Mckinsey company руководство

McKinsey & Company

McKinsey’s New York office at 3 World Trade Center
Type	Incorporated partnership
Industry	Management consulting
Founded	1926; 97 years ago
Founder	James O. McKinsey
Headquarters	None[1]
Area served	Worldwide
Key people	Bob Sternfels, Global Managing Partner[2]
Revenue	$15+ billion (2021)[3]
Number of employees	38,000 (2021)[3]
Website	mckinsey.com

McKinsey & Company is a global management consulting firm founded in 1926 by University of Chicago professor James O. McKinsey, that offers professional services to corporations, governments, and other organizations. McKinsey is the oldest and largest of the «Big Three» management consultancies (MBB). The firm mainly focuses on the finances and operations of their clients.

Under the direction of Marvin Bower, McKinsey expanded into Europe during the 1940s and 1950s. In the 1960s, McKinsey’s Fred Gluck—along with Boston Consulting Group’s Bruce Henderson, Bill Bain at Bain & Company, and Harvard Business School’s Michael Porter—initiated a program designed to transform corporate culture.^[4][5] A 1975 publication by McKinsey’s John L. Neuman introduced the business practice of «overhead value analysis» that contributed to a downsizing trend that eliminated many jobs in middle management.^[6][7]

McKinsey has a notoriously competitive hiring process^[8][9] and is widely seen as one of the most selective employers in the world.^[10] McKinsey recruits primarily from top business schools^[11][12][13] and was one of the first management consultancies to recruit a limited number of candidates with advanced academic degrees (e.g. PhD, MD) and deep field expertise, and who have demonstrated business acumen and analytical skills.^[14][15] McKinsey publishes a business magazine, the McKinsey Quarterly.

McKinsey has been the subject of significant controversy related to its business practices. The company has been criticized for its role promoting OxyContin use during the opioid crisis in North America, its work with Enron, and its work for authoritarian regimes like Saudi Arabia and Russia.

History[edit]

Early history[edit]

McKinsey & Company was founded in Chicago under the name James O. McKinsey & Company in 1926 by James O. McKinsey, a professor of accounting at the University of Chicago.^[16][17] He conceived the idea after he had witnessed inefficiencies in military suppliers while he was working for the United States Army Ordnance Department.^[18]: 4 The firm called itself an «accounting and management firm» and started out giving advice on using accounting principles as a management tool.^[19]: 3 McKinsey’s first partners were AT Kearney, hired in 1929,^[20][a] and Marvin Bower, hired in 1933.^{[22][23]: 133 [b]}

Marvin Bower is credited with establishing McKinsey’s values and principles in 1937, based on his experience as a lawyer. The firm developed an «up or out» policy, where consultants who are not promoted are asked to leave. In 1937,^[24][25] Bower established a set of rules: that consultants should put the interests of clients before McKinsey’s revenues, not discuss client affairs, tell the truth even if it means challenging the client’s opinion, and only perform work that is both necessary and that McKinsey can do well.^[26][25] Bower created the firm’s principle of only working with CEOs, which was later expanded to CEOs of subsidiaries and divisions. He also created McKinsey’s principle of only working with clients the firm felt would follow its advice.^[27][28] Bower also established the firm’s language.^[25]

In 1932, the company opened its second office in New York City.^[19]: 20 In 1935, McKinsey left the firm temporarily to serve as the chairman and CEO of client Marshall Field’s.^{[18]: 5 [23]: 133}

In 1935, McKinsey merged with accounting firm Scovell, Wellington & Company, creating the New York-based McKinsey, Wellington & Co. and splitting off the accounting practice into Chicago-based Wellington & Company.^[18]: 5 A Wellington project that accounted for 55 percent of McKinsey, Wellington & Company’s billings was about to expire^[29] and Kearney and Bower had disagreements about how to run the firm. Bower wanted to expand nationally and hire young business school graduates, whereas Kearney wanted to stay in Chicago and hire experienced accountants.^[23]: 134

In 1937, James O. McKinsey died after catching pneumonia.^[19][21] This led to the division of McKinsey, Wellington & Company in 1939. The accounting practice returned to Scovell, Wellington & Company, while the management engineering practice was split into McKinsey & Company and McKinsey, Kearney & Company.^[20][29] Bower had partnered with Guy Crockett from Scovell Wellington, who invested in the new McKinsey & Company and became managing partner, while Marvin Bower is credited with founding the firm’s principles and strategy as his deputy.^[29][30] The New York office purchased exclusive rights to the McKinsey name from the former McKinsey Chicago office which was separated with AT Kearney in 1946.^[31]: 25

Years of growth[edit]

McKinsey & Company grew quickly in the 1940s and 50s, especially in Europe.^{[18]: 12–13 [31]: 25 [32]} It had 88 staff in 1951^[33] and more than 200 by the 1960s,^[31] including 37 in London by 1966.^[33] In the same year, McKinsey had six offices in major US cities, including San Francisco, Cleveland, Los Angeles and Washington D.C., as well as six abroad. These foreign offices were primarily in Europe, such as in London, Paris, and Amsterdam, as well as in Melbourne.^{[18]: 12–13} By this time, one third of the company’s revenues originated from its European offices.^[31] Guy Crockett stepped down as managing director in 1959, and Marvin Bower was elected in his place.^{[29][27]: 61} McKinsey’s profit-sharing, executive and planning committees were formed in 1951.^[29] The organization’s client base expanded especially among governments, defense contractors, blue-chip companies and military organizations in the post–World War II era.^[24] McKinsey became a private corporation with shares owned exclusively by McKinsey employees in 1956.^{[18]: 12 [29]}

After Bower stepped down in 1967, the firm’s revenues declined.^[34] New competitors like the Boston Consulting Group and Bain & Company created increased competition for McKinsey by marketing specific branded products, such as the Growth-Share Matrix, and by selling their industry expertise.^[32][35][26]

In 1971, McKinsey created the Commission on Firm Aims and Goals, which found that McKinsey had become too focused on geographic expansion and lacked adequate industry knowledge. The commission advised that McKinsey slow its growth and develop industry specialties.^{[18]: 14 [32]}

In 1975, John L. Neuman, a McKinsey consultant at the time, published «Make Overhead Cuts That Last» in Harvard Business Review,^[36] in which he introduced new rules for scientific management such as «overhead valuation analysis» (OVA).^[6]: 65 OVA guided McKinsey’s «path to downsizing», responding to the «mid-century corporation’s excessive reliance on middle management».^[7] Neuman wrote that the «process, though swift, is not painless. Since overhead expenses are typically 70% to 85% people-related and most savings come from work-force reductions, cutting overhead does demand some wrenching decisions.»^[36]

In 1976, Ron Daniel was elected managing director, serving until 1988.^[19]: 42 Daniel and Fred Gluck helped shift the firm away from its generalist approach by developing 15 specialized working groups within McKinsey called Centers of Competence and by developing practice areas called Strategy, Operations and Organization. Daniel also began McKinsey’s knowledge management efforts in 1987.^{[18]: 15–17} This led to the creation of an IT system that tracked McKinsey engagements, a process to centralize knowledge from each practice area and a resource directory of internal experts.»^{[18]: 6–7} By the end of his tenure in 1988 the firm was growing again and had opened new offices in Rome, Helsinki, São Paulo and Minneapolis.^{[18]: 15–17 [32]}

Fred Gluck served as McKinsey’s managing director from 1988 to 1994.^[37] The firm’s revenues doubled during his tenure.^[26] He organized McKinsey into 72 «islands of activity» that were organized under seven sectors and seven functional areas.^[18]: 18 By 1997, McKinsey had grown eightfold over its size in 1977.^[25] In 1989 the firm tried to acquire talent in IT services through a $10 million purchase of the Information Consulting Group (ICG), but a culture clash caused 151 out of the 254 ICG staff members to leave by 1993.^[26][37]

In 1994, Rajat Gupta became the first non-American-born partner to be elected as the firm’s managing director.^[38] By the end of his tenure, McKinsey had grown from 2,900 to 7,700 staff and 58 to 84 locations.^[39] He opened new international offices in cities such as Moscow, Beijing and Bangkok.^[18]: 20 Continuing the structure developed by prior directors, Gupta also created 16 industry groups charged with understanding specific markets and instituted a three-term limit for the managing director.^[18]: 22 McKinsey created practice areas for manufacturing and business technology in the late 1990s.^{[18]: 21, 23}

McKinsey set up «accelerators» in the 1990s, where the firm accepted stock-based reimbursement to help internet startups;^[39][40] the company performed more than 1,000 e-commerce projects from 1998 to 2000 alone.^[18]: 24

An October 1, 2000, article in the New York Times described the compulsory mini-courses that McKinsey—and its two largest rivals Boston Consulting and Bain—offered their «hyper-educated» young new recruits. Once completed, these newly certified management consultants would begin their work of «advising the executives of multibillion-dollar companies» on «projects» not related to their academic backgrounds»—»[l]awyers would help packaged-foods companies develop new products, and physicists would tell Internet start-ups how to stand out from the crowd.»^[41]

The burst of the dot-com bubble led to a reduction in utilization rates of McKinsey’s consultants from 64 to 52 percent. Though McKinsey avoided dismissing any personnel following the decline,^[39] the decline in revenues and losses from equity-based payments as stock lost value, together with a recession in 2001, meant the company had to reduce its prices, cut expenses and reduce hiring.^[18]: 25

In 2001, McKinsey launched several practices that focused on the public and social sector. It took on many public sector or non profit clients on a pro bono basis.^[24] By 2002, McKinsey had invested a $35.8 million budget on knowledge management, up from $8.3 million in 1999.^[24]: 1 Its revenues were 50, 20, and 30 percent from strategy, operations, and technology consulting, respectively.^[18]: 20

In 2003, Ian Davis, the head of the London office, was elected to the position of managing director.^[42] Davis promised a return to the company’s core values after a period in which the firm had expanded rapidly, which some McKinsey consultants felt was a departure from the company’s heritage.^[43] Also in 2003, the firm established a headquarters for the Asia-Pacific region in Shanghai. By 2004, more than 60 percent of McKinsey’s revenues were generated outside the U.S.^[24] The company started a Social Sector Office (SSO) in 2008, which is divided into three practices: Global Public Health, Economic Development and Opportunity Creation (EDHOC) and Philanthropy. McKinsey does much of its pro-bono work through the SSO, whereas a Business Technology Office (BTO), founded in 1997, provides consulting on technology strategy.^[44][45][46]

By 2009, the firm consisted of 400 directors (senior partners), up from 151 in 1993.^[26][47] Dominic Barton was elected as managing director, a role he was re-elected for in 2012 and 2015.^[47]

Recent history[edit]

Rajat Gupta along with another McKinsey executive, Anil Kumar, were among those convicted in a government investigation into insider trading for sharing inside information with Galleon Group hedge fund owner Raj Rajaratnam.^[48][49] Though McKinsey was not accused of any wrongdoing, the convictions were embarrassing for the firm, since it prides itself on integrity and client confidentiality.^[50][51][52] McKinsey no longer maintains a relationship with either senior partner.^[53][54]

Senior partner Anil Kumar, described as Gupta’s protégé,^[55] left the firm after the allegations in 2009, and pleaded guilty in January 2010.^[56][57] While he and other partners had been pitching McKinsey’s consulting services to the Galleon Group, Kumar and Rajaratnam reached a private consulting agreement, violating McKinsey’s policies on confidentiality.^[58] Gupta was convicted in June 2012, of four counts of conspiracy and securities fraud, and acquitted on two counts.^[59] In October 2011, he was arrested by the FBI on charges of sharing insider information from these confidential board meetings with Rajaratnam.^[60][61] At least twice, Gupta used a McKinsey phone to call Rajaratnam and retained other perks—an office, assistant, and $6 million retirement salary that year^[62]—as a senior partner emeritus.^[54]

After the scandal McKinsey instituted new policies and procedures to discourage future indiscretions from consultants,^[63] including investigating other partners’ ties to Gupta.^[64][65]

In February 2018, Kevin Sneader was elected as managing director. He served a three-year term that began on July 1, 2018.^[66]

McKinsey has consulted for multiple cities, states and government organizations during the 2019 coronavirus pandemic. During the first four months of the pandemic, McKinsey obtained in excess of $100 million in consulting work, including no-bid contracts with the United States Department of Veterans Affairs and Air Force.^[67] The reopening guidelines for Florida’s Miami-Dade County, produced with McKinsey’s input, were criticized by local media and officials for complexity and lack of clarity.^[67]

McKinsey discontinued its investment banking advisory unit in 2021, citing «personnel matters» as the reason.^[68]

In April 2022, McKinsey, Alphabet Inc., Shopify, Meta Platforms, and Stripe, Inc. announced a $925 million advance market commitment of carbon dioxide removal from companies that are developing the technology over the next 9 years.^[69][70]

On June 1, 2022, McKinsey announced that it had acquired Caserta, a data engineering firm.^[71]

In March 2023, McKinsey announced a layoff of 1400 employees, in a rare job cut of the company.^[72]

Organization and services[edit]

Structure[edit]

McKinsey & Company was originally organized as a partnership^[73] before being legally restructured as a private corporation with shares owned by its partners in 1956.^[29][74] It mimics the structure of a partnership and employees are called «partners».^[43][73] The company has a flat hierarchy and each member is assigned a mentor.^{[75]: 65, 142} Since the 1960s, McKinsey’s managing director has been elected by a vote of senior directors to serve up to three, three-year terms or until reaching the mandatory retirement age of 60.^[76] The firm is also managed by a series of committees that each has its own area of responsibility.^{[18]: 22 [25]: 6}

By 2013, McKinsey was described as having a decentralized structure, whereby different offices operate similarly, but independently.^[27][28] The company’s budgeting is centralized, but individual consultants are given a large degree of autonomy.^[77] As a global firm McKinsey does not have a traditional «headquarters»; the managing partner chooses his or her home office.^[78]

List of global managing partners[edit]

1. James O. McKinsey (1926–1935), Chicago office
2. Guy Crockett (1939–1950)
3. Marvin Bower (1950–1967), New York office
4. Gil Clee (1967–1968)
5. Chester Walton (1968–1976)
6. Alonzo L. McDonald (1973–1976)
7. Ron Daniel (1976–1988)
8. Frederick Gluck (1988–1994), New York office
9. Rajat Gupta (1994–2003), New York office
10. Ian Davis (2003–2009), London office
11. Dominic Barton (2009–2018), London office
12. Kevin Sneader (2018–2021), Hong Kong office
13. Bob Sternfels (2021– ), San Francisco office

Consulting services[edit]

McKinsey & Company provides strategy and management consulting services, such as providing advice on an acquisition, developing a plan to restructure a sales force, creating a new business strategy or providing advice on downsizing, according to the 2013 book, The Firm.^[27][75] The 1999 book, The McKinsey Way said that McKinsey consultants designed and implemented studies to evaluate management decisions using data and interviews to test hypotheses.^[75] which were then presented to senior management, typically in a PowerPoint presentation and a booklet.^[75]

McKinsey & Company has traditionally charged approximately 25 percent more than competing firms.^[44] Its invoices traditionally contain only a single line.

A typical McKinsey engagement (called a «study») can last between two and twelve months and involves three to six McKinsey consultants.^[44] An engagement is usually managed by a generalist that covers the region the client’s headquarters are located in and specialists that have either an industry or functional expertise.^[26] Unlike some competing consulting firms, McKinsey does not hold a policy against working for multiple competing companies (although individual consultants are barred from doing so).

