Mergenthaler hrm315 1201 b-07 ph 4 ip
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Bain & Company is a global management consulting firm founded in 1973 that recruits top talent from elite institutions around the world. The recruiting process is highly selective and evaluates candidates based on their intelligence, integrity, ambition, and problem-solving skills. Bain recruits at both entry-level positions for new graduates as well as more advanced positions, and offers employees challenging work, opportunities for growth, and a variety of benefits. Bain prides itself on building a diverse workforce and measuring its success through client satisfaction, employee satisfaction, and numerous industry awards.
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Mergenthaler hrm315 1201 b-07 ph 4 ip
- 1. HRM315-11201B-07 Phase 4 Individual Project Sabrina Mergenthaler Colorado Technical University Online Professor Bryan Forsyth March 19, 2012 Recruiting Strategy of Bain and Company
- 2. Bain & Company •Boston, MA •Founded in 1973 •Global expansion •47 Offices-30 Countries •5,500+ employees •Qualifications: Integrity Intelligence Passion Ambition Introduction
- 3. •Elite Institutions •Intelligence •Integrity •Ambition www.JoinBain.com Assessment of the Recruiting Practices of Bain and Company
- 4. All Potential Hires •Sharp problem-solving skills •Results-oriented •Leadership •Passion •Cover letter •Resume •Interview(s) Advanced Positions •Cover letter •Resume (1-2 pages) •Undergraduate GPA •Unofficial graduate transcript •Test scores (e.g., GRE, LSAT, MCAT, Boards) •TOEFL score •Office preferences •Interview(s) Assessment of the Recruiting Practices of Bain and Company, Continued…
- 5. Associate Consultant •Bachelors Degree holders •Mentors and Mentorships •Educational Compensation •Full time benefits •Challenging career •Encouraging work environment Consultant •Higher degree holders •Execution of the plans •Mentors •Educational Compensation •Full time benefits •Encouraged growth •Engaging work environment Assessment of the Recruiting Practices of Bain and Company, Continued…
- 6. Partners •Recommendation •Typically promoted from within •Proven Merit •Excels at training, recruiting, socializing and encouraging others Managers •Builders of Diversity •Blacks at Bain •Bain Gay, Lesbian, Bisexual, and Transgender Association for Diversity •Latinos at Bain •Veterans at Bain •Women at Bain •Progress to Partner Assessment of the Recruiting Practices of Bain and Company, Continued…
- 7. •Challenge Employees •Encourage growth, learning, and teaching •Select from the pool of elite scholars •Demand innovation •Build upon diversity •Offer benefits Bain Builds from the Intern Up
- 8. Benefits of •Externships •International transfers •Social advocates •Alumni •Sabbaticals/Leaves •Flexible work schedules
- 9. •Client Approval •Employee Satisfaction •Blogs •Diversity Program Success Stories •Alumni •Numerous Prestigious Awards •Notable Magazine Mentions A Measure of Success
- 10. Bain & Company. (n.d.). Retrieved from http://www.joinbain.com/this-is- bain/default.asp BainCapital. (n.d.). Retrieved from http://www.baincapital.com/AboutBainCapital/Default.aspx Editorial Board. (2011). Introduction to Human Resource Management 1st Edition. Words of Wisdom, LLC. References
Editor's Notes
- Abstract Throughout the Managing Human Resources course at Colorado Technical University, we have recognized major progressions within the position of Human Resources professionals. In particular, we have focused on the importance of their strategy in creating jobs and filling those positions with the right people. The following presentation further highlights the contribution of Human Resource professionals through an analysis of the recruiting process of Bain and Company, a world-wide consulting firm. Through researching the website utilized by Bain and Company for the specific purpose of recruiting, we will compare the techniques used to recruit for various levels of positions. In measuring certain criteria of the employees (such as retention rate, productivity, and diversity), we will provide further detail in the effectiveness of the company’s recruiting strategies. By distinguishing this major function carried out by the Human Resources department of Bain and Company, we will add an expanded understanding of just how much of an impact Human Resource professionals are to all companies.
