Company name: McKinsey & Company
Founder: James O. McKinsey
Revenue: $10+ billion
Country: United States of America
Headquarter: New York
Industry: Management consulting
Number of employees: 27,000
McKinsey & Company is a privately owned management consulting company. Roundly consider the maximum prestigious agency of its kind; it has accomplished a near-universal level of renown, despite a decades-long dedication to confidentiality that shrouds information of McKinsey’s work-and its client list-in secrecy. In its practice areas, it addresses strategic, organizational, operational, and technological problems, constantly with a focal point of doing what’s proper for the client’s commercial enterprise, now no longer what’s quality for McKinsey’s bottom line.
In 1926, James O. McKinsey, founded the commercial enterprise to provide local agencies monetary and accounting advice. Before long, he found out that clients’ monetary records will be interpreted to assist make higher management decisions. Thanks to this innovation, McKinsey is credited with the concept of the use of experts, or “management engineers”, for the primary time. Although the company is his namesake, it becomes one in every one of his protégés, Marvin Bower, whose most, remembered for shaping the course of the company.
Most notably, Bower is thought for molding the McKinsey culture, particularly via a 3-element code of behavior outlining positive ideals experts had been to uphold—something that stays in the area today. Among these values are setting client’s pursuits beforehand of these of the corporation, giving superior carriers, and preserving the very best moral standards. Bower, who joined the corporation in 1933 and later served as handling director, first articulated the consultant’s duty to propose for what she or he believes to be true.
McKinsey’s historic recognition for concentrating hiring efforts on current MBAs from top schools—turning into the MBA Company of choice—persists, though it does now no longer mirror the realities of the corporation’s modern composition. Not due to the fact MBA College students do not need to work for the company, but due to the fact, McKinsey seeks remarkable people, irrespective of wherein that expertise may also be. JDs, MDs, and PhDs are simply as probably to be determined wandering McKinsey’s halls as B-school grads or undergrads. As McKinsey’s purchaser wishes have evolved, it additionally hires extra specialized and skilled profiles inclusive of human beings with change management understanding or virtual layout and improvement experience.
Those who choose to move beyond the firm—irrespective of their tenure after they depart—tend to have a better-than-average chance of finding success. More than a quarter of the corporation’s former experts have long past on to determine their very own businesses, even as 450+ ex-McKinseyites are leading $1 billion businesses international, inclusive of nearly 50 leaders in equal public and social zone organizations.
As a single, international entity, McKinsey has no headquarters workplace. Instead, the corporation operates what it calls a “one-corporation” partnership model, with workplaces the world over shared values and cultural norms. This permits the corporation to collect groups of specialists in approaches that quality serves its clients. Consultants are connected to a specific workplace and fast construct a local community, and additionally, they work with colleagues from different locations. Individuals may also pick to switch to different workplaces for engagements or the long term.
The firm is devoted to social effect and makes use of its intellectual, monetary, and convening power to assist cope with problems inclusive of disease, poverty, weather change, and natural disasters. The firm invests its assets in studies on subjects inclusive of education, and vast pro bono volunteer work. It lately posted its Social Responsibility Report, to seize in a single area a number of the approaches it strives to have a broader effect on society.
Through McKinsey Global Institute (MGI), the firm publishes studies on urgent socio-monetary problems that it hopes facilitates to construct a higher society with the aid of using supplying commercial enterprise and political leaders with the insights they want to make the right decisions.