Recruiting[edit]

McKinsey & Company was the first management consultancy to hire recent graduates instead of experienced business managers, when it started doing so in 1953.^[79]

According to a 1997 article in The Observer, McKinsey recruited recent graduates and «imbue[d] them with a religious conviction» in the firm, then cull[ed] through them with its «up-or-out» policy.^[25] The «up or out» policy, which was established in 1951, meant that consultants that were not being promoted within the firm were asked to leave.^{[33]: 208 [80]} By 1997, about one-fifth of McKinsey’s consultants departed under the up or out policy each year.^[25][77] McKinsey’s practice of hiring recent graduates and the «up-or-out» philosophy, were originally based on Marvin Bower’s experiences at the law firm Jones Day in the 1930s, as well as the «Cravath system» used at the law firm Cravath, Swaine and Moore.^[33]: 206

In recent years, it has consistently been recognized by Vault as the most prestigious consulting firm employer in the world.^[81]
In 2018, 800,000 candidates applied for 8,000 jobs.^[82]

While many recruits have MBAs, by 2009, less than half of the firm’s recruits were business majors;^[44]: 7 by 1999, recruits had advanced degrees in science, medicine, engineering or law.^[75][83][84]

Culture[edit]

A November 1, 1993, profile story in Fortune magazine said that McKinsey & Company was «the most well-known, most secretive, most high-priced, most prestigious, most consistently successful, most envied, most trusted, most disliked management consulting firm on earth».^[26] In the article, McKinsey was cited as claiming that its consultants were not motivated by money,^[26] and that partners talked to each other with «a sense of personal affection and admiration».^[26] The article described a culture clash that occurred in the early 1990s, leading to the departure of 151 out of the 254 ICG staff members.^[26]

In their 1997 book Dangerous Company: Management Consultants and the Businesses They Save and Ruin, authors James O’Shea and Charles Madigan said that McKinsey’s culture had often been compared to religion, because of the influence, loyalty and zeal of its members.^[28][85] The firm has a policy against discussing specific client situations.^[28] A September 1997 The News Observer story said that McKinsey’s internal culture was «collegiate and ruthlessly competitive» and has been described as arrogant.^[25] Ethan Rasiel’s 1999 book entitled The McKinsey Way, described a culture at McKinsey’s whereby members were not supposed to «sell» their services.^[75][86]

The Sunday Times wrote that McKinsey was a pioneer in the industry—the «first firm to hire MBA graduates from the top business schools to staff its projects, rather than relying on older industry personnel.» They were still trying to keep a «very low profile public image» in 2005.^[79] That year, an article in The Guardian said that McKinsey «hours are long, expectations high and failure not acceptable».^[86] According to an October 2009 Reuters article, the firm had a «button-down culture» focused on «playing by the rules».^[87] In his 2013 book, The Firm: The Story of McKinsey and Its Secret Influence on American Business, Duff McDonald described how McKinsey’s consultants were expected to become a part of the community and recruit clients from church, charitable foundations, board positions and other community involvements.^[27] McDonald wrote that McKinsey calls itself «The Firm» and its employees «members».^[27][26] BusinessWeek summarized The Firm‘s description of McKinsey as a «fading empire, where hubris and changing times have diminished the firm’s statures.»^[88]

In his February 2020 in-depth article in The Atlantic, Daniel Markovits argues that McKinsey promotes «intellect and elite credentials» and «Meritocrats» over «directly relevant experience».^[7]

Conflicts of interest between McKinsey and MIO partners[edit]

In February 2019, The New York Times ran a series of articles about McKinsey^[89] and the in-house hedge fund it operates – McKinsey Investment Office, or MIO Partners. The articles claimed that there was «potential for undisclosed conflicts of interest between the fund’s investments and the advice the firm sells to clients», since the hedge fund could benefit from the inside knowledge obtained through management consulting services.^[90]

The firm responded that «MIO and McKinsey employ separate staffs. MIO staff have no nonpublic knowledge of McKinsey clients. For the vast majority of assets under management, decisions about specific investments are made by third-party managers».^[90]

The firm has agreed to repay fees it earned in three bankruptcy cases, approximately $15 million worth.^[91] MIO Partners was fined $18 million by SEC in 2021.

Influence[edit]

Many of McKinsey’s alumni become CEOs of major corporations or hold important government positions.^[79] In doing so, they influence the other organizations with McKinsey’s values and culture.^[28][79][85] McKinsey’s alumni have been appointed as CEOs or high-level executives.^[85][92]

In his 2010 publication, The Lords of Strategy: The Secret Intellectual History of the New Corporate World, business journalist Walter Kiechel traced the roots of a profound change in corporate management to «four mavericks» in the 1960s—Fred Gluck at McKinsey & Company, Boston Consulting Group’s Bruce Henderson, Bill Bain at Bain & Company, and Harvard Business School professor, Michael Porter.^[4] Kiechel recounted how they «revolutionized the way we think about business, changed the very soul of the corporation, and transformed the way we work,» according to the Harvard Business Press synopsis.^[5]

McKinsey has been either directly involved in, or closely associated with, a number of notable scandals,^[93] involving Enron in 2001,^[93][94] Galleon in 2009,^[48] Valeant in 2015,^[95] Saudi Arabia in 2018,^[96] China in 2018,^[97] ICE in 2019,^[98] an internal conflict of interest in 2019^[90] and Purdue Pharma in 2019,^[99] among others. By 2019, major news outlets, including The New York Times and ProPublica, had raised concerns about McKinsey’s business practices.^[100]

Research and publishing[edit]

McKinsey & Company consultants regularly publish books, research and articles about business and management.^{[75]: 51 [101]: 55} The firm spends $50–$100 million a year on research.^[101]: 54 McKinsey was one of the first organizations to fund management research, when it founded the Foundation for Management Research in 1955.^[19] The firm began publishing a business magazine, The McKinsey Quarterly, in 1964.^[102] It funds the McKinsey Global Institute, which studies global economic trends and was founded in 1990.^[24] It also launched the McKinsey Institute for Black Economic Mobility in 2020 to fund research focused on advancing inclusive growth & racial equity globally.^[103] Many consultants are contributors to the Harvard Business Review.^[85] McKinsey consultants published only two books from 1960 to 1980, then more than 50 from 1980 to 1996.^[101]: 55 McKinsey’s publications and research give the firm a «quasi-academic» image.^[101]

A McKinsey book, In Search of Excellence, was published in 1982.^[104] It featured eight characteristics of successful businesses based on an analysis of 43 top performing companies.^{[101]: 87–89 [104]: 348} It marked the beginning of McKinsey’s shift from accounting to «softer» aspects of management, like skills and culture.^[104]: 359 According to David Guest from King’s College, In Search of Excellence became popular among business managers because it was easy to read, well-marketed and some of its core messages were valid. However, it was disliked by academics because of flaws in its methodology. Additionally, a 1984 analysis by BusinessWeek found that many of those companies identified as «excellent» in the book no longer met the criteria only two years later.^[104]

A 1997 article and a book it published in 2001 on «The War for Talent»^[105]
prompted academics and the business community to start focusing more on talent management.^[106]: 163 The authors found that the best-performing companies were «obsessed» with acquiring and managing the best talent.^[107] They advocated that companies rank employees by their performance and promote «stars», while targeting under-performers for improvement or layoffs.^[107][108] After the book was published, Enron, a company which followed many of its principles, was involved in a scandal that led to its bankruptcy.^[107] In May 2001, a Stanford professor wrote a paper critical of the «War on Talent» arguing that it prioritized individuals at the expense of the larger organization.^[105]

McKinsey consultants published Creative Destruction in 2001.^[27]: 247 The book suggested that CEOs need to be willing to change or rebuild a company, rather than protect what they have created.^[109] It found that out of the first S&P 500 list from 1957, only 74 were still in business by 1998.^[109][110] The New York Times said it «makes a cogent argument that in times of rampant, uncertain change … established companies are handcuffed by success.»^[111] In 2009, McKinsey consultants published The Alchemy of Growth, which established three «horizons» for growth: core enhancements, new growth platforms and options.^[112]

In February 2011, McKinsey surveyed 1,300 US private-sector employers on their expected response to the Affordable Care Act (ACA).^[113][114] Thirty percent of respondents said they anticipated they would probably or definitely stop offering employer sponsored health coverage after the ACA went into effect in 2014.^[115][116] These results, published in June 2011 in the McKinsey Quarterly,^[113] became «a useful tool for critics of the ACA and a deep annoyance for defenders of the law» according to an article in Time magazine.^[117] Supporters of healthcare reform argued the survey far surpassed estimates by the Congressional Budget Office and insisted that McKinsey disclose the survey’s methodology.^{[118][119][120]} Two weeks after publishing the survey results,^[117] McKinsey released the contents of the survey including the questionnaire and 206 pages of survey data.^[121] In its accompanying statement,^[122] McKinsey said it was intended to capture the attitude of employers at a certain point in time, not make a prediction.^[123][124]

Since 1990, McKinsey has been publishing Valuation: Measuring and Managing the Value of Companies, a textbook on valuation.^[125]

In 2022, McKinsey senior partners Carolyn Dewar, Scott Keller, and Vikram Malhotra authored the book CEO Excellence, which was published by Scribner.^[126]

Environmental consulting[edit]

Marginal abatement cost curves attempt to compare the financial costs of different options for reducing pollution in a region and are used in emissions trading, policy discussions and incentive programs.^[127] McKinsey & Company released its first marginal abatement cost (MAC) curve for greenhouse gas emissions in February 2007, which was updated to version two in January 2009.^[128][129] McKinsey & Company’s MAC curve has become the most widely used^[130] and is the basis for McKinsey’s consulting on climate change and sustainability.^[131]

McKinsey’s curve predicts negative cost abatement strategies, which has been controversial among economists.^[132] The International Association for Energy Economics said in The Energy Journal that McKinsey’s cost-curve was popular among policymakers, because it suggests they can take «bold action towards improving energy efficiency without imposing costs on society.»^[133]

In a 2010 report, the Rainforest Foundation UK said McKinsey’s cost curve methodology was misleading for policy decisions regarding the Reduced Emissions from Deforestation and Forest Degradation (REDD) program. The report argued that McKinsey’s calculations exclude certain implementation and governance costs, which makes it favor industrial uses of forests while discouraging subsistence projects.^[134] Greenpeace said the curve has allowed Indonesia and Guyana to win financial incentives from the United Nations by creating inflated estimates of current deforestation so they could demonstrate reductions in comparison.^{[135][136][137]} McKinsey said they had made it clear in the cost-curve publications that cost curves do not translate «mechanically» into policy implications and that policymakers should consider «many other factors» before introducing new laws.^[135][136]

Significant consulting projects[edit]

McKinsey & Company’s founder, James O. McKinsey, introduced the concept of budget planning as a management framework in his fifth book Budgetary Control in 1922.^{[31]: 25 [138]: 422} The firm’s first client was the treasurer of Armour & Company, who, along with other early McKinsey clients, had read Budgetary Control. In 1931 McKinsey created a methodology for analyzing a company called the General Survey Outline (GSO), which was established based on ideas introduced in the 1924 book Business Administration. It was also known as the Banker’s Survey, because McKinsey’s clients who used it in the 1930s were predominantly banks.^[27]: 22 After the Wagner Act gave certain rights to employees to organize into unions in 1935, McKinsey started consulting corporations on employee relations. Later in the 1950s, the work of a McKinsey consultant on compensation was influential in «skyrocketing executive pay».^[27] It also helped many companies such as Heinz, IBM and Hoover expand into Europe.^[27]

In the 1940s, McKinsey helped many corporations convert into wartime production for World War II.^[27] It also helped organize NASA into an organization that relies heavily on contractors in 1958.^[139]: 105 McKinsey created a report in 1953 for Dwight D. Eisenhower that was used to guide government appointments.^[140] In 1973, McKinsey & Company led a project for a consortium of grocery chains represented by the U.S. Supermarket Ad Hoc Committee on a Uniform Grocery Product Code to create the barcode.^[141][142] According to the book «Business Research Methods», the barcode became commonplace after a study by McKinsey persuaded Kroger to adopt it.^[143]

In the 1970s and 1980s, McKinsey helped European companies change their organizational structure to M-form (Multidivisional Form), which organizes the company into semi-autonomous divisions that function around a product, industry or customer, rather than a function or expertise.^{[144]: 208 [145]: 110}

In the 1980s, AT&T reduced investments in cell towers due to McKinsey’s prediction that there would only be 900,000 cell phone subscribers by 2000. According to The Firm this was «laughably off the mark» from the 109 million cellular subscribers by 2000. At the time cell phones were bulky and expensive. The firm helped the Dutch government facilitate a turnaround for Hoogovens, the world’s largest steel company as of 2013, through a $1 billion bankruptcy bailout. It also implemented a turnaround for the city of Glasgow, which had problems with unemployment and crime. McKinsey created the corporate structure for NationsBank, when it was still a small company known as North Carolina National Bank. McKinsey was hired by General Motors to do a large-scale re-organization to help it compete with Japanese auto-makers. The book The Firm said it was an «unmitigated disaster» because McKinsey focused on corporate structure, whereas GM needed to compete with Japanese automakers through manufacturing process improvement. A McKinsey consultant said GM did not follow their advice.^[27]

A 2002 article in BusinessWeek said that a series of bankruptcies of McKinsey clients, such as Swissair, Kmart, and Global Crossing, in the 1990s raised questions as to whether McKinsey was responsible or had a lapse in judgement.^[39] McKinsey recommended that Swissair avoid high operating costs in its home country by developing partnerships with airlines based in other regions. In order to attract partners, Swissair acquired more than $1 billion in shares of other airlines, many of which were failing. This led to huge losses and even bankruptcy for Swissair.^[146]

As part of a lawsuit against Allstate, 13,000 McKinsey documents were released, showing that McKinsey recommended that Allstate reduce payouts to insurance claimants by offering low settlements, delaying processing to wear out claimants through attrition, and fighting customers that protest in court. Allstate’s profits doubled over ten years after adopting McKinsey’s strategy, but it also led to lawsuits alleging they were cheating claimants out of legitimate insurance claims.^[147][148]

Controversies[edit]

The firm has been associated with a number of notable scandals, including the collapse of Enron in 2001,^[93] the 2007–2008 financial crisis,^[93] and facilitating state capture in South Africa.^[149] It has also drawn controversy for involvement with Purdue Pharma,^[150] U.S. Immigration and Customs Enforcement,^[98] and authoritarian regimes.^[97][96]

Enron[edit]

Enron was the creation of Jeff Skilling, a McKinsey consultant of 21 years, who was jailed after Enron reportedly used McKinsey on 20 different projects,^[94] and McKinsey consultants had «used Enron as their sandbox.»^[94]

Prior to the Enron scandal, McKinsey helped it shift from an oil and gas production company into an electric commodities trader, which led to significant growth in profits and revenues.^[77] According to The Independent, there was «no suggestion that McKinsey was complicit in the subsequent scandal, [but] critics say the arrogance of Enron’s leaders is emblematic of the McKinsey culture.»^[151] The government did not investigate McKinsey, who said they did not provide advice on Enron’s accounting.^[60] The Wall Street Journal questioned McKinsey’s «liability» and its «close relationship with Enron»,^[152] and a 2002 BusinessWeek article suggested that they had ignored warning signs.^[39]

In his July 2002 in-depth BusinessWeek article on the aftermath of the Enron scandal, John Bryne wrote that McKinsey had been a «key architect of the strategic thinking that made Enron a Wall Street darling. In books, articles, and essays, its partners regularly stamped their imprimatur on many of Enron’s strategies and practices, helping to position the energy giant as a corporate innovator worthy of emulation. The firm may not be the subject of any investigations, but its close involvement with Enron raises the question of whether McKinsey, like some other professional firms, ignored warning flags in order to keep an important account.»^[39] BusinessWeek described how McKinsey’s culture had changed, as the «number of partners grew from 427 to 891» making it a «less personal place».^[39] According to the article, «some current and former McKinsey consultants» said that McKinsey had lost their «ingrained values» that used to guide the firm. Citing the example of the dot-com bubble, McKinsey had begun to have «less prestigious companies» as clients and had allowed «its focus on building agenda-shaping relationships with top management at leading companies to slip.»^[39] As well, «there was a noticeable tilt toward bringing in revenue at the expense of developing knowledge.»^[39] McKinsey denied this.^[39]

McKinsey denied giving Enron advice on financing issues or having suspicions that Enron was using improper accounting methods.^[94]

2008 financial crisis[edit]

McKinsey is said to have played a significant role in the 2008 financial crisis by promoting the securitization of mortgage assets and encouraged the banks to fund their balance sheets with debt, driving up risk, which «poisoned the global financial system and precipitated the 2008 credit meltdown».^[93] Furthermore, McKinsey advised Allstate Insurance to purposely give low offers to claimants. The Huffington Post revealed that the strategy was to make claims «so expensive and so time-consuming that lawyers would start refusing to help clients.»^[153] Next to this, 2016 McKinsey partner Navdeep Arora was convicted for illegally depleting State Farm of over $500,000 over a period of 8 years, in collaboration with a State Farm employee.^[154]

Valeant[edit]

Valeant, a Canadian pharmaceutical company investigated by the SEC in 2015, has been accused of improper accounting, and that it used predatory price hikes to boost growth.^[155] The Financial Times states that «Valeant’s downfall is not exactly McKinsey’s fault but its fingerprints are everywhere.»^[95] Three out of six senior executives were recent ex-McKinsey employees, as well as the chair of the ‘talent and compensation’ committee.^[95] MIO Partners was a private investor of Valeant and McKinsey consulted Valeant on drug prices and acquisitions.^[156]

Role in opioid epidemic[edit]

McKinsey advised opioid makers on how to «turbocharge» sales of OxyContin, proposed strategies to counter the emotional messages from mothers with teenagers who overdosed on OxyContin, and helped opioid makers circumvent regulation.^[99] The firm also advised Purdue Pharma to offer pharmacies rebates based on the number of overdoses and addictions they caused.^[150] In 2019, McKinsey projected that over 2,400 CVS customers would have an overdose or become reliant on opioids.^[157] McKinsey estimated that a rebate of $14,810 per «event» would mean that Purdue would have to pay CVS $36.8 million that year.^[158] In February 2021, McKinsey reached agreements with attorneys general in 49 states, five U.S. territories, and the District of Columbia. Across the settlements, the firm agreed to pay nearly $600 million to settle investigations into its role in promoting sales of OxyContin.^[159] McKinsey has since apologized for its advice to opioid makers.^[160]

Records show that McKinsey worked for Purdue Pharma and other opioid makers in a 15 year period, from 2004 to 2019.^[161] During 2018 and 2019, McKinsey collected at least $400 million consulting pharmaceutical companies. McKinsey advised Mallinckrodt, the largest manufacturer of generic opioids, as well as Endo for which McKinsey consulted on marketing Opana.^[162] McKinsey’s consultation grew Endo into a leading generics manufacturer. McKinsey recommended targeted and influenced doctors who treat back pain in elderly and long-term care patients.^[163]

In February 2021, McKinsey paid $600 million to settle investigations into its role in promoting sales of OxyContin and fueling the greater opioid epidemic.^[159]

In April 2022, the New York Times reported that McKinsey had frequently allowed partners and other consultants to work for both government clients, such as the FDA, and pharmaceutical clients, such as Purdue.^[164] These actions violated McKinsey’s own internal ethical guidelines.^[164]

Rikers Island jail complex[edit]

New York City paid McKinsey $27.5 million between 2014 and 2017 to reduce prison assaults in Rikers Island; but the violence grew and the city abandoned many of the firm’s recommendations.

