Management Consultancy vs Innovation
There are many differences between the two but arguably innovation is a buzzword that now defines management consultancy in the 21st Century.
Invariably management consultancies exist to help businesses improve their performance, more often than not on transformation, whereas innovation consultancies are ideas people at heart with a focus on helping companies realise new growth through developing new products and services. Whilst this is just different terminology, the differences become clearer when it comes to delivery – innovation consultancies bring together both commercial and design to offer end-to-end delivery from opportunity identification to design and implementation.
Another clear difference is around pay. Management consultancies sit on top here with salaries being, on average, 20% higher than their innovation counterparts. The offer of creativity, a step away from the ‘corporate culture’ and the chance to work with some of the most exciting consumer brands is the leverage, but is this enough with the war for talent increasing? An interesting talking point, and from our experience, management consultants often love the idea of an innovation consultancy, but the reality of dropping their salary is often not an option.
In 2014 we envisage the innovation industry in London growing further as we see some of the bigger and more established players from the US enter the London market. Added to this, companies are increasingly asking for a marriage of commercial and creative. On pay, we certainly wouldn’t go as far as saying parity will be reached, but as the top talent is a must, innovation consultancies will likely increase their candidate offering.
If you’re interested in making the step away from Management Consultancy and into the Innovation space then get in touch with Drew Welton – email@example.com / 0203 002 0387