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The Mc Kinsey Way

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The Mc Kinsey Way

  1. 1. SMR HR Group - Integrated HRD Solutions for your Business – A Book Summary
  2. 2. Agenda <ul><li>Introduction to The Mckinsey Way </li></ul><ul><li>The McKinsey Way of Thinking </li></ul><ul><ul><li>Building the solution </li></ul></ul><ul><ul><li>Developing the approach </li></ul></ul><ul><ul><li>80:20 and other rules </li></ul></ul><ul><li>The Mckinsey Way of Working to Solve Business Problems </li></ul><ul><li>The Mckinsey Way of Selling Solutions </li></ul><ul><li>Surviving at Mckinsey </li></ul><ul><li>Life after McKinsey </li></ul>
  3. 3. The McKinsey Way <ul><li>The world's most recognized consulting brand </li></ul><ul><li>1923 </li></ul><ul><li>84 offices </li></ul><ul><li>89 countries </li></ul><ul><li>7000 professionals </li></ul><ul><li>100 of the top 150 organizations </li></ul><ul><li>90% of governments have consulted them </li></ul><ul><li>Top CEO’s and authors emerge from the FIRM </li></ul>
  4. 4. The McKinsey Way <ul><li>Pre eminent position from superior talent </li></ul><ul><li>Meritocracy </li></ul><ul><li>All assignments or projects known as Engagements and customers as Clients </li></ul><ul><li>Engagement Directors ED </li></ul><ul><li>Engagement Managers EM </li></ul><ul><li>Key drivers </li></ul><ul><li>Add Value </li></ul><ul><li>Lean backend engaging front end </li></ul>
  5. 5. Introduction to The Mckinsey Way <ul><ul><li>Building the solution </li></ul></ul><ul><ul><ul><li>Three is a magic number </li></ul></ul></ul><ul><ul><ul><li>Client: Firm: YOU </li></ul></ul></ul><ul><ul><ul><li>Firm’s problem solving process has three attributes </li></ul></ul></ul><ul><ul><ul><ul><li>Fact based </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Rigidly structured </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Hypothesis driven </li></ul></ul></ul></ul><ul><ul><ul><li>High quality analysis </li></ul></ul></ul><ul><ul><ul><ul><li>Facts compensate for lack of gut instincts </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Process experts who know a little about a lot of things </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Facts bridge credibility gap </li></ul></ul></ul></ul><ul><ul><ul><ul><li>MECE – mutually exclusive collectively exhaustive </li></ul></ul></ul></ul><ul><ul><ul><ul><li>A good McKinsey list has no more than 5 top line issues to solve </li></ul></ul></ul></ul>
  6. 6. Developing the approach <ul><li>The problem is not always the problem </li></ul><ul><li>Don’t reinvent the wheel - 1 </li></ul><ul><li>Frameworks - focus their thinking on the drivers of the problem </li></ul><ul><li>Forces At Work </li></ul><ul><li>If you have a hammer, then every problem looks like a nail </li></ul><ul><li>Strength: Intellectual tool box </li></ul><ul><li>Trust and Verify </li></ul><ul><li>Don’t make your facts fit your solution </li></ul><ul><li>Make sure your solution fits your client </li></ul><ul><li>Maxim: business realities always WIN! </li></ul><ul><li>Finite resources everywhere </li></ul><ul><li>Toll guarding the bridge – understand politics </li></ul>
  7. 7. 80:20 and other rules <ul><li>80:20 rule is all about data and analysis </li></ul><ul><li>Don’t boil the ocean for a handful of salt </li></ul><ul><li>Find the key drivers – drill to the core of the problem – focus and ignore </li></ul><ul><li>The Elevator test </li></ul><ul><li>Pluck the low hanging fruit </li></ul><ul><li>Make a chart everyday – review learning gained </li></ul><ul><li>Hit singles </li></ul><ul><li>Let go – don’t try to do the work of the team </li></ul><ul><li>Look at the big picture </li></ul><ul><li>Just say ‘I don’t know’ </li></ul><ul><li>Don’t accept I have no idea - Probe </li></ul>