The consultancy’s alleged failings included not soliciting the views of inmates or clinic staff; using an encrypted messaging app that deletes messages, allegedly to avoid transparency; initiatives involving the expanded use of Tasers, shotguns and K9 patrol dogs; replacing troublesome inmates with more accommodating ones in the test area, which skewed the data in favor of the project; the use of ineffective data-analytics software; and spreadsheet errors that inflated the baseline rate of violence, against which the project was measured.^[165]

McKinsey advised New York City’s Rikers Island jail complex and tested an anti-violence strategy named «Restart» which occurred in Rikers housing units.^[166] The results of the strategy reported that violent crimes dropped more than 70% inside the Rikers housing units.^[167] Later, it was found that McKinsey consultants and jail officials rigged the program by grouping compliant inmates into the housing units.^[168]

Fine for insider trading by investment affiliate[edit]

In 2019, McKinsey paid the Justice Department $15 million to settle allegations relating to failure to disclose potential conflict in three bankruptcy cases that the firm advised.^[169] In 2021, MIO Partners, an affiliate of McKinsey & Co. that invests almost $31 billion of money on behalf of its employees, was fined US$18 million by the US regulator, SEC. The SEC said some of the same people making investment decisions for MIO Partners were McKinsey & Co. employees who had visibility into confidential information for companies for which McKinsey was consulting.^[170] The SEC claimed that MIO Partners had advanced knowledge of upcoming mergers, bankruptcy, and financial results announcements for companies that the firm was consulting.^[171]

Accusations of conflicts of interest in US bankruptcies[edit]

In January 2022, the Second U.S. Circuit Court of Appeals in Manhattan revived a lawsuit against McKinsey & Co. filed by retired turnaround specialist Jay Alix, accusing the consulting firm of concealing potential conflicts when seeking permission from bankruptcy courts to perform lucrative work on corporate restructurings.^[172]

GreenSky insider trading[edit]

An ex-partner at McKinsey was sentenced to 24 months in prison for insider trading.^[173] The ex-partner helped advise Goldman Sachs Group on the recent purchase of fintech company GreenSky.^[174] The ex-partner bought 2,500 GreenSky call options before the $2.24 billion merger and sold the call options shortly after the merger was announced on September 15, 2021.^[175] The ex-partner was ordered to hand over approximately $450,000 of illegal profit.^[176]

[edit]

Role in U.S. Immigration and Customs Enforcement (ICE)[edit]

McKinsey stopped working for U.S. Immigration and Customs Enforcement (ICE) after it was disclosed that the firm had done more than $20 million in consulting work for the agency. McKinsey managing partner Kevin Sneader said the contract, not widely known within the company until The New York Times reported it, had «rightly raised» concerns.^[177] In 2019, The New York Times and ProPublica reported on newly uncovered documents which showed that McKinsey, as part of its work with ICE, proposed cuts in spending on food and medical care for migrants.^[98] McKinsey also advocated for an acceleration of the deportation process, causing concerns among ICE staff that the due process rights of the migrants would be violated.^[98] Previously, McKinsey managing partner, Kevin Sneader, had claimed that McKinsey had done no work for ICE in terms of developing and implementing immigration policy; the uncovered documents showed that to be false.^[98][178]

Role in Saudi clampdown on dissidents[edit]

In October 2018, in the wake of the assassination of Jamal Khashoggi, a Saudi dissident and journalist, The New York Times reported that McKinsey had identified the most prominent Saudi dissidents on Twitter and that the Saudi government subsequently repressed the dissidents and their families. One of the dissidents, Khalid al-Alkami, was arrested. Another dissident identified by McKinsey; Omar Abdulaziz in Canada, had two brothers imprisoned by the Saudi authorities, and his cell phone hacked. McKinsey issued a statement, saying «We are horrified by the possibility, however remote, that [the report] could have been misused. We have seen no evidence to suggest that it was misused, but we are urgently investigating how and with whom the document was shared.»^[96] In December 2018, The New York Times reported that «the kingdom is a such a vital client for the firm—the source of nearly 600 projects from 2011 to 2016 alone—that McKinsey chose to participate in a major Saudi investment conference in October 2018 even after the killing and dismemberment of a Washington Post columnist by Saudi agents.»^[97]

On February 12, 2019, the European Parliament Greens/EFA group presented a motion for a resolution on the situation on women’s rights defenders in Saudi Arabia denouncing the involvement of foreign public relations companies in representing Saudi Arabia and handling its public image, particularly McKinsey & Company.^[179]

Support of authoritarian regimes[edit]

McKinsey’s business and policy support for authoritarian regimes came under scrutiny in December 2018, in the wake of a lavish company retreat in China held adjacent to Chinese government internment camps where thousands of Uyghurs were being detained without cause.^[97][180] In December 2021, NBC News reported McKinsey’s connection to a manufacturing facility owned by DJI, a drone maker sanctioned by the United States Department of the Treasury for alleged complicity in aiding the Uyghur genocide.^[181] In the preceding few years, McKinsey’s clients included Saudi Arabia’s absolute monarchy,^{[96][182][183]} Turkey’s autocratic leader Recep Tayyip Erdogan, ousted former president of Ukraine Viktor Yanukovych, and several Chinese and Russian companies under sanctions.^[97]

Work with Russian arms manufacturers[edit]

McKinsey is reported to have provided consulting services for the Russian state-owned enterprise Rostec, which is responsible for manufacturing missile engines used during Russia’s war on Ukraine.^[184] According to January 2023 reporting from Die Zeit, McKinsey consultants would provide consulting services to Gazprom and Rostec while in Germany on behalf of the German Federal Ministry of Defence.^[185][186]According to US Senator Maggie Hassan McKinsey has displayed a “pattern of behavior” that raised “grave concerns about conflicts of interest.”^[184] McKinsey has also done work for Sberbank, VTB bank, Gazprom, and Rosneft, which are all closely tied to the Kremlin.^[184]

Government corruption scandals[edit]

South African corruption scandal[edit]

The Gupta family (no relation to Rajat Gupta) had strategically placed corrupted individuals in various South African government, utilities and infrastructure sectors. It is alleged that McKinsey was complicit in this corruption by using the Guptas to obtain consulting contracts from certain state-owned enterprises, including Eskom and Transnet.^[187] Working with Trillian Capital Partners (a consultancy which was owned by a Gupta associate),^[188] they provided services to the value of R1 billion ($75 million) annually. Trillian was paid a commission for facilitating the business for McKinsey.^[189] McKinsey hired law firm Norton Rose Fulbright to carry out an internal investigation over the allegations. McKinsey’s then Managing Partner, Dominic Barton, issued a statement following an internal investigation, in which the firm «admitted that it found violations of its professional standards but denied any acts of bribery, corruption, and payments to Trillian.»^[190]

Corruption Watch, a South African non-governmental organization, filed a complaint about the controversial contract to the US Department of Justice, alleging that there was a criminal conspiracy between McKinsey, Trillian and Eskom in contravention of US and South African law.^[191] It was revealed in January 2018 that criminal complaints were filed against McKinsey & Company by the South African Companies and Intellectual Property Commission. South African prosecutors confirmed that they would enforce the seizing of assets from McKinsey.^[192]

South Africa’s National Prosecuting Authority concluded in early 2018 that the payments to McKinsey and its local business partner, Trillian, were illegal, involving crimes such as fraud, theft, corruption and money laundering. McKinsey had subsequently been in discussion with Eskom and the National Prosecuting Authority’s Asset Forfeiture Unit to agree on a transparent, legally appropriate process for returning the R1-billion (US$74m) it had been paid – it was confirmed on 6 July 2018 that this had been concluded.^[193] Eskom confirmed it received R99.5 million in interest from McKinsey on July 23, 2018. The interest payment covers the two years since McKinsey was paid almost R1-billion in 2016.^[194]

Information relating to allegedly corrupt practices by McKinsey at Transnet in 2011 and 2012 came to light in late July 2018. The weekly Mail & Guardian newspaper reported that a «…new forensic treasury report shows how controversial former Transnet and Eskom chief financial officer Anoj Singh enjoyed overseas trips at the expense of international consulting firm McKinsey, which scored multi-billion rand contracts at the state owned entities.» The «…report reiterates treasury’s recommendations that Singh’s conduct with regards to McKinsey should be referred to the elite crime-fighting unit, the Hawks, for investigations under the Prevention and Combating of Corrupt Activities Act (Precca). Under Precca, Singh would be investigated for allegations of corruption as payment for the overseas trips alone would constitute a form of gratification, which is illegal.»^[195] The Sunday City Press reported that the forensic report in turn reported that «multinational advisory firm McKinsey paid for Singh to go on lavish international trips to Dubai, Russia, Germany and the UK, after which their contract with Transnet was massively extended.»^[196] McKinsey issued a statement that the allegations were incorrect. McKinsey stated that «based on an extensive review encompassing interviews, email records and expense documents, our understanding is that McKinsey did not pay for Mr. Singh’s airfare and hotel lodgings in connection with the CFO Forum and the meetings that took place around the CFO Forum in London and elsewhere in 2012 and 2013.»^[197] On 11 October 2019, the United States Treasury department announced that it had imposed wide-ranging financial sanctions on three Gupta brothers, Ajay, Atul and Rajesh (aka Tony) and their business associate Salim Essa under the United States Magnitsky Act.^[198]

The Economist reported in November 2019, that McKinsey’s scandals, such as the 2016 South Africa scandal and the allegations of conflict of interest tied to its $12.7bn investment affiliate, McKinsey Investment Office (MIO), are relatively recent in terms of its long history.^[199] The article said that McKinsey’s legal challenges facing McKinsey’s new global managing partner, Kevin Sneader, may be related to the company’s fast-paced growth with an increase of 2,200 partners compared to 2009. During that same time period, the number of employees increased to 30,000 worldwide from 17,000.^[199]

In 2020 McKinsey representatives giving testimony to the Zondo Commission of Inquiry into State Capture placed blame for the firm’s involvement in the corruption scandal on former McKinsey partner, Vikas Sagar.^[200] During 2021 McKinsey & Co. agreed to repay R 870 million (US$63 million) in fees to South African state logistics company Transnet SOC Ltd., seeking to distance itself from contracts linked to corruption allegations.^[201] In April 2022 the Zondo Commission recommended that key Eskom executives be criminally investigated for improperly awarding consulting contracts to McKinsey & Company.^[202]

South Africa’s National Prosecuting Authority announced on Friday, 30 September 2022 that it had criminally charged both McKinsey South Africa and former McKinsey partner, Vikas Sagar, with fraud, corruption and theft related to a contract to advise Transnet on buying new locomotives.^[203]

French presidential corruption scandal[edit]

In December 2022, it was reported that the French National Financial Prosecutors’ Office had raided the headquarters of President Emmanuel Macron’s Renaissance party and McKinsey’s Paris office.^[204] The raids were related to probes into false election campaign accounting, as well as possible favouritism and conspiracy.^[205] The probe had been widened in October 2022 from an initial focus on McKinsey’s taxes to include alleged underreporting of campaign consulting costs and allegations of favoritism.^[206][207] McKinsey consultants are alleged to have worked as unpaid volunteer’s on Macron’s 2017 and 2022 election campaigns, in violation of French law.^[206] The firm is subsequently alleged to have benefitted from special access and favorable government treatment, including the awarding of lucrative government contracts.^[205] The French media has dubbed the scandal ‘McKinsey Affair’^[208] or ‘McKinseygate’.^[205] McKinsey is facing possible charges for corruption and tax fraud as a result of the investigation.^[209]

Canadian government consulting scandal[edit]

A January 2023 investigative report by CBC News revealed that Justin Trudeau’s government had spent at least $117.4 million on McKinsey consulting since coming to power, compared to $2.2 million spent by the prior government.^{[210][211][212][213][214]} All of those contracts were sole-source, according to documents obtained by Radio-Canada.^[212] Further investigative reporting identified at least $84 million in McKinsey consulting expenses between March 2021 and November 2022 alone.^[215][216]

According to anonymous sources with major roles at Immigration, Refugees and Citizenship Canada (IRCC), McKinsey is reported to have a particularly large and growing influence over Canadian immigration policy.^[212][213] Policy is reported to have been decided on without input from public servants, and with minimal consideration for the public interest.^[213] Canada’s immigration targets have closely followed goals set in a plan by previous McKinsey head Dominic Barton, who outlined these plans in his 2016 report of the Advisory Council on Economic Growth and through his work with the Century Initiative.^[212] Both the report and the Century Initiative advocate for a steep increase in immigration to bring Canada’s population to 100 million by 2100.^[213] According to one of the IRCC whistleblowers, the department was informed that Barton’s report was a «foundational plan» in spite of reservations expressed by the then-immigration minister, John McCallum.^[212]

On January 10, 2023, Canadian opposition parties, including the Conservative Party of Canada, the New Democratic Party of Canada, and Bloc Quebecois, called for a parliamentary inquiry into federal contracts awarded to McKinsey.^{[216][217][218][219]} The opposition is demanding that the government disclose «contracts, conversations, records of work done, meetings held, text messages, email exchanges, everything that the government has with the company since taking office»^[220] McKinsey has thus far refused to answer CBC News questions regarding its role and agreements with the federal government, while the government has refused to provide copies of the company’s reports.^[213] In response to the controversy, McKinsey issued a statement on its website indicating that it “welcomes the opportunity” to provide information to parliament, and that it «does not make policy recommendations on immigration or any other topic».^[218]

Trudeau asked fellow Liberal Party members Treasury Board President Mona Fortier and Procurement Minister Helena Jaczek to review the contracts return a final report. On 23 March 2023, the Treasury Board announced that audits had determined that departments did not consistently follow certain administrative rules and procedures, but that there was «broad compliance with values and ethics commitments.»^[211] According to the Treasury Board, while the audits raised questions about fairness, transparency and conflicts of interest, no evidence was found of political direction in awarding the contracts.^[210]

See also[edit]

• Big Three (management consultancies) – MBB

Explanatory notes[edit]

References[edit]

Further reading[edit]

• Bogdanich, Walt; Forsythe, Michael (2022). When McKinsey Comes to Town: The Hidden Influence of the World’s Most Powerful Consulting Firm. New York: Doubleday. ISBN 9780385546232. OCLC 1345467322.

External links[edit]

Media related to McKinsey & Company at Wikimedia Commons

• Official website of McKinsey & Co.
• Official website of McKinsey Quarterly

McKinsey & Company is a global management consulting firm founded in 1926 by University of Chicago professor James O. McKinsey, that offers professional services to corporations, governments, and other organizations. McKinsey is the oldest and largest of the «Big Three» management consultancies (MBB). The firm mainly focuses on the finances and operations of their clients.

McKinsey & Company

McKinsey’s New York office at 3 World Trade Center
Type	Incorporated partnership
Industry	Management consulting
Founded	1926; 97 years ago
Founder	James O. McKinsey
Headquarters	None[1]
Area served	Worldwide
Key people	Bob Sternfels, Global Managing Partner[2]
Revenue	$15+ billion (2021)[3]
Number of employees	38,000 (2021)[3]
Website	mckinsey.com

Under the direction of Marvin Bower, McKinsey expanded into Europe during the 1940s and 1950s. In the 1960s, McKinsey’s Fred Gluck—along with Boston Consulting Group’s Bruce Henderson, Bill Bain at Bain & Company, and Harvard Business School’s Michael Porter—initiated a program designed to transform corporate culture.^[4][5] A 1975 publication by McKinsey’s John L. Neuman introduced the business practice of «overhead value analysis» that contributed to a downsizing trend that eliminated many jobs in middle management.^[6][7]

McKinsey has a notoriously competitive hiring process^[8][9] and is widely seen as one of the most selective employers in the world.^[10] McKinsey recruits primarily from top business schools^[11][12][13] and was one of the first management consultancies to recruit a limited number of candidates with advanced academic degrees (e.g. PhD, MD) and deep field expertise, and who have demonstrated business acumen and analytical skills.^[14][15] McKinsey publishes a business magazine, the McKinsey Quarterly.

