...McKinsey & Company is a worldwide management consulting firm. It conducts qualitative and quantitative analysis in order to evaluate management decisions across the public and private sectors. Widely considered the most prestigious management consultancy, McKinsey's clientele includes 80% of the world's largest corporations, and an extensive list of governments and non-profit organizations. More current and former Fortune 500 C.E.O.'s are alumni of McKinsey than of any other company, a list including Google C.E.O. Sundar Pichai, Facebook C.O.O. Sheryl Sandberg, Morgan Stanley C.E.O. James Gorman and many more. McKinsey publishes the McKinsey Quarterly, funds the McKinsey Global Institute research organization, publishes reports on management topics, and has authored many influential books on management. Its practices of confidentiality, influence on business practices, and corporate culture have experienced a polarizing reception. McKinsey was founded in 1926 by James McKinsey in order to apply accounting principles to management. Mr. McKinsey died in 1937, and the firm was restructured several times, with the modern-day McKinsey & Company emerging in 1939. Marvin Bower is credited with establishing McKinsey's culture and practices in the 1930s based on the principles he experienced as a lawyer. The firm developed an "up or out" policy, where consultants who are not promoted are asked to leave. McKinsey was the first management consultancy to hire recent college graduates, rather...
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...THE MCKINSEY WAY This page intentionally left blank. THE MCKINSEY WAY Using the Techniques of the World’s Top Strategic Consultants to Help You and Your Business ETHAN M. RASIEL M C G R AW- H I L L NEW YORK CARACAS SAN FRANCISCO LISBON WA S H I N G T O N , D . C . MADRID AUCKLAND BOGOTÁ MILAN LONDON NEW DELHI TOKYO MEXICO CITY SINGAPORE MONTREAL SAN JUAN SYDNEY TORONTO McGraw-Hill abc Copyright © 1999 by Ethan M. Rasiel. All rights reserved. Manufactured in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. 0-07-136883-3 The material in this eBook also appears in the print version of this title: 0-07-053448-9. All trademarks are trademarks of their respective owners. Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have been printed with initial caps. McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs. For more information, please contact George Hoare, Special Sales, at george_hoare@mcgraw-hill.com...
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...gni THE MCKINSEY WAY This page intentionally left blank. THE MCKINSEY WAY Using the Techniques of the World’s Top Strategic Consultants to Help You and Your Business ETHAN M. RASIEL M C G R AW- H I L L NEW YORK CARACAS SAN FRANCISCO LISBON WA S H I N G T O N , D . C . MADRID AUCKLAND BOGOTÁ MILAN LONDON NEW DELHI TOKYO MEXICO CITY SINGAPORE MONTREAL SAN JUAN SYDNEY TORONTO McGraw-Hill abc Copyright © 1999 by Ethan M. Rasiel. All rights reserved. Manufactured in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. 0-07-136883-3 The material in this eBook also appears in the print version of this title: 0-07-053448-9. All trademarks are trademarks of their respective owners. Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have been printed with initial caps. McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs. For more information, please contact George Hoare, Special Sales, at george_hoare@mcgraw-hill...
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...THE MCKINSEY WAY This page intentionally left blank. THE MCKINSEY WAY Using the Techniques of the World’s Top Strategic Consultants to Help You and Your Business ETHAN M. RASIEL M C G R AW- H I L L NEW YORK CARACAS SAN FRANCISCO LISBON WA S H I N G T O N , D . C . MADRID AUCKLAND BOGOTÁ MILAN LONDON NEW DELHI TOKYO MEXICO CITY SINGAPORE MONTREAL SAN JUAN SYDNEY TORONTO McGraw-Hill abc Copyright © 1999 by Ethan M. Rasiel. All rights reserved. Manufactured in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. 0-07-136883-3 The material in this eBook also appears in the print version of this title: 0-07-053448-9. All trademarks are trademarks of their respective owners. Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fash ion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have been printed with initial caps. McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs. For more information, please contact George Hoare, Special Sales,...
