Consulting Services Industry: A Case Study

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Introduction
Consulting Services industry includes a wide array of services in multiple sectors (for example finance/IT/business strategy etc.) which they offer to numerous amount of clients globally. The clientele for such services includes Financial Institutes, Partnership Firms, Private Sector Undertakings, Public Sector Undertakings and even Individuals Retail clients.
Ethics/Ethical code of conduct is something very important in the consultancy services industry which not only acts as a guidelines in difficult scenarios but also ensures the ethical and social responsibility of the company.
Whether it is consulting in an IT industry or the world of financial consultancy, there is a lot of risk and reputational impact involved in every contract/assignment. …show more content…

Another example of such a case would be when there are two clients who are direct competition to one another and the consultancy firm has a huge conflict of interest which might not be driven by them or the clients but by external factors like market changes, economical shifts etc. where the consultants will have to make a judgement call which might not have a right answer. The above two mentioned scenarios are examples of the dynamic nature and the various layers around the consultancy as an industry. Per my opinion, any such consultancies should be governed by established ethical codes and standards or by-laws which guide the organisation to make decisions in the right direction. There is a lot that can be improved in the culture of every consultancy to include and imbibe ethics in any activity/deal/transaction of business. Ethics is the unseen pillar of an organisation and considering the situations in consultancies, plays a more important role in the organisation.
Ethical issues within consultancy firms are not only restricted to the services they offer, decisions they take etc. But even when it comes to recruitment of employees, diversification standards in the organisation, ensuring …show more content…

Organisations should not just quantify their contribution to the society by a percentage of profits of the organisation being used for the greater good through their CSR initiatives, but also understand and minimise their negative impact from their daily activity. If a firm is involved in practices such as masking off book income, overstating statements etc. does not do a lot of good by just spending 1 to 2 percent of their profit for CSR. Ensuring that the business transactions are ethical at every stage and is in line with the objectives of the society/country would be a much greater

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