McKinsey has been the subject of significant controversy related to its business practices. The company has been criticized for its role promoting OxyContin use during the opioid crisis in North America, its work with Enron, and its work for authoritarian regimes like Saudi Arabia and Russia.

History

Edit

Early history

Edit

 

McKinsey & Company was founded in Chicago under the name James O. McKinsey & Company in 1926 by James O. McKinsey, a professor of accounting at the University of Chicago.^[16][17] He conceived the idea after he had witnessed inefficiencies in military suppliers while he was working for the United States Army Ordnance Department.^[18]: 4 The firm called itself an «accounting and management firm» and started out giving advice on using accounting principles as a management tool.^[19]: 3 McKinsey’s first partners were AT Kearney, hired in 1929,^[20][a] and Marvin Bower, hired in 1933.^{[22][23]: 133 [b]}

 

Marvin Bower is credited with establishing McKinsey’s values and principles in 1937, based on his experience as a lawyer. The firm developed an «up or out» policy, where consultants who are not promoted are asked to leave. In 1937,^[24][25] Bower established a set of rules: that consultants should put the interests of clients before McKinsey’s revenues, not discuss client affairs, tell the truth even if it means challenging the client’s opinion, and only perform work that is both necessary and that McKinsey can do well.^[26][25] Bower created the firm’s principle of only working with CEOs, which was later expanded to CEOs of subsidiaries and divisions. He also created McKinsey’s principle of only working with clients the firm felt would follow its advice.^[27][28] Bower also established the firm’s language.^[25]

In 1932, the company opened its second office in New York City.^[19]: 20 In 1935, McKinsey left the firm temporarily to serve as the chairman and CEO of client Marshall Field’s.^{[18]: 5 [23]: 133}

In 1935, McKinsey merged with accounting firm Scovell, Wellington & Company, creating the New York-based McKinsey, Wellington & Co. and splitting off the accounting practice into Chicago-based Wellington & Company.^[18]: 5 A Wellington project that accounted for 55 percent of McKinsey, Wellington & Company’s billings was about to expire^[29] and Kearney and Bower had disagreements about how to run the firm. Bower wanted to expand nationally and hire young business school graduates, whereas Kearney wanted to stay in Chicago and hire experienced accountants.^[23]: 134

In 1937, James O. McKinsey died after catching pneumonia.^[19][21] This led to the division of McKinsey, Wellington & Company in 1939. The accounting practice returned to Scovell, Wellington & Company, while the management engineering practice was split into McKinsey & Company and McKinsey, Kearney & Company.^[20][29] Bower had partnered with Guy Crockett from Scovell Wellington, who invested in the new McKinsey & Company and became managing partner, while Marvin Bower is credited with founding the firm’s principles and strategy as his deputy.^[29][30] The New York office purchased exclusive rights to the McKinsey name from the former McKinsey Chicago office which was separated with AT Kearney in 1946.^[31]: 25

Years of growth

Edit

McKinsey & Company grew quickly in the 1940s and 50s, especially in Europe.^{[18]: 12–13 [31]: 25 [32]} It had 88 staff in 1951^[33] and more than 200 by the 1960s,^[31] including 37 in London by 1966.^[33] In the same year, McKinsey had six offices in major US cities, including San Francisco, Cleveland, Los Angeles and Washington D.C., as well as six abroad. These foreign offices were primarily in Europe, such as in London, Paris, and Amsterdam, as well as in Melbourne.^{[18]: 12–13} By this time, one third of the company’s revenues originated from its European offices.^[31] Guy Crockett stepped down as managing director in 1959, and Marvin Bower was elected in his place.^{[29][27]: 61} McKinsey’s profit-sharing, executive and planning committees were formed in 1951.^[29] The organization’s client base expanded especially among governments, defense contractors, blue-chip companies and military organizations in the post–World War II era.^[24] McKinsey became a private corporation with shares owned exclusively by McKinsey employees in 1956.^{[18]: 12 [29]}

After Bower stepped down in 1967, the firm’s revenues declined.^[34] New competitors like the Boston Consulting Group and Bain & Company created increased competition for McKinsey by marketing specific branded products, such as the Growth-Share Matrix, and by selling their industry expertise.^[32][35][26]

In 1971, McKinsey created the Commission on Firm Aims and Goals, which found that McKinsey had become too focused on geographic expansion and lacked adequate industry knowledge. The commission advised that McKinsey slow its growth and develop industry specialties.^{[18]: 14 [32]}

In 1975, John L. Neuman, a McKinsey consultant at the time, published «Make Overhead Cuts That Last» in Harvard Business Review,^[36] in which he introduced new rules for scientific management such as «overhead valuation analysis» (OVA).^[6]: 65 OVA guided McKinsey’s «path to downsizing», responding to the «mid-century corporation’s excessive reliance on middle management».^[7] Neuman wrote that the «process, though swift, is not painless. Since overhead expenses are typically 70% to 85% people-related and most savings come from work-force reductions, cutting overhead does demand some wrenching decisions.»^[36]

In 1976, Ron Daniel was elected managing director, serving until 1988.^[19]: 42 Daniel and Fred Gluck helped shift the firm away from its generalist approach by developing 15 specialized working groups within McKinsey called Centers of Competence and by developing practice areas called Strategy, Operations and Organization. Daniel also began McKinsey’s knowledge management efforts in 1987.^{[18]: 15–17} This led to the creation of an IT system that tracked McKinsey engagements, a process to centralize knowledge from each practice area and a resource directory of internal experts.»^{[18]: 6–7} By the end of his tenure in 1988 the firm was growing again and had opened new offices in Rome, Helsinki, São Paulo and Minneapolis.^{[18]: 15–17 [32]}

Fred Gluck served as McKinsey’s managing director from 1988 to 1994.^[37] The firm’s revenues doubled during his tenure.^[26] He organized McKinsey into 72 «islands of activity» that were organized under seven sectors and seven functional areas.^[18]: 18 By 1997, McKinsey had grown eightfold over its size in 1977.^[25] In 1989 the firm tried to acquire talent in IT services through a $10 million purchase of the Information Consulting Group (ICG), but a culture clash caused 151 out of the 254 ICG staff members to leave by 1993.^[26][37]

In 1994, Rajat Gupta became the first non-American-born partner to be elected as the firm’s managing director.^[38] By the end of his tenure, McKinsey had grown from 2,900 to 7,700 staff and 58 to 84 locations.^[39] He opened new international offices in cities such as Moscow, Beijing and Bangkok.^[18]: 20 Continuing the structure developed by prior directors, Gupta also created 16 industry groups charged with understanding specific markets and instituted a three-term limit for the managing director.^[18]: 22 McKinsey created practice areas for manufacturing and business technology in the late 1990s.^{[18]: 21, 23}

McKinsey set up «accelerators» in the 1990s, where the firm accepted stock-based reimbursement to help internet startups;^[39][40] the company performed more than 1,000 e-commerce projects from 1998 to 2000 alone.^[18]: 24

An October 1, 2000, article in the New York Times described the compulsory mini-courses that McKinsey—and its two largest rivals Boston Consulting and Bain—offered their «hyper-educated» young new recruits. Once completed, these newly certified management consultants would begin their work of «advising the executives of multibillion-dollar companies» on «projects» not related to their academic backgrounds»—»[l]awyers would help packaged-foods companies develop new products, and physicists would tell Internet start-ups how to stand out from the crowd.»^[41]

The burst of the dot-com bubble led to a reduction in utilization rates of McKinsey’s consultants from 64 to 52 percent. Though McKinsey avoided dismissing any personnel following the decline,^[39] the decline in revenues and losses from equity-based payments as stock lost value, together with a recession in 2001, meant the company had to reduce its prices, cut expenses and reduce hiring.^[18]: 25

In 2001, McKinsey launched several practices that focused on the public and social sector. It took on many public sector or non profit clients on a pro bono basis.^[24] By 2002, McKinsey had invested a $35.8 million budget on knowledge management, up from $8.3 million in 1999.^[24]: 1 Its revenues were 50, 20, and 30 percent from strategy, operations, and technology consulting, respectively.^[18]: 20

In 2003, Ian Davis, the head of the London office, was elected to the position of managing director.^[42] Davis promised a return to the company’s core values after a period in which the firm had expanded rapidly, which some McKinsey consultants felt was a departure from the company’s heritage.^[43] Also in 2003, the firm established a headquarters for the Asia-Pacific region in Shanghai. By 2004, more than 60 percent of McKinsey’s revenues were generated outside the U.S.^[24] The company started a Social Sector Office (SSO) in 2008, which is divided into three practices: Global Public Health, Economic Development and Opportunity Creation (EDHOC) and Philanthropy. McKinsey does much of its pro-bono work through the SSO, whereas a Business Technology Office (BTO), founded in 1997, provides consulting on technology strategy.^[44][45][46]

By 2009, the firm consisted of 400 directors (senior partners), up from 151 in 1993.^[26][47] Dominic Barton was elected as managing director, a role he was re-elected for in 2012 and 2015.^[47]

Recent history

Edit

Rajat Gupta along with another McKinsey executive, Anil Kumar, were among those convicted in a government investigation into insider trading for sharing inside information with Galleon Group hedge fund owner Raj Rajaratnam.^[48][49] Though McKinsey was not accused of any wrongdoing, the convictions were embarrassing for the firm, since it prides itself on integrity and client confidentiality.^[50][51][52] McKinsey no longer maintains a relationship with either senior partner.^[53][54]

Senior partner Anil Kumar, described as Gupta’s protégé,^[55] left the firm after the allegations in 2009, and pleaded guilty in January 2010.^[56][57] While he and other partners had been pitching McKinsey’s consulting services to the Galleon Group, Kumar and Rajaratnam reached a private consulting agreement, violating McKinsey’s policies on confidentiality.^[58] Gupta was convicted in June 2012, of four counts of conspiracy and securities fraud, and acquitted on two counts.^[59] In October 2011, he was arrested by the FBI on charges of sharing insider information from these confidential board meetings with Rajaratnam.^[60][61] At least twice, Gupta used a McKinsey phone to call Rajaratnam and retained other perks—an office, assistant, and $6 million retirement salary that year^[62]—as a senior partner emeritus.^[54]

After the scandal McKinsey instituted new policies and procedures to discourage future indiscretions from consultants,^[63] including investigating other partners’ ties to Gupta.^[64][65]

In February 2018, Kevin Sneader was elected as managing director. He served a three-year term that began on July 1, 2018.^[66]

McKinsey has consulted for multiple cities, states and government organizations during the 2019 coronavirus pandemic. During the first four months of the pandemic, McKinsey obtained in excess of $100 million in consulting work, including no-bid contracts with the United States Department of Veterans Affairs and Air Force.^[67] The reopening guidelines for Florida’s Miami-Dade County, produced with McKinsey’s input, were criticized by local media and officials for complexity and lack of clarity.^[67]

McKinsey discontinued its investment banking advisory unit in 2021, citing «personnel matters» as the reason.^[68]

In April 2022, McKinsey, Alphabet Inc., Shopify, Meta Platforms, and Stripe, Inc. announced a $925 million advance market commitment of carbon dioxide removal from companies that are developing the technology over the next 9 years.^[69][70]

On June 1, 2022, McKinsey announced that it had acquired Caserta, a data engineering firm.^[71]

In March 2023, McKinsey announced a layoff of 1400 employees, in a rare job cut of the company.^[72]

Organization and services

Edit

Structure

Edit

 

McKinsey & Company was originally organized as a partnership^[73] before being legally restructured as a private corporation with shares owned by its partners in 1956.^[29][74] It mimics the structure of a partnership and employees are called «partners».^[43][73] The company has a flat hierarchy and each member is assigned a mentor.^{[75]: 65, 142} Since the 1960s, McKinsey’s managing director has been elected by a vote of senior directors to serve up to three, three-year terms or until reaching the mandatory retirement age of 60.^[76] The firm is also managed by a series of committees that each has its own area of responsibility.^{[18]: 22 [25]: 6}

By 2013, McKinsey was described as having a decentralized structure, whereby different offices operate similarly, but independently.^[27][28] The company’s budgeting is centralized, but individual consultants are given a large degree of autonomy.^[77] As a global firm McKinsey does not have a traditional «headquarters»; the managing partner chooses his or her home office.^[78]

List of global managing partners

Edit

1. James O. McKinsey (1926–1935), Chicago office
2. Guy Crockett (1939–1950)
3. Marvin Bower (1950–1967), New York office
4. Gil Clee (1967–1968)
5. Chester Walton (1968–1976)
6. Alonzo L. McDonald (1973–1976)
7. Ron Daniel (1976–1988)
8. Frederick Gluck (1988–1994), New York office
9. Rajat Gupta (1994–2003), New York office
10. Ian Davis (2003–2009), London office
11. Dominic Barton (2009–2018), London office
12. Kevin Sneader (2018–2021), Hong Kong office
13. Bob Sternfels (2021– ), San Francisco office

Consulting services

Edit

McKinsey & Company provides strategy and management consulting services, such as providing advice on an acquisition, developing a plan to restructure a sales force, creating a new business strategy or providing advice on downsizing, according to the 2013 book, The Firm.^[27][75] The 1999 book, The McKinsey Way said that McKinsey consultants designed and implemented studies to evaluate management decisions using data and interviews to test hypotheses.^[75] which were then presented to senior management, typically in a PowerPoint presentation and a booklet.^[75]

McKinsey & Company has traditionally charged approximately 25 percent more than competing firms.^[44] Its invoices traditionally contain only a single line.

A typical McKinsey engagement (called a «study») can last between two and twelve months and involves three to six McKinsey consultants.^[44] An engagement is usually managed by a generalist that covers the region the client’s headquarters are located in and specialists that have either an industry or functional expertise.^[26] Unlike some competing consulting firms, McKinsey does not hold a policy against working for multiple competing companies (although individual consultants are barred from doing so).

Recruiting

Edit

McKinsey & Company was the first management consultancy to hire recent graduates instead of experienced business managers, when it started doing so in 1953.^[79]

According to a 1997 article in The Observer, McKinsey recruited recent graduates and «imbue[d] them with a religious conviction» in the firm, then cull[ed] through them with its «up-or-out» policy.^[25] The «up or out» policy, which was established in 1951, meant that consultants that were not being promoted within the firm were asked to leave.^{[33]: 208 [80]} By 1997, about one-fifth of McKinsey’s consultants departed under the up or out policy each year.^[25][77] McKinsey’s practice of hiring recent graduates and the «up-or-out» philosophy, were originally based on Marvin Bower’s experiences at the law firm Jones Day in the 1930s, as well as the «Cravath system» used at the law firm Cravath, Swaine and Moore.^[33]: 206

In recent years, it has consistently been recognized by Vault as the most prestigious consulting firm employer in the world.^[81]
In 2018, 800,000 candidates applied for 8,000 jobs.^[82]

While many recruits have MBAs, by 2009, less than half of the firm’s recruits were business majors;^[44]: 7 by 1999, recruits had advanced degrees in science, medicine, engineering or law.^[75][83][84]

Culture

Edit

A November 1, 1993, profile story in Fortune magazine said that McKinsey & Company was «the most well-known, most secretive, most high-priced, most prestigious, most consistently successful, most envied, most trusted, most disliked management consulting firm on earth».^[26] In the article, McKinsey was cited as claiming that its consultants were not motivated by money,^[26] and that partners talked to each other with «a sense of personal affection and admiration».^[26] The article described a culture clash that occurred in the early 1990s, leading to the departure of 151 out of the 254 ICG staff members.^[26]

In their 1997 book Dangerous Company: Management Consultants and the Businesses They Save and Ruin, authors James O’Shea and Charles Madigan said that McKinsey’s culture had often been compared to religion, because of the influence, loyalty and zeal of its members.^[28][85] The firm has a policy against discussing specific client situations.^[28] A September 1997 The News Observer story said that McKinsey’s internal culture was «collegiate and ruthlessly competitive» and has been described as arrogant.^[25] Ethan Rasiel’s 1999 book entitled The McKinsey Way, described a culture at McKinsey’s whereby members were not supposed to «sell» their services.^[75][86]

The Sunday Times wrote that McKinsey was a pioneer in the industry—the «first firm to hire MBA graduates from the top business schools to staff its projects, rather than relying on older industry personnel.» They were still trying to keep a «very low profile public image» in 2005.^[79] That year, an article in The Guardian said that McKinsey «hours are long, expectations high and failure not acceptable».^[86] According to an October 2009 Reuters article, the firm had a «button-down culture» focused on «playing by the rules».^[87] In his 2013 book, The Firm: The Story of McKinsey and Its Secret Influence on American Business, Duff McDonald described how McKinsey’s consultants were expected to become a part of the community and recruit clients from church, charitable foundations, board positions and other community involvements.^[27] McDonald wrote that McKinsey calls itself «The Firm» and its employees «members».^[27][26] BusinessWeek summarized The Firm‘s description of McKinsey as a «fading empire, where hubris and changing times have diminished the firm’s statures.»^[88]

In his February 2020 in-depth article in The Atlantic, Daniel Markovits argues that McKinsey promotes «intellect and elite credentials» and «Meritocrats» over «directly relevant experience».^[7]

Conflicts of interest between McKinsey and MIO partners

Edit

In February 2019, The New York Times ran a series of articles about McKinsey^[89] and the in-house hedge fund it operates – McKinsey Investment Office, or MIO Partners. The articles claimed that there was «potential for undisclosed conflicts of interest between the fund’s investments and the advice the firm sells to clients», since the hedge fund could benefit from the inside knowledge obtained through management consulting services.^[90]

The firm responded that «MIO and McKinsey employ separate staffs. MIO staff have no nonpublic knowledge of McKinsey clients. For the vast majority of assets under management, decisions about specific investments are made by third-party managers».^[90]

The firm has agreed to repay fees it earned in three bankruptcy cases, approximately $15 million worth.^[91] MIO Partners was fined $18 million by SEC in 2021.

