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McKinsey&CompanyTheFirmDangerousCompanyTheGoldBoys’NetworkCrystalDianeByrdIST325Spring2003McKinsey&CompanyAgendaIntroductionandCompanyOverviewMcKinsey’sMissionAspirationsandValuesBusinessFocusClientsFoundersForgingProfessionalValuesTappingHarvardMcKinsey’sGoldenConnectionAWorldClassLeaderAToughEmployerOneWoman’sClaimCastingaWiderNetLessonsLearnedMcKinsey&CompanyIntroductionandCompanyOverview“‘Onefirm’simplymeansthatwe'reallinthistogetherandthatallourincentives,evaluationprocesses,andthelikeapplyfirmwide”RajatGuptaCEO,McKinsey&CompanyFounded–Privatecompany–1926Founder–James“Mac”McKinseymanagedbyMarvinBowerSize–Over100officesin40countries,employs13,000Revenues–$3.4billion(2001)Source:TheGaleGroupMcKinsey&CompanyMcKinsey’sMission“Winaccesstotheearandwhispertherightmessage,andyourinfluencewillfinditstruemeasure”O’SheaandMadiganDualMission–TotheirclientsandthemselvestoimproveperformanceandattractexceptionalstaffMissionissupportedbyfouraspirationsandenduringvaluesthatguideallofthebusinesseffortsMcKinsey&CompanyAspirationsandValuesServeclientsasPrimaryCounselorsonoverallperformance.Giveeachclientthebestofthefirm.SuperiorTalenttoinitiatethebestofconsulting.GovernOurselvesthroughavalues-drivenpartnership.McKinsey&CompanyBusinessFocusFocusofbusiness–advisingtopmanagementofleadingcompaniesandinstitutionsofstrategy,organization,technologyandoperationBusinessinterests–automotiveandassembly,bankingandsecurities,businessbuildingandbusinesstechnologyoffices,electricpowerandnaturalgas,insurance,mediaandentertainment,telecommunicationsSuccess–strictpolicyofprivacy,foundedonapplicationofvalues,discipline,reputationandaccessovertime,Artofnetworking–GoldBoysNetwork,Strictperformancestandardsandtraining,5-stepprocessand7-SModelMcKinsey&Company7-SModelSource:–HewlettPackard,JohnsonandJohnson,GeneralMotorsandSiemensUnsuccessful–Enron,Swiss-Air,Kmart,GlobalCrossingSource:BusinessweekMcKinsey&CompanyJamesO.McKinseyFormeraccountingprofessorattheUniversityofChicagoSource:–TohelpseniormanagementinvariouscompaniessolvetheirmajorbusinessproblemsMcKinseynewtheory–Thatso-calledmanagementengineerscouldgobeyondrescuingsickcompanies.McKinsey&CompanyMarvinBowerFoundersofmodernmanagementconsultingSource:–Managementconsultingshouldbeheldtothesamehighstandardsforprofessionalconductandperformanceaslawandmedicine.Heinsistedthatclientinterestsbeplacedbeforethefirm'sEngagementsbeundertakenonlywhenourvaluetotheclientwasexpectedtoexceedourfeesBowerrestrictedthefirm'sownershiptoactivepartnersHeinstilledprofessionalismthroughtrainingMcKinsey&CompanyForgingProfessionalValuesMcKinsey’s5StepProcessTaketopmanagementperspectiveEstablishasolidfactbaseWorkwithclients,notforthemPreserveconfidentialityBringthebestofthefirmtoeachclientMcKinsey&CompanyForgingProfessionalValues(con’t)“Thisisabouthowwemanageourselvesandwhatkindoforganizationwewanttobe”RajatGupta,ManagingDirectoronMcKinsey’sFourCoreValueSource:–“Wewanttomakeadifferenceintheinstitutionsweserveindividually,whilecollectivelyservingenoughleadinginstitutionssoastohavebroaderimpactonthebusinesscommunityandsociety”McKinsey&CompanyForgingProfessionalValues(con’t)RajatGupta,ManagingDirectoronMcKinsey’sFourCoreValueCaringMeritocracy–“Withoutatruemeritocracy,wewon'tbeabletomaintainourqualitystandardsorattractthekindofpeoplewewanttoattract”Self-Governing,UnifiedFirmPartnership–“Thisisnotafirmofleadersandfollowers;itisafirmofleaderswhowanttohavethefreedomtodowhattheythinkisrightfortheinstitution”DeliveringtheBest–“ifknowledgeandbeingthebestaren'tpartofourcorevalues,thenwe'remissingsomething”McKinsey&CompanyTappingHarvard“Thesecretofsuccessisconstancytopurpose”MarvinBower,quotingBritishPrimeMinisterBenjaminDisraeli.TheTrend–RecruitingstafffromtheHarvardBusinessSchoolbeganwithMarvinBoweroneofthefoundersofMcKinseyandCompany.TheProgram–Studentswerepresentedwithcasestudiesandproblemsandhadonedaywithinwhichtocomeupwithasolution.TheProduct–Agraduatecapableofthinkingonhis/herfeet.McKinsey&CompanyTappingHarvard(con’t)TheQuestionofEthics“Inabusinessthatlivesonimpressions,dazzlingtheclientisimportant”O’SheaandMadiganTheInfluence–BowerinfluencedthewaybusinesswasrunandclassesweretaughtattheHarvardBusinessSchoolandwhowasincharge.ThePatronage–TheMatsushitaChairofLeadership,establishedin1981McKinsey&CompanyTappingHarvard(con’t)TheCompetition–Withthegrowthofconsulting,evenBower’spersuasivepatronagecouldnotkeepcompetitorsforBakersScholarsatbayTheProblemSolver–Truetohischaracterassuccessasamanagementconsultantandasaresultaproblemsolver,BowerwasabletogobacktothetopofhisgameMcKinsey&CompanyMcKinsey’sGoldenConnection“UnitedNationsofbusinessconsulting,withonecrucialdifference:Itworks”.O’SheaandMadiganTheName–McKinsey’snameandreputationapparentl