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...McKinsey and Company is a global management consulting company and was founded in 1926 by James McKinsey. They have offices in more than 60 countries and employee over 9,000 consultants and almost 2,000 research and information professionals. Their clients include businesses, governments, non-governmental organizations, and not-for profits. In this paper I will discuss the link between business, governments, and global institutions, how a global consulting firm might assist a government client and why businesses choose to hire McKinsey even though they may have worked for a competitor. The Link Between Businesses, Governments, and Global Institutions According to an article found on the McKinsey website “Government is likelier to affect companies’ economic value than any other group of stakeholders except customers” (Dua, Heil, and Wilkins, 2010). Whether a business is only operating in their home country or operating on a global scale they all have to interact with government. Governments in every country pass laws and enforce regulations that all businesses and global institutions must abide by. A consulting company, like McKinsey, that hires employees from all over the world, speaking over 120 languages and representing more than one hundred nationalities” can help build relationships between businesses, governments and global institutions (Carpenter and Dunung, 2015). Assisting a Government Client McKinsey and Company has clients all over the world and in various sectors...
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...Company’s background: McKinsey & Company is a privately owned management consulting firm that focuses on solving issues of concern to senior management in large corporations and organizations. Known among its employees simply as "The Firm" McKinsey & Company was founded in Chicago in 1926 by James O. ("Mac") McKinsey. McKinsey was a professor at the University of Chicago who pioneered budgeting as a management tool. Marshall Field's became a client in 1935, and soon convinced James McKinsey to leave the firm and become its CEO; however, he died unexpectedly in 1937. Today McKinsey has over 7,500 consultants in 90 offices across 51 countries. They help solve strategic, organizational, operational and technological problems, for some of the world's largest organizations. Clients include three of the world's five largest companies, two-thirds of the Fortune 1000, governments and other non-profit institutions. McKinsey also performs pro bono engagements for a number of charitable organizations and government agencies worldwide. 'Forbes' estimated the firm's 2005 revenues at $3.8 billion in its list of largest private companies. Company Intent To be the global leader in consulting industry, provide expertise consulting service to the worldwide clients. Company Mission To help the clients make positive, lasting, and substantial improvements in their performance and to build a great firm that is able to attract, develop, excite, and retain exceptional people. Key...
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...Apple 7S Model try to explore the McKinsey 7S Framework as a part of case study, in which I have to analyze Telenor, the Norwegian telecommunication company. McKinsey and Company created this 7S framework in the early 1980s. It is well-known for analyzing organizations, for the factthat McKinsey and Company used it to analyze over 70 large organizations in 1980s. As described in the title, the framework has 7 variables: structure, strategy, systems, staff, skills, styleand shared value. These variables are categorized as soft and hard components. The hard componentsare strategy, structure and systems which are normally feasible and easy to identify in an organisationas they are normally well documented in reports such as strategy statements, corporate plans,organisational charts, etc . The remaining four ones are more difficult to comprehend. It is only possible to understand these aspects by studying the organisation very closely, normally throughobservations and/or through conducting interview (~Oh no …). Structure Structure is the skeleton, the form of shape, of organisations. It dictates the way it operates andperforms (Waterman et al., 1980). Traditionally, businesses are structured with divisions,departments and layers, in which the lower layers answer to upper layers. Today, the flat structure, where the work is done in teams of specialists, are more common. The idea is to make theorganisation more flexible and devolve the power by empowering the employees...
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...Attract the Attractive Rupavilas Patel Kaplan University Over the years, the world has moved through the Industrial Age to what is now called the Informational Age. The world has transfused from an age based largely on manpower to an age based on brainpower. This brainpower is cannot be quantified but it can be categorized as a companies intangible assets. This means that over the years the market value that was related to tangible assets has decreased and there has been an increase in intangible assets. The percent of market value related to tangible assets in 1982 was about 62 percent, and the intangible assets were made up of about 38 percent. Then in 2000, we could see a significant transformation towards intangibles. There was only 15 percent of market value associated with tangible, while 85 percent was tied to intangibles (Ulrich, Smallwood, 2003). This pattern shows how the world has changed in terms of where the actual assets of a company are held. The value of tangible assets has significantly decreased relative to the intangible assets. These assets include, but are limited to, assets like intellectual property or capital, brand name, and innovative thoughts. The main thing that causes these intangibles to exist is the ability a company has in attracting talent. So now that we have seen this transformation from tangibles to intangibles we should understand how intangible effect a company. These intangible assets are directly affecting how well a company...