Influence

Edit

Many of McKinsey’s alumni become CEOs of major corporations or hold important government positions.^[79] In doing so, they influence the other organizations with McKinsey’s values and culture.^[28][79][85] McKinsey’s alumni have been appointed as CEOs or high-level executives.^[85][92]

In his 2010 publication, The Lords of Strategy: The Secret Intellectual History of the New Corporate World, business journalist Walter Kiechel traced the roots of a profound change in corporate management to «four mavericks» in the 1960s—Fred Gluck at McKinsey & Company, Boston Consulting Group’s Bruce Henderson, Bill Bain at Bain & Company, and Harvard Business School professor, Michael Porter.^[4] Kiechel recounted how they «revolutionized the way we think about business, changed the very soul of the corporation, and transformed the way we work,» according to the Harvard Business Press synopsis.^[5]

McKinsey has been either directly involved in, or closely associated with, a number of notable scandals,^[93] involving Enron in 2001,^[93][94] Galleon in 2009,^[48] Valeant in 2015,^[95] Saudi Arabia in 2018,^[96] China in 2018,^[97] ICE in 2019,^[98] an internal conflict of interest in 2019^[90] and Purdue Pharma in 2019,^[99] among others. By 2019, major news outlets, including The New York Times and ProPublica, had raised concerns about McKinsey’s business practices.^[100]

Research and publishing

Edit

McKinsey & Company consultants regularly publish books, research and articles about business and management.^{[75]: 51 [101]: 55} The firm spends $50–$100 million a year on research.^[101]: 54 McKinsey was one of the first organizations to fund management research, when it founded the Foundation for Management Research in 1955.^[19] The firm began publishing a business magazine, The McKinsey Quarterly, in 1964.^[102] It funds the McKinsey Global Institute, which studies global economic trends and was founded in 1990.^[24] It also launched the McKinsey Institute for Black Economic Mobility in 2020 to fund research focused on advancing inclusive growth & racial equity globally.^[103] Many consultants are contributors to the Harvard Business Review.^[85] McKinsey consultants published only two books from 1960 to 1980, then more than 50 from 1980 to 1996.^[101]: 55 McKinsey’s publications and research give the firm a «quasi-academic» image.^[101]

A McKinsey book, In Search of Excellence, was published in 1982.^[104] It featured eight characteristics of successful businesses based on an analysis of 43 top performing companies.^{[101]: 87–89 [104]: 348} It marked the beginning of McKinsey’s shift from accounting to «softer» aspects of management, like skills and culture.^[104]: 359 According to David Guest from King’s College, In Search of Excellence became popular among business managers because it was easy to read, well-marketed and some of its core messages were valid. However, it was disliked by academics because of flaws in its methodology. Additionally, a 1984 analysis by BusinessWeek found that many of those companies identified as «excellent» in the book no longer met the criteria only two years later.^[104]

A 1997 article and a book it published in 2001 on «The War for Talent»^[105]
prompted academics and the business community to start focusing more on talent management.^[106]: 163 The authors found that the best-performing companies were «obsessed» with acquiring and managing the best talent.^[107] They advocated that companies rank employees by their performance and promote «stars», while targeting under-performers for improvement or layoffs.^[107][108] After the book was published, Enron, a company which followed many of its principles, was involved in a scandal that led to its bankruptcy.^[107] In May 2001, a Stanford professor wrote a paper critical of the «War on Talent» arguing that it prioritized individuals at the expense of the larger organization.^[105]

McKinsey consultants published Creative Destruction in 2001.^[27]: 247 The book suggested that CEOs need to be willing to change or rebuild a company, rather than protect what they have created.^[109] It found that out of the first S&P 500 list from 1957, only 74 were still in business by 1998.^[109][110] The New York Times said it «makes a cogent argument that in times of rampant, uncertain change … established companies are handcuffed by success.»^[111] In 2009, McKinsey consultants published The Alchemy of Growth, which established three «horizons» for growth: core enhancements, new growth platforms and options.^[112]

In February 2011, McKinsey surveyed 1,300 US private-sector employers on their expected response to the Affordable Care Act (ACA).^[113][114] Thirty percent of respondents said they anticipated they would probably or definitely stop offering employer sponsored health coverage after the ACA went into effect in 2014.^[115][116] These results, published in June 2011 in the McKinsey Quarterly,^[113] became «a useful tool for critics of the ACA and a deep annoyance for defenders of the law» according to an article in Time magazine.^[117] Supporters of healthcare reform argued the survey far surpassed estimates by the Congressional Budget Office and insisted that McKinsey disclose the survey’s methodology.^{[118][119][120]} Two weeks after publishing the survey results,^[117] McKinsey released the contents of the survey including the questionnaire and 206 pages of survey data.^[121] In its accompanying statement,^[122] McKinsey said it was intended to capture the attitude of employers at a certain point in time, not make a prediction.^[123][124]

Since 1990, McKinsey has been publishing Valuation: Measuring and Managing the Value of Companies, a textbook on valuation.^[125]

In 2022, McKinsey senior partners Carolyn Dewar, Scott Keller, and Vikram Malhotra authored the book CEO Excellence, which was published by Scribner.^[126]

Environmental consulting

Edit

Marginal abatement cost curves attempt to compare the financial costs of different options for reducing pollution in a region and are used in emissions trading, policy discussions and incentive programs.^[127] McKinsey & Company released its first marginal abatement cost (MAC) curve for greenhouse gas emissions in February 2007, which was updated to version two in January 2009.^[128][129] McKinsey & Company’s MAC curve has become the most widely used^[130] and is the basis for McKinsey’s consulting on climate change and sustainability.^[131]

McKinsey’s curve predicts negative cost abatement strategies, which has been controversial among economists.^[132] The International Association for Energy Economics said in The Energy Journal that McKinsey’s cost-curve was popular among policymakers, because it suggests they can take «bold action towards improving energy efficiency without imposing costs on society.»^[133]

In a 2010 report, the Rainforest Foundation UK said McKinsey’s cost curve methodology was misleading for policy decisions regarding the Reduced Emissions from Deforestation and Forest Degradation (REDD) program. The report argued that McKinsey’s calculations exclude certain implementation and governance costs, which makes it favor industrial uses of forests while discouraging subsistence projects.^[134] Greenpeace said the curve has allowed Indonesia and Guyana to win financial incentives from the United Nations by creating inflated estimates of current deforestation so they could demonstrate reductions in comparison.^{[135][136][137]} McKinsey said they had made it clear in the cost-curve publications that cost curves do not translate «mechanically» into policy implications and that policymakers should consider «many other factors» before introducing new laws.^[135][136]

Significant consulting projects

Edit

McKinsey & Company’s founder, James O. McKinsey, introduced the concept of budget planning as a management framework in his fifth book Budgetary Control in 1922.^{[31]: 25 [138]: 422} The firm’s first client was the treasurer of Armour & Company, who, along with other early McKinsey clients, had read Budgetary Control. In 1931 McKinsey created a methodology for analyzing a company called the General Survey Outline (GSO), which was established based on ideas introduced in the 1924 book Business Administration. It was also known as the Banker’s Survey, because McKinsey’s clients who used it in the 1930s were predominantly banks.^[27]: 22 After the Wagner Act gave certain rights to employees to organize into unions in 1935, McKinsey started consulting corporations on employee relations. Later in the 1950s, the work of a McKinsey consultant on compensation was influential in «skyrocketing executive pay».^[27] It also helped many companies such as Heinz, IBM and Hoover expand into Europe.^[27]

In the 1940s, McKinsey helped many corporations convert into wartime production for World War II.^[27] It also helped organize NASA into an organization that relies heavily on contractors in 1958.^[139]: 105 McKinsey created a report in 1953 for Dwight D. Eisenhower that was used to guide government appointments.^[140] In 1973, McKinsey & Company led a project for a consortium of grocery chains represented by the U.S. Supermarket Ad Hoc Committee on a Uniform Grocery Product Code to create the barcode.^[141][142] According to the book «Business Research Methods», the barcode became commonplace after a study by McKinsey persuaded Kroger to adopt it.^[143]

In the 1970s and 1980s, McKinsey helped European companies change their organizational structure to M-form (Multidivisional Form), which organizes the company into semi-autonomous divisions that function around a product, industry or customer, rather than a function or expertise.^{[144]: 208 [145]: 110}

In the 1980s, AT&T reduced investments in cell towers due to McKinsey’s prediction that there would only be 900,000 cell phone subscribers by 2000. According to The Firm this was «laughably off the mark» from the 109 million cellular subscribers by 2000. At the time cell phones were bulky and expensive. The firm helped the Dutch government facilitate a turnaround for Hoogovens, the world’s largest steel company as of 2013, through a $1 billion bankruptcy bailout. It also implemented a turnaround for the city of Glasgow, which had problems with unemployment and crime. McKinsey created the corporate structure for NationsBank, when it was still a small company known as North Carolina National Bank. McKinsey was hired by General Motors to do a large-scale re-organization to help it compete with Japanese auto-makers. The book The Firm said it was an «unmitigated disaster» because McKinsey focused on corporate structure, whereas GM needed to compete with Japanese automakers through manufacturing process improvement. A McKinsey consultant said GM did not follow their advice.^[27]

A 2002 article in BusinessWeek said that a series of bankruptcies of McKinsey clients, such as Swissair, Kmart, and Global Crossing, in the 1990s raised questions as to whether McKinsey was responsible or had a lapse in judgement.^[39] McKinsey recommended that Swissair avoid high operating costs in its home country by developing partnerships with airlines based in other regions. In order to attract partners, Swissair acquired more than $1 billion in shares of other airlines, many of which were failing. This led to huge losses and even bankruptcy for Swissair.^[146]

As part of a lawsuit against Allstate, 13,000 McKinsey documents were released, showing that McKinsey recommended that Allstate reduce payouts to insurance claimants by offering low settlements, delaying processing to wear out claimants through attrition, and fighting customers that protest in court. Allstate’s profits doubled over ten years after adopting McKinsey’s strategy, but it also led to lawsuits alleging they were cheating claimants out of legitimate insurance claims.^[147][148]

Controversies

Edit

The firm has been associated with a number of notable scandals, including the collapse of Enron in 2001,^[93] the 2007–2008 financial crisis,^[93] and facilitating state capture in South Africa.^[149] It has also drawn controversy for involvement with Purdue Pharma,^[150] U.S. Immigration and Customs Enforcement,^[98] and authoritarian regimes.^[97][96]

Enron

Edit

Enron was the creation of Jeff Skilling, a McKinsey consultant of 21 years, who was jailed after Enron reportedly used McKinsey on 20 different projects,^[94] and McKinsey consultants had «used Enron as their sandbox.»^[94]

Prior to the Enron scandal, McKinsey helped it shift from an oil and gas production company into an electric commodities trader, which led to significant growth in profits and revenues.^[77] According to The Independent, there was «no suggestion that McKinsey was complicit in the subsequent scandal, [but] critics say the arrogance of Enron’s leaders is emblematic of the McKinsey culture.»^[151] The government did not investigate McKinsey, who said they did not provide advice on Enron’s accounting.^[60] The Wall Street Journal questioned McKinsey’s «liability» and its «close relationship with Enron»,^[152] and a 2002 BusinessWeek article suggested that they had ignored warning signs.^[39]

In his July 2002 in-depth BusinessWeek article on the aftermath of the Enron scandal, John Bryne wrote that McKinsey had been a «key architect of the strategic thinking that made Enron a Wall Street darling. In books, articles, and essays, its partners regularly stamped their imprimatur on many of Enron’s strategies and practices, helping to position the energy giant as a corporate innovator worthy of emulation. The firm may not be the subject of any investigations, but its close involvement with Enron raises the question of whether McKinsey, like some other professional firms, ignored warning flags in order to keep an important account.»^[39] BusinessWeek described how McKinsey’s culture had changed, as the «number of partners grew from 427 to 891» making it a «less personal place».^[39] According to the article, «some current and former McKinsey consultants» said that McKinsey had lost their «ingrained values» that used to guide the firm. Citing the example of the dot-com bubble, McKinsey had begun to have «less prestigious companies» as clients and had allowed «its focus on building agenda-shaping relationships with top management at leading companies to slip.»^[39] As well, «there was a noticeable tilt toward bringing in revenue at the expense of developing knowledge.»^[39] McKinsey denied this.^[39]

McKinsey denied giving Enron advice on financing issues or having suspicions that Enron was using improper accounting methods.^[94]

2008 financial crisis

Edit

McKinsey is said to have played a significant role in the 2008 financial crisis by promoting the securitization of mortgage assets and encouraged the banks to fund their balance sheets with debt, driving up risk, which «poisoned the global financial system and precipitated the 2008 credit meltdown».^[93] Furthermore, McKinsey advised Allstate Insurance to purposely give low offers to claimants. The Huffington Post revealed that the strategy was to make claims «so expensive and so time-consuming that lawyers would start refusing to help clients.»^[153] Next to this, 2016 McKinsey partner Navdeep Arora was convicted for illegally depleting State Farm of over $500,000 over a period of 8 years, in collaboration with a State Farm employee.^[154]

Valeant

Edit

Valeant, a Canadian pharmaceutical company investigated by the SEC in 2015, has been accused of improper accounting, and that it used predatory price hikes to boost growth.^[155] The Financial Times states that «Valeant’s downfall is not exactly McKinsey’s fault but its fingerprints are everywhere.»^[95] Three out of six senior executives were recent ex-McKinsey employees, as well as the chair of the ‘talent and compensation’ committee.^[95] MIO Partners was a private investor of Valeant and McKinsey consulted Valeant on drug prices and acquisitions.^[156]

Role in opioid epidemic

Edit

McKinsey advised opioid makers on how to «turbocharge» sales of OxyContin, proposed strategies to counter the emotional messages from mothers with teenagers who overdosed on OxyContin, and helped opioid makers circumvent regulation.^[99] The firm also advised Purdue Pharma to offer pharmacies rebates based on the number of overdoses and addictions they caused.^[150] In 2019, McKinsey projected that over 2,400 CVS customers would have an overdose or become reliant on opioids.^[157] McKinsey estimated that a rebate of $14,810 per «event» would mean that Purdue would have to pay CVS $36.8 million that year.^[158] In February 2021, McKinsey reached agreements with attorneys general in 49 states, five U.S. territories, and the District of Columbia. Across the settlements, the firm agreed to pay nearly $600 million to settle investigations into its role in promoting sales of OxyContin.^[159] McKinsey has since apologized for its advice to opioid makers.^[160]

Records show that McKinsey worked for Purdue Pharma and other opioid makers in a 15 year period, from 2004 to 2019.^[161] During 2018 and 2019, McKinsey collected at least $400 million consulting pharmaceutical companies. McKinsey advised Mallinckrodt, the largest manufacturer of generic opioids, as well as Endo for which McKinsey consulted on marketing Opana.^[162] McKinsey’s consultation grew Endo into a leading generics manufacturer. McKinsey recommended targeted and influenced doctors who treat back pain in elderly and long-term care patients.^[163]

In February 2021, McKinsey paid $600 million to settle investigations into its role in promoting sales of OxyContin and fueling the greater opioid epidemic.^[159]

In April 2022, the New York Times reported that McKinsey had frequently allowed partners and other consultants to work for both government clients, such as the FDA, and pharmaceutical clients, such as Purdue.^[164] These actions violated McKinsey’s own internal ethical guidelines.^[164]

Rikers Island jail complex

Edit

New York City paid McKinsey $27.5 million between 2014 and 2017 to reduce prison assaults in Rikers Island; but the violence grew and the city abandoned many of the firm’s recommendations.

