HR is an expert firm that enables companies to hire qualified individuals. This section of career has made an upgrade with HR Strategy consultants. An HR strategic firm provides assistants to their clients with the deployment of strategies. Strategies play a major role in the execution of the vision of the company. Strategy enables companies to direct their work and team for a specific duration which brings clarity on the table. But developing strategies require explicit critical thinking, researching, planning, decision making at a high-end level. There is strategy consulting firms India has which cater their service to MNCs, mid-level firms and small businesses. Cornerstone International Group is a global company who have a wide presence in the Indian business market. They are known for providing end to end business solutions, especially regarding employees. For over 25 years, they have been weaving strategies for their clients that have made them prominent strategy providers. Their customised balanced scorecard has been their trump card that makes them stand out amongst the rest. Gender diversity has become the new buzzword within modern workplaces over the past several years. Many people attribute the emergence to this trend to the growing demand for women empowerment and gender equality. However, the expert HR strategy consultants know better and have identified the below listed key reasons that have resulted in a significant upsurge in the demand for greater gender diversity at business workplaces.
Strategy consulting firms in India help companies manage different sets of operations of a company and provide proving long-term strategies that are profit-oriented and growth-generating in the long-run. HR strategy consultants focus on the most important part of your company that is the people. From planning training programs to employee benefits, their main focus is to help the company devise strategies in order to improve the efficiency and productivity of the employees at the same time improves the retention rate of the company Performance management consultants.
Here is a list of few advantages of hiring strategy consulting firms: 1. Saves Cost And Time Time is of prime essence when it comes to running a company. Consulting firms help you anticipate and deal with a number of organizational challenges and help devise solutions in a timely manner thus saving you a lot of time and money that can otherwise cost your company dear. In addition to this, these consultants are seasoned professionals having worked in similar problems in the past thus saves a huge time while choosing and implementing the right strategy. 2. Knowledge And Proficiency The consulting firms are knowledgeable experts having expertise in handling complex issues for years. These experienced professionals provide in-depth knowledge about the industry to help companies understand the business better and provide the right strategy to improve the productivity and efficiency of the company. 3. Enhance Productivity HR consultants help increase the productivity of a business by guiding over collaboration, communication, and knowledge sharing. They help create long-term plans and then work towards executing them and improving them with time. 4. Focus On Core Functions Of Business The consulting firms are focused on improving the chief activities of the business and guide the companies on adopting the schemes that will improve the working capability of an organization. Not only this but they also do this in a time-bound manner in order to ensure tangible results for the company faster. 5. Implementing Business Strategies Creating solutions and strategies for a company is easy but implementing them can become a nightmare if not done right. Having consulting firms in such situations can be a blessing as they can help you implement all the strategies in a smooth and hassle-free manner at the same time ensuring the maximum contribution of the employees. This technique of making employees a part of the business strategies can increase loyalty and thus productivity in the company. Strategy consulting can be defined as when an organization seeks the consultation of outside experts in order to get assistance in managing their organizations effectively. The strategy consulting firms India analyses the working process of the organization and then advises them to bring necessary changes in the operations, project management, as well as business strategies as per the requirements of the organization.
Not only they help you make the right business decisions but they also act as HR strategy consultants and help you implement more outward programs such as Outplacement Services in order to create a loyal team of employees in the long run. The simple purpose of these firms is to help businesses with their decision making when they have a complex problem to solve. Advantages Of Strategy Consulting The benefit of using these services is to make business operations better and make the company profitable in the long run. There are many benefits of taking management consultation. 1. Using The Knowledge Of Experts The foremost advantage of hiring a consulting firm is the expertise and the wide knowledge of the consultants that can be used to find the solution to the problem faced by the company at any given point of time. These consultants have sharp minds and years of experience with relevant education and skills to help provide you a whole new perspective on problems you are looking to solve. They have worked on similar problems in different organizations and have managed to gain the first-hand experience to tackle it in the best way possible. Even if its a new problem, their fresh methodology to deal with a specific problem can help bring something new to the table and can help you deal with it in an expert manner. 2. A Different Perspective To Look At Problems Another big advantage of bringing a firm is that they bring into a picture an impartial set of eyes to a problem, one that is not biased towards a particular solution and thus can actually help you deal with the problem rationally and from a different perspective. These people don’t work on a hunch but create long-term solutions on the basis of the skills and knowledge that they have. 3. Lesser Time Spends On Taking Important Decisions By using the services of a consulting firm, a company can save crucial hours, days or even months as they no more need to conduct deep research thanks to the expertise and past experience these consultants bring to the table providing fast and immediate solutions. 4. Making The Use Of New Skills It is always expensive to go through the hiring process every time something changes in the market. Consulting firms can help you study the market needs and can create a training analysis plan to help you identify gaps at an early stage so that you can bridge them in a timely manner without having to suffer the consequences. 5. Helpful In Exploring New Market Strategy consulting firms are the most beneficial when you are about to charter in untested waters or planning to expand in a whole new country with no idea about the rules and regulations in place. With their global reach and network, they can help you establish in a risk-free manner so that you can reap the maximum benefits out of your investments. Whether you wish to hire the services of the strategy consulting firms India to generate new and fresh ideas for different projects of your business or to gain benefit from their experience and expertise or managing your HR related issues or simply to augment the line of business you are dealing in, the below mentioned tips can help in ensuring that you hire and collaborate with the right strategy consulting firm. Read through:
In the very first meeting with the consulting firm, you should be quite clear on what your business objectives are and the related time frames for completion of tasks and the desired outcome that is sought. Tell them each and everything that they should or need to know in terms of growth opportunities in the business and the present challenges. Refrain from leaving even the smallest of details.