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...How will consumers interact with brands in the near future? What channels will they use and what sort of experience are they looking for? These are the questions that McKinsey consultants Dahlström and Edelman (herein referred to as ‘McKinsey’) aim to shed light upon to help companies prepare themselves for this changing world. McKinsey believes that emerging technologies will mean that consumers demand a radically different, personalized experience from companies. Sensors in devices, the Internet of Things, the rise of Big Data and the ubiquity of smartphones will hasten the current shift in the balance between consumers and brands, adding a physical dimension to previously virtual transactions. And customers will want these experiences in real time and almost everywhere. The way customers judge brands is changing. Gone were the days that our brands are judged based on the quality of one’s marketing efforts, customer-service, or of the product/service individually. In this on-demand world, consumers will judge brands by their ability to deliver heightened experiences, which McKinsey defines as interactions that offer high levels of value and are radically customized and easy to access, across the entire customer decision journey. Relevant and unique, tailored, and seamless experience is the key. So what can companies do to adapt to these changes? Companies must change what and how they deliver by finding ways to engage customers, by assessing on every way a customer...
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...ur R&D clients include major pharmaceutical companies, medical device manufacturers, biotechs, and clinical research organizations. Our work, which spans all major therapeutic areas, focuses on: Driving innovation: We can help transform a company’s corporate culture and R&D infrastructure to meet changing industry needs, or support efforts to attract, motivate, and mobilize the best talent. We use our insights to help companies develop innovative products that offer substantial benefits over existing therapies, allowing them to overcome hurdles to regulatory approval and payor reimbursement. Improving productivity and performance: We have multiple strategies for enhancing client’s productivity and performance. For instance, we can help them access new technologies and innovation through various R&D financing and partnership models that minimize cost and risk. We also facilitate approval and reduce development timelines and costs by helping design clinical strategies that maximize the chance for a successful approval with the best possible label. Our efforts often involve assisting companies with organizational issues (e.g., helping them determine the most efficient structure post-merger, etc.). Since we understand the changing vendor landscape and we offer global reach and expertise, we can also assist companies in identifying the right outsourcing/off-shoring opportunities and in capturing greater value from emerging markets. Developing successful portfolio and asset strategies:...
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...irrational side of change management 101 Organization Practice The irrational side of change management Most change programs fail, but the odds of success can be greatly improved by taking into account these counterintuitive insights about how employees interpret their environment and choose to act. Carolyn Aiken and Scott Keller In 1996, John Kotter published Leading Change. Considered by many to be the seminal work in the field of change management, Kotter’s research revealed that only 30 percent of change programs succeed. Since the book’s release, literally thousands of books and journal articles have been published on the topic, and courses dedicated to managing change are now part of many major MBA programs. Yet in 2008, a McKinsey survey of 3,199 executives around the world found, as Kotter did, that only one transformation in three succeeds. Other studies over the past ten years reveal remarkably similar results. It seems that, despite prolific output, the field of change management hasn’t led to more successful change programs. It also hasn’t helped that most academics and practitioners now agree on the building blocks for influencing employee attitudes and management behavior. McKinsey’s Emily Lawson and Colin Price provided a holistic perspective in “The psychology of change management,”1 which suggests that four basic conditions are necessary before employees will change their behavior: a) a compelling story, because employees must see the point of the change...
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...o r g a n i z at i o n september 2008 A business case for women The gender gap isn’t just an image problem: our research suggests that it can have real implications for company performance. Some companies have taken effective steps to achieve greater parity. Georges Desvaux, Sandrine Devillard-Hoellinger, and Mary C. Meaney Article at a glance Companies that hire and retain more women not only are doing the right thing but can also gain a competitive edge. They can take several basic steps to achieve even greater parity. These companies will be able to draw from a broader pool of talent in an era of talent shortages. What’s more, research shows a correlation between high numbers of female senior executives and stronger financial performance. Women in developed economies have made substantial gains in the workplace during recent decades. Nevertheless, it’s still true that the higher up in a company you look, the lower the percentage of women. But some companies have moved successfully to increase the hiring, retention, and promotion of female executives. Their initiatives have included efforts to ensure that HR policies aren’t inadvertently biased against women or part-time workers, to encourage mentoring and networking, to establish (and consistently monitor at a senior level) targets for diversity, and to find ways of creating a better work–life balance. Changes like these have a price, but there are business advantages to making them—above and beyond the...