The consultancy’s alleged failings included not soliciting the views of inmates or clinic staff; using an encrypted messaging app that deletes messages, allegedly to avoid transparency; initiatives involving the expanded use of Tasers, shotguns and K9 patrol dogs; replacing troublesome inmates with more accommodating ones in the test area, which skewed the data in favor of the project; the use of ineffective data-analytics software; and spreadsheet errors that inflated the baseline rate of violence, against which the project was measured.^[165]

McKinsey advised New York City’s Rikers Island jail complex and tested an anti-violence strategy named «Restart» which occurred in Rikers housing units.^[166] The results of the strategy reported that violent crimes dropped more than 70% inside the Rikers housing units.^[167] Later, it was found that McKinsey consultants and jail officials rigged the program by grouping compliant inmates into the housing units.^[168]

Fine for insider trading by investment affiliate

Edit

In 2019, McKinsey paid the Justice Department $15 million to settle allegations relating to failure to disclose potential conflict in three bankruptcy cases that the firm advised.^[169] In 2021, MIO Partners, an affiliate of McKinsey & Co. that invests almost $31 billion of money on behalf of its employees, was fined US$18 million by the US regulator, SEC. The SEC said some of the same people making investment decisions for MIO Partners were McKinsey & Co. employees who had visibility into confidential information for companies for which McKinsey was consulting.^[170] The SEC claimed that MIO Partners had advanced knowledge of upcoming mergers, bankruptcy, and financial results announcements for companies that the firm was consulting.^[171]

Accusations of conflicts of interest in US bankruptcies

Edit

In January 2022, the Second U.S. Circuit Court of Appeals in Manhattan revived a lawsuit against McKinsey & Co. filed by retired turnaround specialist Jay Alix, accusing the consulting firm of concealing potential conflicts when seeking permission from bankruptcy courts to perform lucrative work on corporate restructurings.^[172]

GreenSky insider trading

Edit

An ex-partner at McKinsey was sentenced to 24 months in prison for insider trading.^[173] The ex-partner helped advise Goldman Sachs Group on the recent purchase of fintech company GreenSky.^[174] The ex-partner bought 2,500 GreenSky call options before the $2.24 billion merger and sold the call options shortly after the merger was announced on September 15, 2021.^[175] The ex-partner was ordered to hand over approximately $450,000 of illegal profit.^[176]

Edit

Role in U.S. Immigration and Customs Enforcement (ICE)

Edit

McKinsey stopped working for U.S. Immigration and Customs Enforcement (ICE) after it was disclosed that the firm had done more than $20 million in consulting work for the agency. McKinsey managing partner Kevin Sneader said the contract, not widely known within the company until The New York Times reported it, had «rightly raised» concerns.^[177] In 2019, The New York Times and ProPublica reported on newly uncovered documents which showed that McKinsey, as part of its work with ICE, proposed cuts in spending on food and medical care for migrants.^[98] McKinsey also advocated for an acceleration of the deportation process, causing concerns among ICE staff that the due process rights of the migrants would be violated.^[98] Previously, McKinsey managing partner, Kevin Sneader, had claimed that McKinsey had done no work for ICE in terms of developing and implementing immigration policy; the uncovered documents showed that to be false.^[98][178]

Role in Saudi clampdown on dissidents

Edit

In October 2018, in the wake of the assassination of Jamal Khashoggi, a Saudi dissident and journalist, The New York Times reported that McKinsey had identified the most prominent Saudi dissidents on Twitter and that the Saudi government subsequently repressed the dissidents and their families. One of the dissidents, Khalid al-Alkami, was arrested. Another dissident identified by McKinsey; Omar Abdulaziz in Canada, had two brothers imprisoned by the Saudi authorities, and his cell phone hacked. McKinsey issued a statement, saying «We are horrified by the possibility, however remote, that [the report] could have been misused. We have seen no evidence to suggest that it was misused, but we are urgently investigating how and with whom the document was shared.»^[96] In December 2018, The New York Times reported that «the kingdom is a such a vital client for the firm—the source of nearly 600 projects from 2011 to 2016 alone—that McKinsey chose to participate in a major Saudi investment conference in October 2018 even after the killing and dismemberment of a Washington Post columnist by Saudi agents.»^[97]

On February 12, 2019, the European Parliament Greens/EFA group presented a motion for a resolution on the situation on women’s rights defenders in Saudi Arabia denouncing the involvement of foreign public relations companies in representing Saudi Arabia and handling its public image, particularly McKinsey & Company.^[179]

Support of authoritarian regimes

Edit

McKinsey’s business and policy support for authoritarian regimes came under scrutiny in December 2018, in the wake of a lavish company retreat in China held adjacent to Chinese government internment camps where thousands of Uyghurs were being detained without cause.^[97][180] In December 2021, NBC News reported McKinsey’s connection to a manufacturing facility owned by DJI, a drone maker sanctioned by the United States Department of the Treasury for alleged complicity in aiding the Uyghur genocide.^[181] In the preceding few years, McKinsey’s clients included Saudi Arabia’s absolute monarchy,^{[96][182][183]} Turkey’s autocratic leader Recep Tayyip Erdogan, ousted former president of Ukraine Viktor Yanukovych, and several Chinese and Russian companies under sanctions.^[97]

Work with Russian arms manufacturers

Edit

McKinsey is reported to have provided consulting services for the Russian state-owned enterprise Rostec, which is responsible for manufacturing missile engines used during Russia’s war on Ukraine.^[184] According to January 2023 reporting from Die Zeit, McKinsey consultants would provide consulting services to Gazprom and Rostec while in Germany on behalf of the German Federal Ministry of Defence.^[185][186]According to US Senator Maggie Hassan McKinsey has displayed a “pattern of behavior” that raised “grave concerns about conflicts of interest.”^[184] McKinsey has also done work for Sberbank, VTB bank, Gazprom, and Rosneft, which are all closely tied to the Kremlin.^[184]

Government corruption scandals

Edit

South African corruption scandal

Edit

The Gupta family (no relation to Rajat Gupta) had strategically placed corrupted individuals in various South African government, utilities and infrastructure sectors. It is alleged that McKinsey was complicit in this corruption by using the Guptas to obtain consulting contracts from certain state-owned enterprises, including Eskom and Transnet.^[187] Working with Trillian Capital Partners (a consultancy which was owned by a Gupta associate),^[188] they provided services to the value of R1 billion ($75 million) annually. Trillian was paid a commission for facilitating the business for McKinsey.^[189] McKinsey hired law firm Norton Rose Fulbright to carry out an internal investigation over the allegations. McKinsey’s then Managing Partner, Dominic Barton, issued a statement following an internal investigation, in which the firm «admitted that it found violations of its professional standards but denied any acts of bribery, corruption, and payments to Trillian.»^[190]

Corruption Watch, a South African non-governmental organization, filed a complaint about the controversial contract to the US Department of Justice, alleging that there was a criminal conspiracy between McKinsey, Trillian and Eskom in contravention of US and South African law.^[191] It was revealed in January 2018 that criminal complaints were filed against McKinsey & Company by the South African Companies and Intellectual Property Commission. South African prosecutors confirmed that they would enforce the seizing of assets from McKinsey.^[192]

South Africa’s National Prosecuting Authority concluded in early 2018 that the payments to McKinsey and its local business partner, Trillian, were illegal, involving crimes such as fraud, theft, corruption and money laundering. McKinsey had subsequently been in discussion with Eskom and the National Prosecuting Authority’s Asset Forfeiture Unit to agree on a transparent, legally appropriate process for returning the R1-billion (US$74m) it had been paid – it was confirmed on 6 July 2018 that this had been concluded.^[193] Eskom confirmed it received R99.5 million in interest from McKinsey on July 23, 2018. The interest payment covers the two years since McKinsey was paid almost R1-billion in 2016.^[194]

Information relating to allegedly corrupt practices by McKinsey at Transnet in 2011 and 2012 came to light in late July 2018. The weekly Mail & Guardian newspaper reported that a «…new forensic treasury report shows how controversial former Transnet and Eskom chief financial officer Anoj Singh enjoyed overseas trips at the expense of international consulting firm McKinsey, which scored multi-billion rand contracts at the state owned entities.» The «…report reiterates treasury’s recommendations that Singh’s conduct with regards to McKinsey should be referred to the elite crime-fighting unit, the Hawks, for investigations under the Prevention and Combating of Corrupt Activities Act (Precca). Under Precca, Singh would be investigated for allegations of corruption as payment for the overseas trips alone would constitute a form of gratification, which is illegal.»^[195] The Sunday City Press reported that the forensic report in turn reported that «multinational advisory firm McKinsey paid for Singh to go on lavish international trips to Dubai, Russia, Germany and the UK, after which their contract with Transnet was massively extended.»^[196] McKinsey issued a statement that the allegations were incorrect. McKinsey stated that «based on an extensive review encompassing interviews, email records and expense documents, our understanding is that McKinsey did not pay for Mr. Singh’s airfare and hotel lodgings in connection with the CFO Forum and the meetings that took place around the CFO Forum in London and elsewhere in 2012 and 2013.»^[197] On 11 October 2019, the United States Treasury department announced that it had imposed wide-ranging financial sanctions on three Gupta brothers, Ajay, Atul and Rajesh (aka Tony) and their business associate Salim Essa under the United States Magnitsky Act.^[198]

The Economist reported in November 2019, that McKinsey’s scandals, such as the 2016 South Africa scandal and the allegations of conflict of interest tied to its $12.7bn investment affiliate, McKinsey Investment Office (MIO), are relatively recent in terms of its long history.^[199] The article said that McKinsey’s legal challenges facing McKinsey’s new global managing partner, Kevin Sneader, may be related to the company’s fast-paced growth with an increase of 2,200 partners compared to 2009. During that same time period, the number of employees increased to 30,000 worldwide from 17,000.^[199]

In 2020 McKinsey representatives giving testimony to the Zondo Commission of Inquiry into State Capture placed blame for the firm’s involvement in the corruption scandal on former McKinsey partner, Vikas Sagar.^[200] During 2021 McKinsey & Co. agreed to repay R 870 million (US$63 million) in fees to South African state logistics company Transnet SOC Ltd., seeking to distance itself from contracts linked to corruption allegations.^[201] In April 2022 the Zondo Commission recommended that key Eskom executives be criminally investigated for improperly awarding consulting contracts to McKinsey & Company.^[202]

South Africa’s National Prosecuting Authority announced on Friday, 30 September 2022 that it had criminally charged both McKinsey South Africa and former McKinsey partner, Vikas Sagar, with fraud, corruption and theft related to a contract to advise Transnet on buying new locomotives.^[203]

French presidential corruption scandal

Edit

In December 2022, it was reported that the French National Financial Prosecutors’ Office had raided the headquarters of President Emmanuel Macron’s Renaissance party and McKinsey’s Paris office.^[204] The raids were related to probes into false election campaign accounting, as well as possible favouritism and conspiracy.^[205] The probe had been widened in October 2022 from an initial focus on McKinsey’s taxes to include alleged underreporting of campaign consulting costs and allegations of favoritism.^[206][207] McKinsey consultants are alleged to have worked as unpaid volunteer’s on Macron’s 2017 and 2022 election campaigns, in violation of French law.^[206] The firm is subsequently alleged to have benefitted from special access and favorable government treatment, including the awarding of lucrative government contracts.^[205] The French media has dubbed the scandal ‘McKinsey Affair’^[208] or ‘McKinseygate’.^[205] McKinsey is facing possible charges for corruption and tax fraud as a result of the investigation.^[209]

Canadian government consulting scandal

Edit

A January 2023 investigative report by CBC News revealed that Justin Trudeau’s government had spent at least $117.4 million on McKinsey consulting since coming to power, compared to $2.2 million spent by the prior government.^{[210][211][212][213][214]} All of those contracts were sole-source, according to documents obtained by Radio-Canada.^[212] Further investigative reporting identified at least $84 million in McKinsey consulting expenses between March 2021 and November 2022 alone.^[215][216]

According to anonymous sources with major roles at Immigration, Refugees and Citizenship Canada (IRCC), McKinsey is reported to have a particularly large and growing influence over Canadian immigration policy.^[212][213] Policy is reported to have been decided on without input from public servants, and with minimal consideration for the public interest.^[213] Canada’s immigration targets have closely followed goals set in a plan by previous McKinsey head Dominic Barton, who outlined these plans in his 2016 report of the Advisory Council on Economic Growth and through his work with the Century Initiative.^[212] Both the report and the Century Initiative advocate for a steep increase in immigration to bring Canada’s population to 100 million by 2100.^[213] According to one of the IRCC whistleblowers, the department was informed that Barton’s report was a «foundational plan» in spite of reservations expressed by the then-immigration minister, John McCallum.^[212]

On January 10, 2023, Canadian opposition parties, including the Conservative Party of Canada, the New Democratic Party of Canada, and Bloc Quebecois, called for a parliamentary inquiry into federal contracts awarded to McKinsey.^{[216][217][218][219]} The opposition is demanding that the government disclose «contracts, conversations, records of work done, meetings held, text messages, email exchanges, everything that the government has with the company since taking office»^[220] McKinsey has thus far refused to answer CBC News questions regarding its role and agreements with the federal government, while the government has refused to provide copies of the company’s reports.^[213] In response to the controversy, McKinsey issued a statement on its website indicating that it “welcomes the opportunity” to provide information to parliament, and that it «does not make policy recommendations on immigration or any other topic».^[218]

Trudeau asked fellow Liberal Party members Treasury Board President Mona Fortier and Procurement Minister Helena Jaczek to review the contracts return a final report. On 23 March 2023, the Treasury Board announced that audits had determined that departments did not consistently follow certain administrative rules and procedures, but that there was «broad compliance with values and ethics commitments.»^[211] According to the Treasury Board, while the audits raised questions about fairness, transparency and conflicts of interest, no evidence was found of political direction in awarding the contracts.^[210]

See also

Edit

• Big Three (management consultancies) – MBB

Explanatory notes

Edit

References

Edit

Further reading

Edit

• Bogdanich, Walt; Forsythe, Michael (2022). When McKinsey Comes to Town: The Hidden Influence of the World’s Most Powerful Consulting Firm. New York: Doubleday. ISBN 9780385546232. OCLC 1345467322.

External links

Edit

  Media related to McKinsey & Company at Wikimedia Commons

• Official website   of McKinsey & Co.
• Official website of McKinsey Quarterly

Международная консалтинговая компания в США

McKinsey Company

Тип	Корпорация партнерство
Промышленность	Консультации по вопросам управления
Основана	1926 г.; 94 года назад (1926)
Основатель	Джеймс О. МакКинси
Штаб-квартира	Нью-Йорк, Нью-Йорк, США
Количество офисов	127 офисов
Обслуживаемая территория	По всему миру
Ключевые слова люди	Кевин Снидер (Глобальный управляющий партнер)
Выручка	$ 10 + млрд (2018)
Число сотрудников	27000 (2018)
Дочерние компании	Lunar Design… McKinsey Global Institute..
Веб-сайт	mckinsey.com

McKinsey Company — это Соединенные Штаты — основанная консалтинговая фирма, основанная в 1926 году профессором Чикагского университета Джеймсом О. МакКинси, которая консультирует корпорацию по стратегическому менеджменту, правительство и другие организации. Под руководством Марвина Бауэра McKinsey расширила свою деятельность в Европе в 1940-х и 1950-х годах. В 1960-х годах McKinsey Фред Глюк — вместе с Boston Consulting Group Брюсом Хендерсоном, Биллом Бейном в Bain Компания и компания Гарвардской школы бизнеса Майкл Портер — изменили корпоративную культуру. Публикация Джона Л. Ноймана из McKinsey в 1975 году представила схему «анализа накладных расходов», которая способствовала тенденциям сокращения, что привело к сокращению многих рабочих мест в менеджменте среднего звена.

McKinsey издает деловой журнал, McKinsey Quarterly и его консультанты являются авторами многих влиятельных книг. Его выпускники занимали высокие корпоративные и политические должности. Фирма была связана с рядом заметных скандалов, включая крах Enron в 2001 г. и финансовый кризис 2007–2008 гг.. Это также вызвало споры по поводу причастности к США. Иммиграционный и таможенный контроль и авторитарные режимы.