The chances are that you and your strategist will be using the same language to communicate with one another. But, you need to ensure that you are being understood by the consulting firm in the manner you require your concerns to be taken care of. To leave no room for ambiguities, ensure that all the technical jargons are properly explained to the strategy consulting firms. This will help the strategy consulting firms better understand terminology and language the company converses in.
It is important to communicate the time and your budget to the strategy consultant up front. With your budget in mind, the consultant can better help you in devising a consulting plan which can give the desired results in an efficient manner. Thus, no time is wasted on part of both the consultant and client in making negotiations.
While working with the strategy consultants, the best strategy is to always focus on the expected outcome rather than on the time required for delivering the same. You need to be clear with the consulting firm with regard to the body of the work and the expected outcome. For instance, when you hire HR strategy consultants, you need to focus more on the business outcome rather than the hours they spend on the task. This makes them accountable for the results within the budget and the timeline.
It is a fact that working with the strategy consulting companies is not a one way road. The consultants can never be expected to go here and there just for the brief and will reach you as soon as the desired outcome is achieved. Rather, it is a collaborative project where both the parties are required to take equal proportion of interest and most importantly stay active to the desired outcome. The consulting firm should be seen as an extension of your own team. You should invite the members of the strategy consulting firms to be present on the site and get integrated with the team. When it is about business relationships, sustaining trust is highly important, particularly, when the consultants are contacted by the business organisations in order to navigate the tricky water.
There are certain behaviors of the successful consultants which help in distinguishing them from the rest. If you are looking to hire the outside expertise, and searching for ways to search for the right person; we tell you the behaviors demonstrated by successful strategy consulting firms India while embarking a trusted consulting engagement: Listening To The Problem At Hand It is a fact that if any business organization approaches a consultant, for instance, an HR strategy consultant, then they need advice for some problem that they are facing. In order to instill confidence in the client organization that the consultant has the potential to tackle the problem, they attentively listen to the problem at hand. Before the first meeting with the client organization, the consultants are required to do their homework about the business organization and the individual involved in the issue. This way, nothing in terms of information will be new to the consultant, and they can simply ask the doubts they have about the case. On the basis of responses supplied, they can provide a crisp proposal to the client organization for resolving the issues. Turning Down The Request Of The Client There are a number of consultants whose default response to everything is saying yes. This is being done out of the worry that their work may get dried up if the clients get annoyed. But, pleasing every client is not a trait of a successful consultant, particularly those providing outplacement services. The successful consultants extend a ‘no’ when the client asks for additional deliverables without any increase in the fee. The successful consultants are often seen turning down the request for a service when performance of the duties goes out of the professional capabilities of the consultant. The honest approach of the consultants is always appreciated by the client organisations in the long run. Pricing There are a good number of potential clients who try their best to squeeze the consultants on initial assignments with a promise of more gigs in the future. But, successful consultant firms usually don’t allow lowering the price. If the niche is significant one, and the charges seem to be appropriate, then the consulting firms may turn down the counter offer. Offering Creative Solutions There are situations when the consultants are approached by the client for the issues and matters which do not lie fully in the purview of the consultant. For instance, a digital PR consultant receives request from the client for SEO advice and tools or simply to manage the Facebook handle of the company. In such situations, out rightly rejecting the request may sound rude, so instead, the embrace the problem and try providing even a partial solution or the contact details of the right person to resolve the issue at disposal. This sounds to be more integrated and sophisticated. The Top management faces a number of business challenges, but one of the deadliest of the challenges is to manage the human resource of the organization. Thus, the role of the HR has gone beyond traditional one and turned into a strategic one. This is the reason most of the organisations are hiring the services of HR strategy consultants.