- Introduction One of the key factors in building a successful company lies in the employees it keeps. In realizing this crucial component, many businesses go to great lengths to attract and retain the right employee. Relying on the professionals in their Human Resources department to design jobs with benefits and develop recruiting techniques, these businesses depend on strategic approaches to build a pool of qualified applicants; and from that pool, pull the employees that will be the foundation of future growth (Editorial Board, 2011). In order to fully understand the magnitude of the recruiting process, this presentation will focus on Bain and Company, a leading world-wide consulting firm. For the purpose of this presentation, Bain and Company was selected for its prestigious standing, as well as the author’s previous desire to work for the organization. Headquartered in Boston, Massachusetts, Bain and Company was founded in 1973 by Bill Bain. It has since evolved into a global company, spanning 47 offices across 30 countries. Their mission is to provide businesses with the tools and guidance to succeed. With over 5,500 employees and revenues toppling over $3billion, it is obvious that the organization would host and advocate strenuous recruiting practices. Bain places value on an employee’s intelligence, integrity, passion and ambition to make a difference (BainCapital, n.d.). Due to the importance the company stresses on employees with these merits, there is no limit to the extent in which Bain and Company will go to obtain and retain candidates of such caliber.
- Assessment of the Recruiting Practices of Bain and Company Bain and Company encourages a fast-paced growing environment for their employees. In fact, the average entry level employee can expect promotions toward management roles in as little as three years. With positions starting from internships to partnerships, addressing the needs of employees at all levels is crucial to employee development and engagement. More importantly, attracting the right and most diverse employees for these positions is one task in which Bain and Company takes so seriously that they only recruit from the most elite talent pools. Building an understanding for how Bain and Company came to be the widely-known organization that it is requires comprehending the methods in which they use to recruit and retain their extraordinary employee-base. In order to identify these techniques, we will assess approaches used to recruit for various employment levels. In particular, we will focus on the Associate Consultant, Consultant, Manager, and Partner titles (Bain, n.d.). Regardless of the position, most employees will be graduates from some of the most elite educational institutions across the world. It is not uncommon for students among these colleges and universities to have familiarity with the recruiting agents of Bain and Company, since the business conducts regular visits to the campuses. During their visit, Bain’s recruiters are looking for those individuals with the sparks of intelligence, integrity, and ambition. Once found, students and graduates follow a rigorous hiring process designed to match the level of achievement expected for their respective schools. In fact, Bain’s recruiting website at www.JoinBain.com allows students to view the process for their particular college or university (Bain, n.d.).
- Though Bain and Company focuses their recruiting efforts at prestigious colleges and job fairs across the globe, they host a recruiting site that allows people from all walks of life to apply. However, applicants should be aware of the competition. Bain and Company recruits, hires, and promotes based on results over seniority. For this reason, all applicants and potential hires should have sharp problem-solving skills, demonstrate leadership, passion, and be result-driven. For students and undergraduates, passing these barriers is enough to get noticed, but Bain still requires all applicants to submit cover letters, resumes, and test scores in addition to undergoing several interviews (Bain, n.d.). For those with more experience, or applying for more advanced positions, the requirements only get steeper. For instance, Bain and Company expresses great interest in all academic reviews and transcripts. They also stand by a necessary Test of English as a Foreign Language (TOEFL) score submission, which is used to measure a person’s ability to use English in the business setting. An applicant seeking a position of advanced standing will also need to provide an excellent list of achievements and performance measures in addition to undergoing several interviews. These interviews however, dependant on position, will be conducted by key and major players of the company (Bain, n.d.).
- Even entry level positions at Bain and Company require a Bachelors Degree or higher. For this reason, when recruiting for Associate Consultants and Consultants, Bain focuses on elite colleges and universities. From these pools, recruiters for Bain pluck only the finest candidates with the willingness and desire to learn and grow. Applicants who are hired are greatly challenged and encouraged to grow. Making up the frontlines of developing powerful insights, Associate Consultants are responsible for finding vital information, developing high-quality analyses, and assessing the most critical concerns faced by clients. Associate Consultants learn early on in their profession with Bain and Company, that leadership is a desired trait. They are expected to train in areas they are unfamiliar with, as well as expand in the areas they are most familiar with. At Bain and Company, these associates are encouraged to speak up and stand out from their fellow employees. Due to the demanding nature of the position, Bain and Company invests tremendously in advancing not only the abilities of the Associate Consultant, but the education as well. While most degree holders at this position will have Bachelor Degrees, Bain promotes furthering education through a scholarship program that assists employees with achieving higher levels of education. For this reason as well, Bain and Company partners Associate Consultants with upper-level mentors while allowing them to mentor interns. Once the level of education has been reached, and the Associate Consultant has proven themselves to be a leader, they may be considered for the next progression in employment—Consultant (Bain, n.d.). As a full Consultant, Bain and Company requires that you have a Masters Degree or higher. Consultants are responsible for execution of the consultations and plans. They work with upper level managers, as well as their Associate counterparts. They are also offered compensation for continuing education. Once they have mastered their position as consultant, these employees are encouraged to progress into companies of their own, or upper level positions with Bain and Company (Bain, n.d.).
