Thursday, October 05, 2006

More on Mckinsey and the fight for talent

From: (recruiter)@mckinsey.com
Subject: Reminder about McKinsey's Application Deadline: THIS Sunday, October 8th

Dear (university) students,

Thank you for your interest in McKinsey and Company and for attending our presentation a couple weeks ago. We very much enjoyed meeting all of you, and hope we were able to provide you a better sense of who we are and the type of work we do.

Just a reminder about our upcoming application deadline: this Sunday, October 8th. Again, please refer to our website (www.apd.mckinsey.com) to learn more about McKinsey and to submit your application, if you have not already done so.

As someone who was sitting in your shoes three years ago, I would very much encourage you to continue through this application process if you think consulting is a possible career path. By going through the interview process, I really got a much better sense of whether consulting and McKinsey was the right career move for me. And I have to say, I have not looked back for a second in the past two years that I've been with McKinsey!

I also thought I'd pass along a few interesting articles from the McKinsey Quarterly, which contains articles and scholarship by McKinsey consultants on business, non-profit/public and other industries and functions, and general economic topics. With free registration, you can view these articles and some other content online.

This first article, "When Social Issues Become Strategic," argues that executives need to recognize and act upon the role of business in upholding the social contract:
http://www.mckinseyquarterly.com/ab_g.aspx?ar=1763&L2=39&L3=0&srid=246

This second article, "US Hospitals for the 21st Century," discusses some of the key issues facing US hospital systems and future shifts that are needed, and is related to the example engagement I discussed at the presentation:
http://www.mckinseyquarterly.com/article_abstract_visitor.aspx?ar=1824&L2=12&L3=61

This third article, "21st Century Organization" calls into question current corporate organizational models that don't meet the needs of the growing professional workforce that adds value through intagibles such as brands and networks:
http://www.mckinseyquarterly.com/article_page.aspx?ar=1628&L2=18&L3=30

Following our campus presentation, we received thoughtful follow-up questions from many of you. I noticed these questions clustered around a few common themes. So, since it seems you have similar questions on your mind, I decided to share my responses broadly. These thoughts are not meant to be comprehensive or overly detailed. I’m simply passing on a few facts to give you additional insight on McKinsey. If you still have questions, I would be happy to have a conversation with you. Thank you for your interest in McKinsey and for taking the time to get to know us.

Flexibility and work/life balance: McKinsey is committed to helping consultants find a lifestyle balance that works for them and leads to a fully rewarding, sustainable career
-We have formal mechanisms in place to help manage the lifestyle of our teams.
1. At the beginning of a study, most teams hold a “Team Learning” to understand everyone’s personal and professional needs and working preferences. This helps the team form norms that accommodate team member’s lifestyle (e.g. start meetings at 9 AM so people can take their kids to school).
2. Periodically during a study, associates anonymously rate their excitement, satisfaction, and lifestyle in a “Team Barometer”. The team’s responses affect how the team leaders are evaluated and highlight problems quickly so they can be addressed.
-Part-Time programs are available for all consultants and are working well to meet people’s overall needs:
1. At present, ~120 people are on part-time programs. They are among the 740 people who have chosen to go part time at some point in their career.
2. 28 partners and 2 directors have been elected while on part-time programs.
3. We do not have a standard approach to part-time or flexible programs. Everyone is different and has different needs. Some approaches that have worked well include: Reduced hours per week; Reduced weeks per year (breaks between studies); Longer leaves of absence; Temporary or permanent track changes.
4. We continue to experiment with new work approaches for all consultants, such as work sharing, which is currently being piloted in several offices.

APDs are as successful as MBAs at McKinsey.
- We are a merit-based organization, which means you proceed as quickly as you are able.
- In all US and Canadian offices, PhD, MD, and JD candidates are hired for the same position as MBA candidates, at the same salary, and typically advance at similar rates throughout their career at the Firm. This is also true of masters candidates who are hired as associates.
- On average, you can expect to progress to the Engagement Manager role 2 years after joining the firm, Associate Principal 4 years after joining, and Partner 5 – 7 years after joining.
- APDs have partner election rates identical to those of MBAs. We currently have over 300 partners who came to the Firm as APDs.
- We continue to hire increasing numbers of APD candidates because they are so successful at the firm.

Continually supporting your personal growth is one of our core values, and something we have been doing for our consultants for over 80 years.
-We are renowned for the quality of our associate development. In addition to our philosophy of providing real-time “on the job” coaching, we continue to create even more training programs for consultants, including increasing our investment in skill development and mobility opportunities.
1. We spend over $35 million dollars annually on training.
2. New Associates can expect at least 27-46 days of formal, tenure-specific training in their first two years at the firm. Even before your first study, you will spend three weeks at “mini-MBA” training.
3. On-going training is role-specific and focused on building your leadership skills.
-Over 4,000 days of partner time are dedicated each year to reviewing how associates have performed, and sharing this feedback with them in order to ensure that their development needs are met.
-Our staffing process is geared towards developing the full skill set of our consultants
-People leadership (i.e. mentorship/development) is one of the five criteria against which everyone at McKinsey is measured, and is a basis for partner elections. In other words, the Firm chooses leaders who are exceptional mentors.

Forge your own path, make your own McKinsey experience
-There is no single path or cookie-cutter approach to success. We value innovative ideas and people leadership. How you choose to spend your time is up to you.
-McKinsey operates in over 80 offices in more than 40 countries around the world. This global network brings with it an unprecedented amount of variety, which translates into unrivaled choice for our consultants.
-Many of our practices and knowledge initiatives have been started by individuals following their own interests and passions. So if you don’t find a path that suits you at the Firm, we encourage you to create it!
We are looking for people who are passionate about having impact in this world and about developing themselves. If that sounds attractive to you, then WELCOME!