  8. 8. The Mckinsey Way of Working to Solve Business Problems <ul><li>McKinsey does not sell; it markets </li></ul><ul><li>Sell without selling </li></ul><ul><li>Seeks ‘ share of the mind.’ </li></ul><ul><li>Be careful what you promise: Structuring an engagement </li></ul><ul><li>Assemble the right team – never walk alone </li></ul><ul><li>Get the mix right – intellectual horsepower, experience, EQ </li></ul><ul><li>Team Morale – never blame, self pity </li></ul><ul><li>Practice development </li></ul><ul><li>Make your boss look good </li></ul><ul><li>Manage hierarchy </li></ul><ul><li>Don't reinvent the Wheel - 2 </li></ul>
  9. 9. The Mckinsey Way of Working to Solve Business Problems <ul><li>Don't reinvent the Wheel – 2 </li></ul><ul><li>Research Tips </li></ul><ul><li>Interview Guide – pro typical question </li></ul><ul><li>Listen, Guide, Paraphrase </li></ul><ul><li>Interview in pairs </li></ul><ul><li>The Columbo tactic </li></ul><ul><li>Make interviewee feel reassured </li></ul><ul><li>Write a Thank you note always </li></ul><ul><li>Brainstorming </li></ul>
  10. 10. The Mckinsey Way of Selling Solutions <ul><li>Structured presentations </li></ul><ul><li>Diminishing marginal returns to effort </li></ul><ul><li>Prewire everything </li></ul><ul><li>Medium must not overpower the message </li></ul><ul><li>One message per chart </li></ul><ul><li>Internal Communications – keep info flowing </li></ul><ul><li>Three keys: Brevity, Complete and Structure </li></ul><ul><li>Confidentiality </li></ul>
  11. 11. The Mckinsey Way of Selling Solutions <ul><li>Working with clients – keep them on our side </li></ul><ul><li>Deal with hostility </li></ul><ul><li>Engage client </li></ul><ul><li>Get buy in throughout the organisation: Visibility </li></ul><ul><li>Be rigorous about implementation </li></ul><ul><li>Review Projects and learning </li></ul><ul><li>Contribute to the databases </li></ul>
  12. 12. Surviving at Mckinsey <ul><li>Find a mentor </li></ul><ul><li>Respect people </li></ul><ul><li>Respect the support staff – they are few at the firm - you need them even though they don’t make the money </li></ul><ul><li>Recruiting style: Analytical, Judgment, Ethical, Fit with Firm, Academic track record, Above average IQ </li></ul>
  13. 13. Surviving at Mckinsey <ul><li>Lay some rules </li></ul><ul><ul><li>One day a week forget work </li></ul></ul><ul><ul><li>Don’t take work home </li></ul></ul><ul><ul><li>PLAN AHEAD </li></ul></ul><ul><ul><li>Sharpen the Saw </li></ul></ul><ul><ul><li>Mobile phones, the Web and Laptop can wreck your life </li></ul></ul>
  14. 14. Life after McKinsey <ul><li>Valuable lessons </li></ul><ul><ul><li>Preserve your integrity </li></ul></ul><ul><ul><li>Be humble </li></ul></ul><ul><ul><li>Be Objective </li></ul></ul><ul><ul><li>Politics STARTS with YOU </li></ul></ul><ul><ul><li>Meritocracy </li></ul></ul><ul><ul><li>Execution and Implementation is key – Results NOT Activity – Operation success patient died is not acceptable </li></ul></ul><ul><ul><li>Professionalism </li></ul></ul>
  15. 15. Life after McKinsey <ul><li>Valuable lessons </li></ul><ul><ul><li>Rigorous standard of information </li></ul></ul><ul><ul><li>Relentless drive for excellence NOT perfection </li></ul></ul><ul><ul><li>Power of Team Thinking </li></ul></ul>

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