- Because Bain and Company prides itself on the talent carried by diverse employees, the organization trusts the establishment of new diversifying programs to their upper level managers. In having exemplified their abilities at the preceding levels, Managers are responsible not only for passing along their knowledge and talent, but in designing the diversified future leaders of the company. In this effort, Bain has formulated specialized programs such as Blacks at Bain (BAB), Bain Gay, Lesbian, Bisexual, and Transgender Association for Diversity (BGLAD), Latinos at Bain (LATBA), Veterans at Bain (VAB), and Women at Bain (WAB). In maintaining the diversified workforce through the established programs, managers are met with the constant challenge of increasing the number of diverse and highly-qualified applicants and employees. With such a pertinent role to the company, Bain focuses on hiring managers of diverse backgrounds and elevated education levels. While many are promoted from within, the organization recognizes these leadership qualities can stem from any source, so long as they hold the required degrees (Bain, n.d.). Progressing from the position of Manager to Partner will take a lot of time and demonstration of one’s ability to lead and stand out. Bain and Company recognizes the merit of an individual being recommended for Partner. In doing so, the employee will have demonstrated their ability to create and build upon innovative and long lasting relationships; contributed to the company in terms of knowledge, training, skills, recruiting, and socializing; and proven themselves as accountable members. Again, these individuals are typically promoted from within. However, Bain and Company does recognize outstanding outside sources for their selection process in partners as well (Bain, n.d.).
- Bain prides itself on recruiting the finest employees. In building the best company from the intern up, Bain acknowledges a need to challenge employees. With each position employees are faced with new challenges; from learning, teaching, and providing new ideas, to recruiting and building the company in a diversified manner. In this way, we witness the recruitment process select individuals from elite schools and online, to promoting from within to ensure the absolute best of the best at the very top. The strategies used to hire a consultant will hardly match those used to establish a partner, simply because of the level of work involved. Bain relies on proven leadership over seniority, though at times, may find fresh minds for partners in any venue. By adding the challenge of diversity to the responsibilities of managers, Bain and Company continues to achieve recognizable statuses for minority groups, while using that diversity to deliver innovative concepts to their clients. To continue building upon their workforce, Bain not only promises to uphold these challenging work environments for their employees, but offers more perks and benefits to encourage their loyalty.
- While Bain and Company cannot rely on the challenge of the job to encourage all employees, the organization works hard to maintain the long lasting relationship between employee and company. For instance, with offices scattered across the globe, Bain and Company offers employees flexible opportunities to transfer to any of their international offices. The company also recognizes life’s ability to throw curveballs and thusly offers a variety of acceptable sabbatical and leave policies to add greater flexibility to employee schedules. They also encourage taking breaks for as long as two months at a time. Since Bain and Company also values continued education, they offer employees many externship opportunities. Their global expansion and partnership with a Private Equity Group allows employees to develop greater knowledge in a variety of areas as well. In developing a stronger relationship with its employees, Bain and Company not only promotes social engaging between employees, but supports and publicizes employee blogs right on the company site (Bain, n.d.). If you thought working for Bain and Company offered great opportunities, just wait until life after Bain. The company extends an alumni association for past employees, interns, and partners. This alumni opens the doors to opportunities with partner companies, as well as helps former associates build their own companies (Bain, n.d.).
- Measuring the effectiveness of Bain and Company’s technique to recruiting and hiring can take several approaches. You could measure the approval of the clientele, which currently indicates a greater performance over market competitors by 4:1, according to S&P 500. Since Bain and Company publishes employee blogs on their own site, you can even read about the rewarding and satisfying life of Bain’s associates. The success stories available through their diversity programs are also available to weigh in on the effectiveness of recruiting techniques (Bain, n.d.). Further research shows Bain and Company has received numerous awards for being the best company to work for, as well as ranking number one in Employee Choice Awards. The company has been mentioned in several notable magazines which highlight their commitment to employees and accomplishing their mission to provide companies with the tools to succeed (Bain, n.d.).
- The Human Resources department of Bain and Company has their hands full in maintaining the positive image and reputation of the company. However, as a result of their hard work and strategic approach to recruiting, their efforts have well paid off. We have seen throughout this presentation the success of recruiting practices which have been designed and perfected by the professionals in Bain and Company’s Human Resources division. It is no wonder Bain continues to operate at top notch performance levels with strategists like theirs. In allowing the Human Resource professionals at this company to perform at their full potential, Bain and Company has truly experienced what it means to have a valuable HR department.