Содержание

• 1 История
  • 1.1 Ранняя история
  • 1.2 Годы роста
  • 1.3 Новейшая история
• 2 Организация и услуги
  • 2.1 Структура
  • 2.2 Консультационные услуги
  • 2.3 Рекрутинг
  • 2.4 Культура
  • 2.5 Конфликт интересов между McKinsey и участниками MIO
• 3 Влияние
  • 3.1 Исследования и публикации
    • 3.1.1 Экологический консалтинг
  • 3,2 Значительные консалтинговые проекты
  • 3, 3 Enron
  • 3,4 Финансовый кризис 2008 г.
  • 3,5 Valeant
  • 3,6 Роль в опиоидной эпидемии
  • 3,7 Тюремный комплекс на острове Рикерс
  • 3,8 Спорные клиенты и связь с авторитарными режимами
    • 3.8.1 Роль в иммиграционной и таможенной полиции США (ICE)
    • 3.8.2 Роль в подавлении Саудовской Аравией диссидентов
    • 3.8.3 Поддержка авторитарных режимов
• 4 Коррупционный скандал в Южной Африке
• 5 См. Также
• 6 Примечания
• 7 Ссылки
• 8 Внешние ссылки

История

Ранняя история

Джеймс О. МакКинси (1889–1937) Основание r компании

McKinsey Company была основана в Чикаго под названием James O. McKinsey Company в 1926 году Джеймсом О. МакКинси, профессором бухгалтерского учета в Чикагский университет. Он задумал эту идею после того, как стал свидетелем неэффективности военных поставщиков во время работы в США. Управление артиллерийского вооружения. Фирма называла себя «бухгалтерской и управленческой фирмой» и начинала давать советы по использованию принципов бухгалтерского учета в качестве инструмента управления. Первыми областями McKinsey были Том Кирни, нанятый в 1929 году, и Марвин Бауэр, нанятый в 1933 году.

Марвин Бауэр, основатель современной McKinsey и ее корпоративной культуры

Марвин Бауэр ему приписывают установление ценностей и принципов McKinsey в 1937 году на основе его опыта работы в качестве юриста. Фирма разработала политику «вверх или вниз», при которой консультантов не получивших повышения по службе, просят уйти. в 1937 году. Бауэр установил ряд правил: консультанты должны установить интересы клиентов выше доходов McKinsey, не обсуждать дела клиентов, говорить правду, если это означает оспаривать мнение клиента, и выполнять только ту работу, которая необходима и которую McKinsey может преуспеть. Ба разработал принцип работы фирмы только с генеральными директорами, который позже был расширен до генеральных директоров дочерних компаний и подразделений. Он также разработал принцип McKinsey: работать только с клиентами, по мнению фирмы, будут следовать его советам. Бауэр также утвердил язык фирмы.

В 1932 году компания открыла второй офис в Нью-Йорке. В 1935 году McKinsey временно покинул фирму, стать председателем и генеральным директивным директором компании Marshall Field’s.

. Также в 1935 году McKinsey объединилась с бухгалтерской фирмой Scovell, Wellington Company, создаваемой в Нью-Йорке компанией McKinsey, Wellington Co. и разделение бухгалтерской практики на базирующуюся в Чикаго Wellington Company. Веллингтонский проект, на который приходилось 55% счетов McKinsey, Wellington Company, подходил к концу, и у Кирни и Бауэра возникли разногласия по поводу того, как управлять фирмой. Бауэр хотел расширить свою деятельность на национальном уровне и нанять молодых выпускников бизнес-школ, в то время как Кирни хотел остаться в Чикаго и нанять опытных бухгалтеров.

В 1937 году Джеймс О. МакКинси умер после заражения пневмонией. Это привело к разделению McKinsey, Wellington Company в 1939 году. Бухгалтерская практика вернулась в Scovell, Wellington Company, практика управленческого инжиниринга была разделена на McKinsey Company и McKinsey, Kearney Company. Бауэр сотрудничал с Гаем Крокеттом из Scovell Wellington, который инвестировал в новую McKinsey Company и стал управляющим партнером, а Марвину Бауэру приписывают основоположник принципов и стратегии фирмы в качестве его заместителя. Офис в Нью-Йорке приобрел эксклюзивные права на имя McKinsey в 1946 году.

Годы роста

McKinsey Company быстро росла в 1940-х и 50-х годах, особенно в Европе. В 1951 году у компании было 88 сотрудников, а к 1960-м — более 200, в том числе 37 в Лондоне к 1966 году. В том же году у McKinsey было шесть офисов в крупных городах США, таких как Сан-Франциско, Кливленд, Лос-Анджелес и Вашингтон, округ Колумбия, а также шесть за рубежом. Эти иностранные офисы находились в основном в Европе, например в Лондоне, Париже, Амстердаме, а также в Мельбурне. К этому времени треть доходов компании приходилась на европейские офисы. Гай Крокетт ушел с поста управляющего директора в 1950 году, и на его место был избран Марвин Бауэр. Комитеты McKinsey по участию в прибылях, исполнительные и плановые комитеты были сформированы в 1951 году. Клиентская база организации расширилась, особенно среди правительств, оборонных подрядчиков, высокотехнологичных компаний и военных после организаций Второй мировой войны эпоха. После семи лет раздумий McKinsey стала частной корпорацией, которая принадлежит исключительно сотрудникам McKinsey в 1956 году.

После ухода Бауэра в 1967 году доходы фирмы снизились. Новые конкуренты, такие как Boston Consulting Group и Bain Company, создали усиленную конкуренцию для McKinsey, продавая брендовые продукты, такие как матрица уровня роста, и продавая свой отраслевой опыт.

В 1971 году McKinsey создала Комиссию по целям и задачам фирм, которая обнаружила, что McKinsey слишком определена на географической экспансии и не имеет надлежащих отраслевых знаний. Комиссия, что McKinsey сообщает свой рост и развивает отраслевые специальности.

В 1975 году Джон Л. Нойман, в то время консультант McKinsey, опубликовал статью «Сократите накладные расходы, чтобы сократить расходы» в Harvard Business Review, в котором он ввел новые правила для научного управления, такие как «анализ накладных расходов» (OVA). OVA направила McKinsey «путь к сокращению штата», отвечая на «чрезмерную зависимость корпорации середины века от среднего звена». Нойман писал, что «процесс, хотя и быстрый, но не безболезненный. Временные расходы обычно связаны с людьми на 70–85%, сокращение накладных расходов требует некоторых мучительных решений ».

В 1976 году Рон Дэниел был избранным управляющим директором, проработавшим до 1988 года. Дэниел и Фред Глюк помогли компании придерживаться от универсального подхода, создавая в McKinsey 15 групп рабочих групп, названных Центрами компетенции, и разработав области практики, называемые стратегиями, Операциями и Организацией. Дэниел также начал усилия McKinsey по управлению знаниями в 1987 году. Это привело к созданию ИТ-системы, которая отслеживала участие McKinsey, процесса централизации знаний из каждой области практики и справочника внутренних экспертов ». К концу его пребывания в должности в 1988 году фирма снова росла и открыла новые офисы в Риме, Хельсинки, Сан-Паулу и Миннеаполисе.

Фред Глюк был управляющим директором McKinsey. с 1988 по 1994 год. Доходы фирмы удвоились за время его пребывания в должности. Он организовал McKinsey на 72 «острова деятельности», которые были организованы в рамках секторов семи и семи функциональных областей. К 1997 году McKinsey выросла в восемь раз по сравнению с ее размерами в 1977 году. Фирма пыталась привлечь талантливых специалистов в сфере ИТ-услуг путем покупки Информационно-консультационная группа (ICG) за 10 миллионов долларов, но из-за столкновения 151 из 254 сотрудников ICG ушли к 1993 году.

В 1994 году Раджат Гупта стал первым неамериканцем партнер будет избранным управляющим директором фирмы. К концу его пребывания в штатной должности вырос McKinsey с 2900 до 7700 сотрудников и с 58 до 84 офисов. Он открывает новые международные офисы в таких городах, как Москва, Пекин и Бангкок. Продолжая установление, разработанную предыдущими директорами, Гупта также создал 16 отраслевых групп, которым было поручено разбираться в рынках, и ограничения на три срока для управляющего директора. McKinsey создала практические направления для производства и бизнес-технологий в конце 1990-х.

McKinsey создала «ускорители» в 1990-х, где фирма приняла компенсацию на основе акций, чтобы помочь Интернету стартапы ; компания выполнила более 1000 проектов электронной коммерции только в период с 1998 по 2000 год.

В статье от 1 октября 2000 года в New York Times описывались обязательные мини-курсы, которые McKinsey — и два ее конкурента — Boston Consulting и Бэйн — предлагал «сверхобразованным» молодым новобранцам. После завершения эти недавно сертифицированные консультанты по менеджменту начали бы свою работу по «консультированию руководителей многомиллиардных компаний» по «проекту», «[1] юристы будут помогать компаниим, производящим упакованные продукты, разрабатывать новые продукты, а физики рассказ интернет-стартапам, как выделиться из толпыывали ».

Взрыв пузыря доткомов привел к снижению коэффициента использования консультантов McKinsey с 64 до 52 процентов. Несмотря на то, что McKinsey избегала увольнения персонала после спада, снижение доходов и убытков от выплаты на основе акционерного капитала из-за снижения стоимости затрат вместе с рецессией в 2001 году означало, что компании пришлось снизить цены, сократить расходы и сократить найм..

В 2001 году McKinsey запустила несколько практик, ориентированных на государственный и социальный сектор. Она привлекла клиентов из государственного или некоммерческого сектора на pro bono основе. К 2002 году McKinsey инвестировала бюджет 35,8 млн долларов на k управление знаниями по сравнению с 8,3 млн долларов в 1999 году. Выручка компании составляет 50, 20 и 30 процентов от стратегического, операционного и технологического консалтинга, соответственно.

В 2003 году Ян Дэвис, глава лондонского, британского офиса, был избран на должность управляющего директора. По мнению некоторых консультантов McKinsey, по мнению некоторых консультантов McKinsey, было отходом от наследия компании. Также в 2003 году компания открыла головной офис для Азиатско-Тихоокеанского региона в Шанхае, Китай. К 2004 году более 60 процентов дохода McKinsey было получено за пределами США. В 2008 году компания открыла офис социального сектора (SSO), который разделен на три направления: глобальное общественное здравоохранение, экономическое развитие и создание возможностей (EDHOC) и филантропия. McKinsey осуществляет большую часть своей работы на общественных началах через SSO, как Business Technology Office (BTO), основанный в 1997 году, предоставляет консультации по технологической стратегии.

К 2009 году в фирме насчитывалось 400 директоров (старших партнеров).), по сравнению со 151 в 1993 году. Доминик Бартон был избранным управляющим директором, на эту должность он был переизбран в 2012 и 2015 годах.

Недавняя история

Раджат Гупта и другой руководитель McKinsey, Анил Кумар, были среди тех, кто был признан виновным в правительственном расследовании в отношении инсайдерской торговли за предоставление внутренней информации Galleon Group владелец хедж-фонда Радж Раджаратнам. McKinsey не была обвинена в каких-либо нарушениях, обвинительные приговоры поставили фирму в неловкое положение, поскольку она установлена ​​своей честностью и конфиденциальностью клиентов. McKinsey больше не поддерживает отношения ни с одним из старших партнеров.

Старший партнер Анил Кумар, которого называют протеже Гупты, покинул фирму после обвинений в 2009 году и признал себя виновным в январе 2010 года. Консультационные услуги McKinsey компания Galleon Group, Кумару и Раджаратнаму достигли частного консалтингового соглашения, что нарушает политику McKinsey в отношении конфиденциальности. В июне 2012 года Гупта был осужден по четырем пунктам обвинения в сговоре и мошенничестве с ценными бумагами и оправдан по двум пунктам. В октябре 2011 года он был арестован ФБР по уголовному обвинению в обмене инсайдерской информацией с этими конфиденциальными заседаниями совета директоров с Раджаратнамом. По крайней мере дважды Гупта использовал телефон McKinsey, чтобы позвонить Раджаратнаму и сохранил другие льготы — офис, помощник и пенсионную зарплату в размере 6 миллионов долларов в этом году — в качестве почетного старшего партнера.

После скандала McKinsey ввела новую политику и процедуры, препятствующие будущим неосторожным действиям консультантов, включая расследование связей других партнеров с Гуптой.

В феврале 2018 года Кевин Снидер был избранным управляющим директором. Он отбывает трехлетний срок, который начался 1 июля 2018 года.

McKinsey консультировала несколько городов, штатов и правительственных организаций во время пандемии коронавируса в 2019 году. В течение первых четырех месяцев пандемии McKinsey получила более 100 миллионов долларов на консультационные услуги, включая контракты без торгов с Департамента по делам ветеранов США и ВВС. Руководство по повторному открытию округа Майами-Дейд Флориды, подготовленное выступление McKinsey, подверглось критике со стороны местных СМИ и официальных лиц за сложность и отсутствие ясности.

Организация и услуги

Структура

Офис McKinsey в Бухаресте, Румыния

McKinsey Company изначально была организована как партнерство до того, как в 1956 году была юридически преобразована в частную корпорацию с акциями, принадлежащими ее партнеру. Он имитирует структуру партнерства, а сотрудники называются «разделами». В компании существует плоская иерархия, и каждому участнику назначается наставник. С 1960-х годов управляющий директор McKinsey избирается голосованием старших директоров на срок до трех, трех лет или до достижения обязательного пенсионного возраста в 60 лет. Фирмой также управляет ряд комитетов, каждый из которых имеет свою собственную зону ответственности.

К 2013 году McKinsey характеризовалась децентрализованной структурой, при которой разные офисы работают одинаково, но независимо. Ожидается, что каждый офис будет ставить интересы всей организации выше интересов офиса, что McKinsey называет принципом «одной фирмы». Консультанты и сотрудники часто работают в разных офисах. Доходы от всех офисов объединяются, и доход отдельного офиса не влияет на него напрямую в отношении финансовомом. Бюджетирование компании централизовано, но индивидуальным консультантам предоставляется значительная степень автономии.

Консультационные услуги

McKinsey Company предоставляет услуги консалтинга по вопросам управления, например, предоставление советов по приобретению, разработка плана реструктуризации отдела продаж, создание новой бизнес-стратегии или предоставление рекомендации по сокращению штата, согласно книге 2013 года «Фирма». В книге «Путь McKinsey» 1999 года говорится, что консультанты McKinsey разработали и реализовали исследования для оценки управленческих решений с использованием данных и интервью для проверки гипотез. которые представляются высшему руководству, обычно в виде презентации PowerPoint и буклета.

McKinsey Company взимает примерно на 25 процентов больше, чем конкурирующие фирмы.

Одно из участников McKinsey может длиться от двух до двенадцати месяцев и включает от трех до шести консультантов McKinsey. Заданием обычно управляет специалист широкого профиля, работающий в регионе, в котором находится штаб-квартира клиента, и специалисты, обладающие отраслевым или функциональным опытом. В отличие от некоторых конкурирующих консалтинговых фирм, McKinsey не придерживается политики против работы в нескольких конкурирующих компаниях (хотя индивидуальным консультантам это запрещено).

Рекрутинг

McKinsey Company была первой консалтинговой компанией, которая наняла недавних выпускников вместо опытных бизнес-менеджеров, когда она начала делать это в 1953 году.

К 2009 году менее половина сотрудников фирмы были крупными бизнес-специалистами; к 1999 году у новобранцев были ученые степени в области науки, медицины, инженерии или права.

Согласно статье 1997 года в The Observer, McKinsey набирала недавних выпускников и «внушала им религиозные убеждения» в фирме., затем отфильтровать [ed] через них с помощью политики «вверх или вниз ». Политика «вверх или уйти», которая была введена в 1951 году, означала, что консультантов, которых не продвигали в фирме, предлагали уйти. К 1997 году примерно пятая часть консультантов McKinsey ежегодно уходила в соответствии с политикой повышения или увольнения. Практика McKinsey по найму недавних выпускников и философия «взлета или выхода» изначально основывались на опыте Марвина Бауэра в юридической фирме Jones Day в 1930-х годах, а также на системе «Cravath. «используется в юридической фирме Cravath, Swaine and Moore.

Условия работы требовательны, предполагают длительные поездки и долгие часы. В 2018 году на 8000 вакансий подали заявки 800000 кандидатов. McKinsey часто называют компанией, проводящей самые трудные собеседования в мире.

Культура

В статье журнала Fortune от 1 ноября 1993 года говорится, что McKinsey Компания была «самой известной, самой скрытной, самой дорогой, самой престижной, самой успешной, самой завидной, самой надежной и самойнелюбимой консалтинговой фирмой на земле ». В статье регистрируется, что McKinsey заявляет, что ее консультанты не мотивированы деньгами. и что партнеры разговаривали друг с другом с «чувством личной привязанности и восхищения». В статье описывается культурный конфликт, произошедший в начале 1990-х годов, который привел к уходу 151 из 254 сотрудников ICG.

В своей книге 1997 года «Опасная компания: консультанты по менеджменту и бизнесу, которые они спасают и разрушают», авторы Джеймс О’Ши и Чарльз Мэдиган сказали, что культуру McKinsey часто сравнивали с религией из-за влияния, лояльности и рвения ее членов. Фирма придерживается политики против действий с клиентами. В сентябре 1997 года в статье News Observer говорилось, что внутренняя культура McKinsey была «коллегиальной и безжалостно соревновательной» и была описана как высокомерная. В книге Итана Рэзиэля 1999 года, озаглавленной «Путь McKinsey», описана культура McKinsey, согласно которой ее участники не должны «продавать» свои услуги.