Thanks, again, for your interest in McKinsey.

Best regards,
(Recruiter)


---------------------------------------------------------------

Incidentally, the cover story for the Economist this week is "The battle for brainpower".



You know the fight for talent has gone global when you have Indian software giant Infosys coming to recruit aggressively on US campuses.

1 comment:

xue said...

i think we got the same email!!


Dear ****** Graduate Students,

Thank you for your interest in McKinsey and for attending our presentation on September 20th.

This is a quick note to remind you of our upcoming application deadline: this Sunday, October 1st. Please refer to our website (www.apd.mckinsey.com) to learn more about McKinsey and to submit your application.

As someone who was sitting in your shoes three years ago, I would very much encourage you to continue through this application process if you think consulting is a possible career path. By going through the interview process, I really got a much better sense of whether consulting and McKinsey was the right career move for me. And I have to say, I have not looked back for a second in the past three years that I've been with McKinsey!

I am sending along along three of my favorite pieces from the McKinsey Quarterly, which contains articles and scholarship by McKinsey consultants on business, non-profit/public sector, and general economic topics. With free registration, you can view these articles and some other content online.

This first article, "When Social Issues Become Strategic," argues that executives need to recognize and act upon the role of business in upholding the social contract:
http://www.mckinseyquarterly.com/ab_g.aspx?ar=1763&L2=39&L3=0&srid=246

This second article, "US Hospitals for the 21st Century," discusses some of the key issues facing US hospital systems and future shifts that are needed:
http://www.mckinseyquarterly.com/article_abstract_visitor.aspx?ar=1824&L2=12&L3=61

This third article, "What high tech can learn from slow growth industries", describes how high tech companies should innovate their processes and not just their products to stay on edge:
http://www.mckinseyquarterly.com/article_abstract.aspx?ar=1352&L2=4

Following our campus presentation, I received thoughtful follow-up questions from many of you. I noticed these questions clustered around a few common themes. So, since it seems you have similar questions on your mind, I decided to share my responses broadly. These thoughts are not meant to be comprehensive or overly detailed. I’m simply passing on a few facts to give you additional insight on McKinsey. If you still have questions, I would be happy to have a conversation with you. Thank you for your interest in McKinsey and for taking the time to get to know us.

Flexibility and work/life balance: McKinsey is committed to helping consultants find a lifestyle balance that works for them and leads to a fully rewarding, sustainable career

-We have formal mechanisms in place to help manage the lifestyle of our teams.

1. At the beginning of a study, most teams hold a “Team Learning” to understand everyone’s personal and professional needs and working preferences. This helps the team form norms that accommodate team member’s lifestyle (e.g. start meetings at 9 AM so people can take their kids to school).

2. Periodically during a study, associates anonymously rate their excitement, satisfaction, and lifestyle in a “Team Barometer”. The team’s responses affect how the team leaders are evaluated and highlight problems quickly so they can be addressed.

-Part-Time programs are available for all consultants and are working well to meet people’s overall needs:

1. At present, ~120 people are on part-time programs. They are among the 740 people who have chosen to go part time at some point in their career.

2. 28 partners and 2 directors have been elected while on part-time programs.

3. We do not have a standard approach to part-time or flexible programs. Everyone is different and has different needs. Some approaches that have worked well include: Reduced hours per week; Reduced weeks per year (breaks between studies); Longer leaves of absence; Temporary or permanent track changes.

4. We continue to experiment with new work approaches for all consultants, such as work sharing, which is currently being piloted in several offices.

APDs are as successful as MBAs at McKinsey.

- We are a merit-based organization, which means you proceed as quickly as you are able.

- In all US and Canadian offices, PhD, MD, and JD candidates are hired for the same position as MBA candidates, at the same salary, and typically advance at similar rates throughout their career at the Firm. This is also true of masters candidates who are hired as associates.

- On average, you can expect to progress to the Engagement Manager role 2 years after joining the firm, Associate Principal 4 years after joining, and Partner 5 – 7 years after joining.

- APDs have partner election rates identical to those of MBAs. We currently have over 300 partners who came to the Firm as APDs.

- We continue to hire increasing numbers of APD candidates because they are so successful at the firm.

Continually supporting your personal growth is one of our core values, and something we have been doing for our consultants for over 80 years.

-We are renowned for the quality of our associate development. In addition to our philosophy of providing real-time “on the job” coaching, we continue to create even more training programs for consultants, including increasing our investment in skill development and mobility opportunities.

1. We spend over $35 million dollars annually on training.

2. New Associates can expect at least 27-46 days of formal, tenure-specific training in their first two years at the firm. Even before your first study, you will spend three weeks at “mini-MBA” training.

3. On-going training is role-specific and focused on building your leadership skills.

-Over 4,000 days of partner time are dedicated each year to reviewing how associates have performed, and sharing this feedback with them in order to ensure that their development needs are met.

-Our staffing process is geared towards developing the full skill set of our consultants

-People leadership (i.e. mentorship/development) is one of the five criteria against which everyone at McKinsey is measured, and is a basis for partner elections. In other words, the Firm chooses leaders who are exceptional mentors.

Forge your own path, make your own McKinsey experience

-There is no single path or cookie-cutter approach to success. We value innovative ideas and people leadership. How you choose to spend your time is up to you.

-McKinsey operates in over 80 offices in more than 40 countries around the world. This global network brings with it an unprecedented amount of variety, which translates into unrivaled choice for our consultants.

-Many of our practices and knowledge initiatives have been started by individuals following their own interests and passions. So if you don’t find a path that suits you at the Firm, we encourage you to create it!

We are looking for people who are passionate about having impact in this world and about developing themselves. If that sounds attractive to you, then WELCOME!