Compensation Data Facts - What's What in Compensation

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Management consulting... According to history, behind every great leader was a great advisor, tasked with providing exceptional insight and educated recommendations on every topic ranging from management of affairs to strategic decisions. Biblical kings had prophets, Roman emperors had the Senate, King Henry VIII of England had Thomas Cromwell, and even the Mafia had their consigliere. Today’s business leaders and CEO’s rely on experts for consultation the same way Plato sought council from Socrates. Yet formal organizations that specialized in management advice didn’t emerge until relatively late in the industrial age.

The demands for mass-produced goods such as weapons and consumer products drove thousands of new employees into large, unfamiliar factories. This new crop of untrained workers was given little direction on organization practices, processes and the use of machinery to maximize efficiency. The introduction of the first recognized management consulting firm, founded in 1890 by Arthur D. Little, pioneered the concept of contracted professional services. The company played key roles in the development of business strategy, operations research, data processing and contributed significant improvements for management by deploying new standards for work organization. More tomorrow...