Setting management consultant salaries requires a highly individualized approach, both for the employer and the prospective employee. Management consultants are often hired on a temporary, per-project basis -- to help guide the company through a transition or resolve problems, for example. For this reason, the salaries vary widely, based on how many hours the consultant devotes to the project, or the scope of duties assigned to them.
Salaries for management consultants will depend on:
- The average salaries in management consulting in your geographic region.
- The candidate's education, skills and level of experience.
- The size and budget of your company.
- The cost of living in your state or city.
- The level of responsibility assigned to the employee.
- Whether you're paying management consulting salaries to permanent or temporary hires.
Compare management consulting salaries by geographic regionAs with any job, consulting salaries depend heavily on the cost of living in a specific city or state. Start by researching the average management consultant salary in your area, so you can meet or exceed the compensation offered by your competition. Online management consulting salary tools can compute salary based on city or state, and tell you how salaries translate from region to region based on the varying costs of living.
Find management consultant salary information at online job boardsOnline job boards, particularly those specific to the management field, may provide the most up-to-date management consultant salary information. Many job websites offer salary ranges and scales, but job postings tell you the average salary paid by companies of a certain size or in a certain location, giving you a better idea of what your company should pay.
Use salary software to determine appropriate management consulting compensationManagement consulting salary guidelines should take into consideration more than just the employee's skills or experience. Several complex, and sometimes conflicting, factors play equally important roles, and salary software can help you better consider and manage all of these aspects, such as your budget or employee performance.
Learn how to negotiate a consulting salary that's ideal for you and your employeesYour best strategy for determining a fair management consulting salary may simply be to discuss it with the prospective employee. They'll likely have come to the interview prepared to negotiate for the compensation and benefits they want, so why not join them at the bargaining table? Then you'll know you both had input into the decision.
- When determining management consulting compensation, don't just think about salary -- also consider what kind of benefits or incentives you want to offer. Many professionals value perks like regular raises or flex time just as much as they do salary.