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...Part 4: Organisational Processes BOSS Magazine article Let’s Get Together Source: B. Head, “Let’s Get Together,” Boss Magazine, September 14, 2001, p. 52. The strategic alliance is redefining competition in the new networked economy. But to make the most of collaboration, you need to pay attention to age-old issues like trust. It took Siebel Systems six years to rise from start-up to star. By 2000 the software company was raking in $US1.8 billion annual revenues and ranked third on Fortune's 100 fastest growing companies list. This status came from forging alliances where it made sense and where it could. Siebel, founded in 1993, was early to market with e-business software, but being first wasn't enough. Siebel needed to fight off rival start-ups by developing critical mass fast; and that demanded the support of seasoned partners to help break into international corporate accounts. Today the company refers to its web of alliances with hardware companies, software companies, consulting firms and service providers as a "partner ecosystem". Siebel's is not an entirely benign ecosystem, though; it is inhabited by some of the most dangerous corporate predators in the IT sector - companies such as Microsoft, Cisco, Compaq and IBM. These are companies that compete and yet collaborate, and even while they collaborate they compete. Siebel's ecosystem is the tense model with which millennial management will have to come to grips. Dean Blomson, vice-president of consulting...
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...1. MAKING PRESENTATIONS * Be structured Using a structured and logical procedure to express your views. * Remember that there are diminishing marginal returns to effort Weighting carefully the pros and cons of change and Learning to recognize the critical point and draw the line on changes well in advance of the meeting. * PREWIRE EVERYTHING To ensure no dispute during the meeting, consultants should let all the relevant players in the client organization know what they found in private before they hold a presentation or progress review. 2. DISPLAYING DATA WITH CHARTS * Keep it simple — one message per chart Following principle of simplicity, the more complex chart is less effective. Chart is used to convey the primary information. A chart should include a good lead which can express the key point of the chart in one simple sentence and a source attribution which would help people review the data at future time. * Use a waterfall chart to show the flow The waterfall chart is an outstanding way to illustrate quantitative flows. Through mixing the negative and positive item, it can depict vividly subtotal of cash flow and net income. 3. MANAGING INTERNAL COMMUNICATIONS * Keep the information flowing Information flowing can help your teammates understand how their work is contributing to the final goal, how their efforts are worthwhile. In addition, good information flow can help you spot emerging problems (or opportunities) faster because...
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...Desde mi punto de vista la conferencia me pareció bastante interesante, creo que al ser exalumno de nuestra carrera y universidad, José Manuel Zardain tiene una perspectiva muy real de lo que puede llegar a suceder en el mundo laboral actual, y más siendo parte del área de reclutamiento de una empresa tan importante. Es bueno saber lo que las empresas buscan de un egresado, porque es así como podemos darnos cuenta en que áreas podemos crecer o mejorar para hacer más fuertes nuestras fortalezas y defendernos de las debilidades. Lo que mas me gusto de la conferencia fue que compartió experiencias reales, y anécdotas que le han pasado durante su estancia en ese trabajo, ya que realmente podemos saber a que nos enfrentaremos, en este caso, si llegamos a trabajar en una consultoría. También me gusto que fuera directamente al grano, y explico de manera breve pero muy clara todo lo que se requería, además de que respondió varias dudas de varios alumnos. Como ya mencioné, me parece muy interesante ver como un Ingeniero Industrial puede dedicarse a varias cosas, y algunas muy distintas entre ellas, por lo cual creo nos da una visión hacía el futuro muy amplia para ver hacia donde queremos dirigirnos. Otra cosa que me gusto fueron los diferentes tips para las entrevistas que dio, ya que creo es algo que todos podremos utilizar, cuando sea necesario. Realmente yo no le cambiaría nada, ya que realmente cumplió con explicarnos todo lo que el realiza, así como la empresa donde trabaja...
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