The role of total rewards in attracting and retaining management consultants in professional services firms

Abstract

The manner in which organisations manage their talent can have direct implications on organisational sustainability. This occurs against the backdrop of South African organisations experiencing skills scarcity and challenges with decreasing the organisational loss of skilled workers. It is for this reason that the focus on talent attraction and retention becomes key, since economic benefits can be derived by reducing turnover costs and optimally utilising available talent. The main purpose of this study was to establish the role of total rewards in attracting and retaining management consultants in professional services firms. The perceptions that management consultants have about their reward structure formed the basis of the study. Bussin’s Reward Preferences Questionnaire was used as a guide to facilitate the open-ended interviews with management consultants from various professional services firms. A qualitative research design was used with thematic data analysis to analyse the recorded data from the semi-structured interviews. Guaranteed remuneration was confirmed as the key attraction factor for management consultants and non-financial rewards the key retainers. Work life integration was perceived to be of most value, closely followed by performance and career development opportunities. Recommendations for further research were made to ensure that talent is managed effectively through the organisation’s reward offering.