We tell you how the HR consultants increase HR values in an organization:
The customers of HR consultants include top management, current employees and the prospective employees, in short, the corporate umbrella. These consultants need to define these customers and then deliver good experience to them in accordance with the individual needs of the customer. They even devise processes which are in line with the expectations of the different categories of customers, the HR professionals need to deal with.
Corporate culture, performance evaluation, employee engagement, operational efficiency and talent mapping are some of the key areas where the HR consultants can create an impact. They play a critical role in defining the organizational goals and then cascading the same to the employees. They follow a proactive approach and consult the Top Management in order to understand the necessary gaps and finding the solutions for the same.
The various HR strategy consulting firms India measures the progress of their initiatives and make sure to benchmark them with the prevailing industry standards. To understand the value of the progress made and measure in numbers, the feedback of the targeted segment also plays a key role. Thus, it helps in understanding the value of HR initiatives and also justifies the efforts taken for doing the same.
Once the HR consultants understand the impact created with the different initiatives taken by them, they move further and focus more upon expanding their actions for getting a better return. They understand the requirements and the related issues and then work out a solution by demonstrating the actions that are required to be taken for implementing the said solution. They ensure that an optimum utilization of resources is done for achieving the desired results.
The most crucial aspect of each and every HR strategy is its connect with the people who are going to be impacted by the said strategy implementation. It is the personal connect which creates employee engagement, loyalty and motivation in the employees in turn leading to a strong corporate culture. The values which are acknowledged and measured also helps in aligning the behavior. A strategic plan for HR initiatives here help in increasing the success quotient of the strategy. This is the reason each and every strategy is accompanied with a guidelines and the intended results. It’s high time HR makes a giant leap and evolves itself to cater to the different customer base of the organization by understanding the value and capitalizing on the same. This will lead to better hiring, increase in efficiency and productivity and thus the overall success of the organization. In the era of fast pace, every move counts. And moreover, every move has an unexpected impact on everything that you plan for the present and also for the future goals. Thus, after fulfilling the necessity of having a top notch team for a company to grow more, it is an utmost priority to lay down your strategies with thorough research and hypothesis. And let's all of us face the truth that whenever, as a board team collectively comes up with strategies, we are unknowingly biased towards it. And it is psychologically fair as it is a product of our thoughts and experiences. But with that, we often happen to be ignorant about the drawbacks of our planned strategy which in return tend to backfire us. And this mistake has been realized by several MNCs and companies. And to avoid the same, have opened the doors for HR strategy consultants.
Strategy consultants in India have been a booming industry and their value has been lately recognized and rightly applied by the companies. The perks of vouching for a strategy consulting firms India is that mainly they aren't biased about thoughts, are highly updates with the market scenario and also have experts who excel in forecasting the future possibilities. It is highly essential to put things clear on the table because that is when you can bring the best offer on the table for your team and the clients to pitch in. And for that you need a dedicated team who are experts in differentiating vision, mission, small term goals and long term goals amongst everyone and ensure that everyone is on the same page. And this might seem easy to read, but is a task in itself as it has to be passed on amongst each and everyone without forcing a thought. Which in itself requires strategy to build a cohesive workplace and workflow without a conscious effort. Well, this is merely a small example of how important it is to strategy every move to win the checkmate and how it cannot be attain single handedly by the board itself. Having a kick starting strategy in mind and in the board meet is excellent, but to execute it with the confidence that it will return in with positive graphs is a little unstable. And to fill in this void of contemplation, HR strategy experts pick the right people, pick the right way to do research, pick the right people from their own team who suits the best to the company profile, and finally draw out strategies and plans and layout them on the table with sheer confidence and experience. And this is when, two independent thoughts come together, the chances of failure reduces as all the aspects of negative outcome are analyzed and worked on. And that is when a well crafted and articulated plan is executed with throwing light on one individual goal and techniques so that the disputes are resolved way prior and everyone is on the same page of the book. |
AuthorCornerstone India is a leading player in CXO Search, Board Search for Independent Directors and Leadership Advisory services. Archives
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