WORK CULTURE AT MANAGEMENTCONSULTING FIRM Is it as alluring as it seems DEEPAK SHARMA
MANAGEMENT CONSULTING?• I know they sound a bit sophisticated and so do they are!• Called as the “Savior” by firms caught up in a turmoil & require strategic advice over getting out of it• They attract the best of the management lot from Harvard, MIT, Stanford or IIMs.• But, is giving advice a tough task & requires payment of really heft pay-cheques?
WORK CULTURE’S IMPACT on EMPLOYEESLevel of CAREER FULFILLMENT @Management Consulting Firm determines the length of stay of consultant at the firm But this is not of much concern for some Big Shots!
WORK CULTURE’S IMPACT on its GOALS• Culture at firm determines its Goals & Vision• Way Management foresees business 10 years from now determines the working environment of the firm and hence, the Goals it sets for the future.• Main focus of this Presentation: Cultures at - o Bain & Company o McKinsey & Company
COMPARISON TELLS US WHAT ONE EXPECTS “THE FIRM”- McKinsey & Co.• Founded at 1923, McK is world renowned & the Most Prestigious Management Consulting Firm• Main aspect that “The Firm” boasts on is its “PROFESSIONALISM”• Known for its “UP or OUT” Policy
Sword hanging over their “CORPORATE HEAD” 2U YEARS MISCONCEIVED o r OUTP McK’s Main FOCUS Selective Job Enrichment Organizational Commitment
“TEAM OF LEADERS”• Meritocratic Hierarchical System• Frequent Feedbacks right from entering as a “Junior Associate” so that one never remains what he/she was when first entered into the firm• Each “Engagement” provides completely new & a respectful environment• Regarding the “Out” Group, one of the Alumnus Mr. Victor Cheng says “The secret is that many in the "out" group eventually become clients of the firm.”
“Winning Culture”- BAIN & COMPANY• One of youngest star in the Management World (Founded in 1973)• Known as the “Best Consulting firm to work in.” from last 4 years in a row (SOURCE: Forbes)• Primary Asset: Result-Oriented Work Culture
MAIN FOCUS focused• Doesn’t focus much on being International; focuses more on valuing the individual-choices of employees.• Unlike McK, it has a Open Culture where Employees are given time to schedule important events themselves with clients which instills sense of responsibility in them• Each associate has a freedom to reach out to the Top- Executives Clients; unlike the hierarchical passage one has to pass in McK. This enriches the job that each Consultant is doing & makes him/her more committed to the Organization.
Growth of not Growth’s Sake• According to Bain & Company; they call themselves to be a part of Winning Culture because they carry the following key elements: oHigh Performance Values and Behaviors oUnique Personality & Soul• Valued Profitability over Rapid Expansion• But, to make itself a Result Oriented Company; they call their Modes Operandi as “More of Doing than Talking”!
Describing “WINNING CULTURE” High Aspirations & a Desire to win Passion & External Energy Focus WHO WE ARE/WHAT WE VALUE Thinking Individuals like who Team Owners Bias to Action
SECOND LAST SLIDE REFERENCES• The McKinsey Mind• http://chasingconsultantsbreakingbankers.blogspot.in/2010/01/mckinse y-bain-and-bcg-cultures.html• http://blogs.reuters.com/felix-salmon/2011/03/09/mckinseys-corrupted- culture/• http://www.tomspencer.com.au/2008/04/14/bain-and-company-top- consulting-firms/• Building a Winning Culture –By Paul Rogers, Paul Meehan and Scott Tanner [BAIN & COMPANY]
THATS ITWork Culture of a Management Consulting Firm though havea tremendous impact on Job Attitudes. But, never forget thatmaking a WORK-LIFE Balance is what one should aspire for. To gain that “Join BAIN & not McK” –Deepak Sharma THANK YOU VERY MUCH