One of the common problems in
management consulting firms across the world is the work-life imbalance of its
employees. The nature of their job
compels them to work for longer hours, a clear indication that there is less
time to prioritize the simple pleasures in life. If you’d like to pursue a career in this
field, find out how you’ll manage this issue.
The coin has always two sides. In the field of management consulting,
employees enjoy a number of attractive benefits but they must also accomplish
milestones for their clients by all means, even if it implies staying at the
office for more than eight hours a day – and it does so almost every day. To
elaborate this idea, below are the happy and sad sides of the consulting
industry.
Compensation and benefit "package" vs time
One of the motivating reasons why
thousands of applicants would go for a management consulting position is the
money that puts lavish food on the dining table and pays the costly bills. The annual base salary estimate for the fresh
graduates ranges from USD 45,000 – USD 60,000, depending on the country and the size
of the firm. This excludes the signing
and year-end bonuses, the health care insurance, the reimbursed travel expenses
and other promising incentives. Expectedly,
the starting rate is higher for those who have earned a master’s or graduate
degree and those who have relevant experience. The salary gets even more attractive on
progression to senior levels.
However, this perk comes with a price
so expensive that the monthly salary cannot even afford – demand for time in
the office. Most management consultants
have to work for 60-80 hours in a week because of the project requirements. At times, the regular working hours are only
consumed by client and team meetings; hence the need for more hours to
seriously study and analyze information. More often than not, consultants end up with
bulky wallets and wealthy bank accounts without sufficient time to do their
hobbies, go shopping and enjoy what they earn.
People Exposure vs Family Bonding
Another perk consultants get from
working at management consulting firms is the opportunity to meet a variety of
people – from dynamic colleagues bringing in different cultures and work
orientation to business-minded clients coming from different areas. This exposure doesn’t only hone their social interaction skills to the fullest; it also widens
their professional network. The chatty
enjoys every conversation, the observant has so many things to ponder and the
impatient learns to wait.
On the other hand, because of the
demanding schedule with other people, consultants have less time for their
loved ones. They often end up missing
their friend’s birthday bash or their weekend getaways with their kids or
cousins. They feel so caught up with
their work they’re unable to spend time with their family. Oftentimes, they
need to travel for a few days in a week, making their absence at home more
inconvenient and distressing to others.
Challenging vs stressful opportunities
Many applicants love the intellectual
challenges of a management consulting position. The thinking aspect may drain most people but
for those who are interested in a consulting career, going through numerical data, analyzing graphs and charts, generating options for
problems and recommending strategies to top management are exciting sources of
energy. Management consulting firms give
their employees opportunities to learn and master new skills in every project. Consultants have to learn quickly and to be
motivated enough to keep up with others.
Unfortunately, because of the
prolonged hours of brain-utilizing, the responsibilities cause headaches to
consultants. Stress becomes a constant
companion with the deadlines they need to meet, difficult people they have to
discuss with and long hours they have to endure. Only a few people are graceful under too much
stress. This explains why the turnover
rate in management consulting companies is quite high.
Venturing into Management
Consulting?
If you’re embarking in this field,
you should seriously consider the yin-yang situations cited above. The job has its own wonderful opportunities
paired with alarming threats. However,
if you’d really like to give it a try, then go for it. Many consultants who resigned from consulting firms would never trade their experience for anything else
in the world. Sure their resumes look
even more credible but on top of that, the learning process they underwent was
priceless.
Here are some suggestions on how to
maintain balance in management consulting.
1.
Accept the Situation
Accept that work-life balance is hard
to attain when you’re a consultant. This
doesn’t really solve the problem but nevertheless, being aware lessens your
unrealistic expectations. Distress
occurs when the ship doesn’t sail as smoothly as you expected it to. Knowing the truth at least conditions you to
prepare for work-loaded days.
2.
Establish Boundaries
Do not be a family person and a
consultant at the same time. For
instance, during weekends, do not go on a family picnic with a laptop so you
can check emails and continue making reports. Learn to draw a line between work and play. For a consultant with a hectic schedule, this
may be hard but still possible. It all
boils down to your time management and organizational skills.
3.
Make Use of Technology
With the advent of technology,
communication has never been easier. While
on the way to visit a client in another province, why don’t you bring your
wireless Internet connection and check your e-mails along the way? When you take a break from work, why don’t you
call your family and have a little chat about their whereabouts? When you’re often physically away from home,
your family doesn’t have to feel you’re also emotionally absent.
4.
Refuse, If You Have to
If you have valid reasons, you may
say “No” to certain requests or demands. Your colleagues will most probably empathize
with you. They understand that you have
personal priorities as much as they do. In
the same way, if your colleague refuses for an important reason, respect their
decision. Everyone in the management consulting team can always make a
compromise.
5.
Enjoy
Getting an internship on
your vacation, being
employed by a management consulting firm is a once in a blue moon opportunity. Though you’re expected to work hard, don’t
forget the fun side of it. Love what
you’re doing; it’s the perfect idea of combating negative forces at work. Get to know your teammates on a personal
level. Know their stories and share
yours, too.
All said and done, no one would say
that achieving work-life balance in management consulting is easy.