- Founded in 1926 by James O. McKinsey, McKinsey & Company was the first management consulting firm to hire recent college graduates instead of experienced professionals.
- In the early developments of the company in the 1930s, the firm developed an “up and out policy” which involved firing consultants who were not promoted.
- Currently, the McKinsey & Company has offices in over 120 cities, more than 14,000 consultants worldwide, and over 90 years of experience in management consulting.
- McKinsey & Company currently provides their services in 23 diverse industries, including but not limited to advanced electronics, chemicals, media and entertainment, pharmaceuticals, social sectors and telecommunications.
- Part of the MBB or the Big Three consulting companies in entire world. The other companies are The Boston Consulting Group and Bain & Company.
- Since 1964, McKInsey & Company has published the McKinsey Quarterly which funds The McKinsey Global research organization, publishes management reports, and includes articles on management and strategy.
- Anyone in the firm can participate in their internal New Ventures Competition, where through a simple application, winning applicants can pitch their ideas to secure the funding to make their ideas about technology a reality. McKinsey & Company allows the start-up built of employees from within their company to get a prototype to customers within three months.
- In April of 2018, McKinsey & Company helped the United Kingdom’s government locate $800 million worth of savings in their spending budget.
- Although the consulting firm is credited with major successes from big-scale clients, the company has faced criticism regarding their internal work culture after involvement in multiple scandals. For example, McKinsey & Company has been accused of playing a major role in the 2008 financial crisis as well as dealing with several insider trading scandals.
- Despite criticism and their involvement in several scandals, McKinsey and Company is considered one of the most prestigious and expensive consulting companies in the world.
Motivational factors that contribute to happy employees: use of incentive programs, encouraging benefits, career advancement programs and understanding of the work-life balance.
Measured by Bliss Score, a number out of 5 that represents the happiness of employees in a business. The companies with the happiest employees and highest success rates of motivating their workers represent a wide array of markets.
- McKinsey & Company – New York, New York, offices in over 140 cities all over the world and 14,000 employees.
- The Boston Consulting Group – Boston, Massachusetts, offices in over 90 cities all over the world and 16,000 employees.
- Bain & Company – Boston, Massachusetts, 55 offices in 36 countries and 8,000 employees
- Strategy& – New York, New York, offices in 71 cities all over the world and 3,000 employees
- Monitor Deloitte Group – Cambridge, Massachusetts, section of larger company that specializes in strategy consulting specifically, 27 offices and 1,500 employees.
- Building an Empire: Tony Robbins’ net worth is $480 million, and Anthony Robbins Company businesses bring in a combined revenue approaching $6 billion per year. He has counseled many high-powered figures including Bill Clinton, Mother Teresa and Oprah Winfrey.
- Inspirational attitude: Robbins grew up in a meager home, but was inspired to launch his career as a life coach to teach that happiness and success do not depend on what resources you have available to you, but rather what you do with what you have.
- Success through Giving: The Anthony Robbins Foundation runs programs to help the homeless, encourage youth leadership, provide his books and DVDs to prisoners, feed over 4 million people through the annual holiday season, and provide fresh water to 100,000 people in India daily.
- Tony Robbins’ 90 Second Cure: Robbins believes that the key to “living a beautiful life” is to question fundamentally unquestioned thoughts and expectations. In stressful or depressing times, take 90 seconds to become aware of what is causing this suffering, and question it. By then, you have changed the way you feel.
- Dubious Views: Some are critical of the “self-appointed therapist charging people $5,000 to hear him give on-the-spot counseling advice, using their vulnerability to convince them of his healing power, and then returning to his lavish Palm Beach mansion,” as Ryan Bort of Newsweek phrases it. Contradicting sides argue whether Robbins truly does provide transformative experiences for his attendees, or if people simply rationalize opening up their lives and wallets to him by convincing themselves that their lives have changed.
“He has influenced more executives – and more nations – than any other business professor on earth. Now, he and an all-star team aim to rescue the U.S. economy.” – Geoff Colvin, Fortune Magazine
- Has written 19 books and over 130 articles in all subject areas pertaining to strategy, including bestselling Competitive Strategy: Techniques for Analyzing Industries and Competitors and Competitive Advantage: Creating and Sustaining Superior Performance. Porter was originally a leader in core strategy for corporations before spending a great deal of time in healthcare. While he is often lauded, he is sometimes criticized for thinking abstractly instead of practically. Porter is incredibly smart. He also has been very talented at promoting his own persona.
- Currently a professor at Harvard Business School. In 2000, Porter was appointed Bishop Lawrence University Professor, Harvard’s highest honor awarded to faculty.
- In 1980, he developed the generic strategies of business, sections of a company that strategy can target including cost leadership, differentiation or focus. He claims that a company can only aim to focus on improving one of the three sections at a time.
- “The essence of strategy is choosing what not do to do.” “The underlying principles of strategy are enduring, regardless of technology or the pace of change.” -Michael Porter
- Although Porter is considered the founder of the modern strategy field by many, some believe that his model of the Five Forces is now outdated due to changes in modern markets versus when he established his theory in the 1980s. Further, others credit Peter Drucker far more than Porter as the founder of business management and strategy.