Management Consulting is a great next career for older, experienced management executives. Projected to be one of the most in-demand careers for the future.
Management consultants and analysts are in demand. An experienced management expert in any field will find a need for their knowledge and skills in many organizations, both corporate and non-profit. Adults over 55 have more experience in a multitude of areas than any other age group. If the corporations that employed them no longer see value in their skills, then the open market offers opportunity. Savvy executives are finding that there is demand for their skills in a much larger venue.
Project Growth Incredible
The U.S Bureau of Labor and Statistics classifies management, scientific, and technical consulting services as a profession expected to grow by 83% by 2021. One of the highest paying career paths to enter, it is no wonder that there is a great deal of appeal for those that have spent their careers in a corporate climate that no longer exists.
Offering services and expertise in areas that many companies do not have anymore, consulting can provide valuable knowledge. Marketing, process management, human resources, employment services, personnel development, sales are all prime for the expertise and experience that consultants can provide.
The field of Management Consultant or Analyst provides services to all types of businesses. Typical consumers are from every industry, including non-profit institutions, health care, manufacturing, hospitality, service industries, utilities, education, business, and many more. Types of services provided by management consultants/analysts are leadership training, corporate culture changes, business strategy facilitation, process improvement, correct business practices, project development, project management, sales improvement, coaching, financial management, fundraising programs and other types of business skill improvements.
The management consultant/analyst’s position is usually a third-party contractor hired as an expert because the organization lacks the internal resources or specific knowledge to accomplish a required task. Management consultants can be independent contractors, part of a firm specializing in a particular area of expertise or affiliated with a network that provides a support structure.
The Ewing Marion Kauffmann Foundation (one of the world’s largest foundations devoted to entrepreneurship) states an upsurge in the number of consultants among baby boomers.
“Contrary to common belief, the 55–64 age group has had the greatest rate of entrepreneurial activity during the last decade. The 20–34 age group has the lowest rates.” (The Coming Entrepreneurship Boom, June 2009 Dane Stangler, Kauffman Foundation Website)
Where Consultants Are Needed
Consulting as an alternative to the corporate world has many appeals, especially to those over 55. Perhaps the greatest attraction, gaining control over their future moving forward. Concerns such as age bias, salary cuts or temporary employment can be alleviated by striking out independently.
Many corporations had to downsize and reduce staff sizes and payrolls in the period between 2006 and 2009. As a result, a lot of knowledge and experience also left. The need for expertise and information still exists, and many of these corporations have turned to consultants as a means to fill the gap.
Facing a daunting job market with the private sector recovering slowly and cautiously can be a frustrating experience for an older worker. Entering into one’s own business at 55 can be daunting, yet it is worth pursuing as a viable option with the bleak market. There is some uncertainty included, but the rewards can be significant. Your schedule, control your future, work later in life (if you so choose), all of these options now are under your control, not someone else’s.