IMPACT OF THE COVID-19 PANDEMIC ON FINANCIAL RESULTS OF CONSULTING WORLDWIDE
Abstract
Tiazhkorob I.V., Markanych T.R. IMPACT OF THE COVID-19 PANDEMIC ON FINANCIAL RESULTS OF CONSULTING WORLDWIDE
Purpose. The aim of the article is to determine the tendency to change the financial results of consulting activities in the world in the context of the COVID-19 pandemic.
Methodology of research. The following general scientific research methods are used to achieve this goal, in particular: comparison – to compare the financial results of consulting activities depending on the field of activity of economic entities, between regions and countries of the world; absolute and relative values – in the analysis of revenues of leading consulting companies; tabular and graphical – to visualize the dynamics and structure of the analysed indicators; generalizations – to justify the conclusions.
Findings. It is determined that the COVID-19 pandemic had a negative impact on the development of the consulting market in 2019-2020, which led to a reduction in its size. It was found that there are regional and sectoral differences in the loss of income of consulting companies around the world. It is concluded that the impact of the unfavourable economic situation on the financial results of the four leading consulting companies was insignificant relative to the level of the global consulting market. It is established that new models of consulting cooperation are remote (virtual) and hybrid models of work. It is stated that for the effective implementation of innovative technologies it is necessary to have a physical workplace for the company’s staff.
The expediency of implementing a strategy of narrow specialization by consulting companies to avoid or limit the risk of lower prices and loss of income from consulting activities is substantiated. It is argued that there is a demand for professional consulting services from economic entities, due to the need to overcome the financial and economic consequences of the pandemic and adapt to new economic conditions.
Originality. Characteristics of trends in the development of consulting activities in the world were further developed.
Practical value. Determining global trends in the financial results of global consulting companies will serve as a basis for the formation of adaptive mechanisms of consulting activities in Ukraine.
Key words: consulting market; consulting activity; consulting companies; income; pandemic COVID-19.
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DOI: https://doi.org/10.37332/2309-1533.2021.7-8.4
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