The Sunday Times писала, что McKinsey была пионером в отрасли — «первой фирмой, которая нанимать выпускников MBA из ведущих бизнес-школ для работы над своими проектами, а не полагаться на пожилых сотрудников отрасли». В 2005 году они все еще пытались сохранить «очень низкий общественный имидж». В том же году в статье в The Guardian говорилось, что McKinsey «долгие часы работы, высокие ожидания и неприемлемость неудач». Согласно статье Reuters, опубликованной в октябрь 2009 года, у фирмы была «культура застегивания пуговиц», ориентированная на «игру по правилам». В своей книге 2013 года «Фирма: история McKinsey и ее тайное влияние на американский бизнес» Дафф Макдональд описал, как консультанты McKinsey должны стать частью сообщества и привлечь клиентов из церкви, благотворительных фондов, членов совета директоров и других сообществ. вовлечения. Макдональд писал, что McKinsey называет себя «Фирмой», а своих сотрудников «членами». BusinessWeek резюмированное описание McKinsey фирмы как «увядающей империи, в которой высокомерие и перемены во времени уменьшили авторитет фирмы» <259.>

В своей обстоятельной статье в The Atlantic в феврале 2020 года Дэниел Марковиц утверждает, что McKinsey продвигает «интеллект и элитные качества» и «меритократов», а не «непосредственно релевантный опыт».

Конфликт между McKinsey и интересов MIO

В феврале 2019 года The New York Times опубликовала серию статей о McKinsey и ее собственном хедж-фонде — McKinsey Investment Office или MIO Partners. В статьях утверждено, что существует «вероятность нераскрытого конфликта интересов между инвестициями и советами, которые фирма продает клиентам», поскольку хедж-фонд может извлечь выгоду из внутренних знаний, полученный через услуги управленческого консалтинга.

фирма ответила, что «MIO и McKinsey нанимают отдельный персонал. Персонал MIO не имеет закрытых сведений о клиентах McKinsey. В отношении подавляющего большинства активов под управлением решений о конкретных инвестициях принимаются сторонними менеджерами ».

фирма согласилась выплатить гонорары, заработанные ею в трех делах о банкротстве, на сумму около 15 миллионов долларов.

Влияние

Многие выпускники McKinsey являются генеральными директорами корпораций или занимают важные государственные должности. Поступая таким образом, они создают другую организацию, разделяющую ценности и культуру McKinsey. Выпускники McKinsey были назначены генеральными директорами или руководителями высокого уровня в Google, American Express, Facebook, Boeing, IBM., Westinghouse Electric, Sears, ATT, PepsiCo и Enron. Выпускники McKinsey занимали должность в офисе Тони Блэра. Citicorp и Merrill Lynch также наняли многих выпускников McKinsey. По состоянию на 2008 год McKinsey занимали выпускников генеральных директоров в 16 корпорациях с доходом более 2 миллиардов долларов. Фирма была оценена USA Today как наиболее вероятная компания, которая может работать и стать будущим генеральным директором крупной корпорации, с вероятностью 1 из 690. Некоторые говорят, что консалтинговая работа McKinsey повлияла на нормы поведения правительств и корпораций. запустить.

Подробная праздничная статья Bloomberg в сентябре 1993 г. «The McKinsey Mystique» описывала, как McKinsey предоставила ценную тренировочную площадку для будущих генеральных директоров, включая генеральных директоров American Express, IBM и Westinghouse — «три корпоративных титана Америки».

В своей публикации 2010 года Властелины стратегии: тайная интеллектуальная история нового корпоративного мира, деловой журналист Уолтер Кичел проследил корнигниих изменений в корпоративном управлении к «четырем индивидуалистам» в 1960-х — Фреду Глюку из McKinsey Company, Брюсу Хендерсону из Boston Consulting Group, Биллу Бэйну из Bain Company и Профессор Гарвардской школы бизнеса Майкл Портер. Кичел рассказал, как они «произвели революцию в нашем понимании, изменили саму суть бизнеса и изменили нашу работу», согласно синопсису Harvard Business Press.

McKinsey либо принимала непосредственное участие в этом процессе. или связаны с рядом заметных скандалов, включая Enron в 2001 г., галеон в 2009 г., Valeant в 2015 г., Саудовскую Аравию в 2018 г., Китай в 2018 г., ICE в 2019 г., внутренний конфликт интересов в 2019 году и Purdue Pharma в 2019 году, среди прочих. К 2019 году основные новостные агентства, в том числе The New York Times и ProPublica, выразили обеспокоенность по поводу деловой практики McKinsey.

Исследования и публикации

Консультанты McKinsey Company регулярно публикуют книги, исследования и статьи о бизнесе и управлении. На исследования фирма тратит от 50 до 100 миллионов долларов в год. McKinsey была одной из первых организаций, финансирующих исследования в области управления, когда она основала Фонд исследований в области управления в 1955 году. В 1964 году фирма начала издавать деловой журнал The McKinsey Quarterly. Он финансирует Глобальный институт McKinsey., который изучает глобальные тенденции и был основан в 1990 году. Многие консультанты участвуют в разработке Harvard Business Review. Консультанты McKinsey опубликовали только две книги в период с 1960 по 1980 год, а затем — более 50 с 1980 по 1996 год. Публикации и исследования McKinsey «квазиакадемический» имидж компании.

Книга McKinsey, В поисках совершенства был опубликован в 1982 году. В нем представлены восемь характеристик всех систем на основе анализа 43 наиболее эффективных компаний. Это ознаменовало начало перехода McKinsey от бухгалтерского учета к более «мягким» аспектам управления, такими как навыки и культура. По словам Дэвида Геста из Королевского колледжа, «В поисках совершенства» стало популярным среди бизнес-менеджеров, потому что его легко читать, он хорошо продавался и некоторые из его основных идей были верными. Однако академики не одобрили его из-за недостатков методологии. Кроме того, анализ, проведенный BusinessWeek в 1984 г., показал, что многие из компаний отмеченных в книге как «отличные», уже не соответствовали критериям только два года спустя.

Статья 1997 г. и книга, опубликованная в 2001 г. на тему «Война за таланты» побудила ученых и бизнес-сообщество уделять больше внимания управлению талантами. Авторы представляют, что компании с лучшими показателями были «одержимы» поиском лучших талантов и управлением ими. Они выступали за то, чтобы компании ранжировали сотрудников по их эффективности и продвигали «звезд», при этом ориентируясь на неэффективных сотрудников для улучшения или увольнений. После того, как книга была опубликована, Enron, компания, следовавшая многим своим принципам, была вовлечена в скандал , который привел к ее банкротству. В мае 2001 года профессор Стэнфордского университета написал статью в которой критиковал «Войну за таланты», утверждая, что в ней приоритет отдан лицам за счет более крупной организации.

Консультанты McKinsey опубликовали «Творческое разрушение» в 2001 году. В книге говорилось, что они должны быть готовы изменить или перестроить компанию, а не защищать то, что они созданы. Было обнаружено, что из первого списка SP 500 1957 года только 74 продолжали работать к 1998 году. The New York Times сообщила, что «приводит убедительный аргумент в пользу того, что во времена стремительных, неопределенных изменений… успешные компании скованы наручниками». В 2009 году консультанты McKinsey опубликовали книгу «Алхимия роста», которая установила три «горизонта» для

В феврале 2011 года McKinsey опросила 1300 американских работодателей из частного сектора относительно их ожидаемых результатов. ответ на Закон о доступном медицинском обслуживании (ACA): основные усовершенствования, новые возможности роста.. Эти результаты, опубликованные в июне 2011 года в McKinsey e-Quarterly, «полезный инструмент», опубликованы в июне 2011 года в McKinsey e-Quarterly, «полезный инструмент». для критиков ACA и глубокое раздражение для защитников закона », — говорится в статье в TIME Magazine. Сторонники реформы здравоохранения утверждали, что намного превзошел оценки Бюджетного управления Конгресса, и настаивали, чтобы McKinsey раскрыла методологию исследования. Через две недели после результатов опроса McKinsey опубликовала его содержание, включая анкету и 206 страниц данных опроса. В сопроводительном заявлении McKinsey заявила, что его цель — уловить отношение работодателей в определенный момент времени, а не делать прогнозы.

С 1990 года McKinsey публикует Оценка: измерение и управление Стоимость компаний, учебник по оценке.

Экологический консалтинг

Кривые предельные затраты на борьбу с выбросами Сравнить финансовые затраты на различные варианты сокращения в регионе и использовать в выбросах торговли, обсуждения политики и стимулирования. McKinsey Company выпустила свою первую кривую предельных затрат на выбросы парниковых газов в феврале 2007 года, которая была обновлена ​​до второй версии в январе 2009 года. Кривая ПДК McKinsey Company — наиболее широко используемая и используется для работы McKinsey по вопросам изменения климата и устойчивости.

Кривая McKinsey предсказывает отрицательные стратегии снижения затрат, что вызывает споры среди экономистов. Международная ассоциация экономики энергетики заявила в Energy Journal, что кривая стоимость McKinsey пользуется популярностью среди политиков, потому что она предполагает, что они предпринять «смелые действия по повышению энергоэффективности без дополнительных затрат для общества».

В отчете за 2010 год Rainforest Foundation UK утверждает, что методология кривой затрат McKinsey вводит в заблуждение принятое решение программы сокращения выбросов в результате обезлесения и деградации лесов (REDD). В отчете утверждается, что расчеты McKinsey исключают использование ресурсов внедрения и управления, что делает его благоприятным для реализации проектов натурального хозяйства. Гринпис указал, что эта кривая позволяет Индонезии и Гайане получить финансовые стимулы от Устройство связи для счет создания завышенных значений текущего обезлесения, чтобы они могли использовать сокращение в сравнении. Компания McKinsey заявила, что она должна быть представлена ​​в виде «механических» факторов.

Важные консалтинговые проекты

Согласно Фирме, McKinsey оказала влияние на установление норм ведения бизнеса, таких как работа в большом офисе. Согласно профилю 1993 года в журнале Fortune, «в то время как McKinsey консультировала нас по поводу многих великих успехов нынешней эпохи… она также была неотъемлемой частью многих крупных проигравших». В «Фирме» автор Дафф Макдональд сказал, что McKinsey помогла реструктурировать Белый дом, направила корпорации через крупномасштабные реорганизации в послевоенной Европе и способствовала реструктуризации, но в других случаях советовала компаниям применять стратегии что привело к их краху или не смогло предотвратить надвигающееся банкротство. Макдональд писал:

«McKinsey была основным участником бума эффективности в 1920-х, послевоенного гигантизма 1940-х, рационализации правительства и роста маркетинга в 1950-х, эпохи корпоративного влияния в 1960-х, реструктуризации. Америки и подъем стратегии в 1970-х, массовый рост информационных технологий в 1980-х, глобализация 1990-х и бум-спад-и-очистка 2000-х ».

— Дафф Макдональд Фирма 2013: 4

Основатель McKinsey Company Джеймс О. Маккинси представил концепцию бюджетного планирования как основы управления в своей пятой книге «Бюджетный контроль» в 1922 году. Первым клиентом фирмы был казначей Armor Company, которые вместе с другими первыми клиентами McKinsey читали «Бюджетный контроль». В 1931 году McKinsey разработала методологию анализа компании под названием General Survey Outline (GSO), которая была основана на идеях, представленных в книге «Деловое администрирование» 1924 года. Он был также известен как Banker’s Survey, потому что клиенты McKinsey, которые использовали его в 1930-х годах, были преимущественно банками. После того, как Закон Вагнера дал определенные права сотрудникам объединяться в профсоюзы в 1935 году, McKinsey начала консультировать корпорации по вопросам взаимоотношений с сотрудниками. Позже, в 1950-х годах, работа консультанта McKinsey по вопросам вознаграждения повлияла на «стремительный рост заработной платы руководителей». Это также помогло многим компаниям, таким как Heinz, IBM и Hoover выйти в Европу.

В 1940-х годах McKinsey помогла многим корпорациям преобразоваться в военное производство для Второй мировой войны. В 1958 году он также помог организовать НАСА в организацию, которая в значительной степени полагается на подрядчиков. В 1953 году McKinsey создала отчет для Дуайта Эйзенхауэра, который использовался для руководства назначениями в правительстве. В 1973 году McKinsey Company возглавила проект для консорциума продуктовых сетей, представленных Специальным комитетом супермаркетов США по объединенному коду продуктовых продуктов, по созданию штрих-кода. Согласно книге «Методы бизнес-исследований», штрих-код обычным явлением после того, как исследование, проведенное McKinsey, убедило Крогера принять его.

В 1970-х и 1980-х годах McKinsey помогала европейским компаниям изменить свою организационную структуру. M-form (Multidivisional Form), которая объединяет компанию в полуавтономные подразделения, которые работают вокруг продукта, отрасли или клиента, а не функциями или опытом.

В 1980-х годах ATT сократила инвестиции в вышки сотовой связи из-за прогноза McKinsey о том, что к 2000 году количество абонентов сотовой связи будет составлять всего 900 000. По данным Фирмы, к 2000 году количество абонентов сотовой связи было «смехотворным» по со 109 миллионами абонентов сотовой связи. были громоздкими и дорогими. Фирма помогла голландскому правительству обеспечить оздоровление Hoogovens, крупнейшей в мире сталелитейной компании помощи по состоянию на 2013 год, посредством финансовой в банкротстве на сумму 1 миллиард долларов. Он также произвел реорганизацию в городе Глазго, где были проблемы с безработицей и преступностью. McKinsey создала корпоративную структуру для NationsBank, когда это была еще небольшая компания, известная как Национальный банк Северной Каролины. General Motors наняла McKinsey для проведения крупномасштабной реорганизации, чтобы помочь ей конкурировать с японскими автопроизводителями. В книге «Фирма» говорится, что это была «явная катастрофа», потому что McKinsey сосредоточилась на корпоративной структуре, тогда как GM нужно было конкурировать с японскими автопроизводителями за счет японских технологий процессов. Консультант МакКинси сказал, что GM не последовала их совету.

В статье в BusinessWeek за 2002 год говорилось, что серия банкротств клиентов McKinsey, таких как Swissair, Kmart, и Global Crossing в 1990 году -х годах вызвали вопросы о том, виновата ли компания McKinsey или допустила ошибку в судебном решении. McKinsey рекомендовала Swissair избежать операционных расходов в своей стране за счет развития партнерских отношений с авиакомпаниями, базирующимися в других регионах. Чтобы привлечь партнеров, Swissair приобрела миллионы долларов США на сумму более 1 миллиарда, многие из которых терпели неудачу. Это привело к огромным убыткам и даже банкротству Swissair.

В судебном процессе против Allstate было опубликовано 13 000 документов McKinsey, показывающих, что McKinsey рекомендовала Allstate сокращение выплат страховым заявителям на предложение низких расчетов, отсрочка обработки, чтобы истощить истцов из-за истощения, и борьба с клиентами, которые протестуют в суде. Прибыль Allstate увеличилась вдвое за десять лет после принятия McKinsey, но это также привело к судебным искам, утверждено, что они обманывали истцов из законных страховых требований.

Enron

Enron был создателем Джеффа Скиллинг, консультант McKinsey с 21-летним стажем, попавший в тюрьму после краха Enron. Сообщается, что McKinsey «полностью одобрила сомнительные методы бухгалтерского учета, которые приводят к краху компании в 2001 году». Сообщается, что Enron использовала McKinsey в 20 различных проектах, а консультанты McKinsey «использовала Enron как свою песочницу».

До скандала с Enron McKinsey помогла ей перейти из нефтегазодобывающей компании в трейдера электротоваров. что привело к значительному росту прибыли и выручки. Согласно The Independent, «не было никаких предположений о том, что McKinsey была замешана в последующем скандале, [но] критики говорят, что высокомерие руководителей Enron является символом культуры McKinsey». Правительство не расследовало McKinsey, заявив, что они не давали рекомендации по бухгалтерскому учету Enron. Wall Street Journal поставил под сомнение «ответственность» McKinsey и ее «тесные отношения с Enron». и BusinessWeek 2002 года показали, что они проигнорировали предупреждающие знаки.

В своей углубленной статье BusinessWeek в июле 2002 года о последствиях скандала с Enron Джон Брайн писал, что McKinsey был » ключевой архитектор стратегического мышления, сделавшего Enron любимцем Уолл-стрит. В книгах, статьях и эссе его партнеры регулярно оставляли свое одобрение на многие стратегии и методы Enron, помогая позиционировать энергетического гиганта как корпоративного новатора, достойного подражания. Фирма может не быть предметом каких-либо расследований, но ее тесное сотрудничество с Enron поднимает вопрос о том, игнорировала ли McKinsey, как и некоторые другие профессиональные фирмы, предупреждающие флажки, чтобы сохранить важную отчетность ». BusinessWeek описал, как изменилась культура McKinsey: «количество партнеров выросло с 427 до 891», что сделало его «менее личным местом». Согласно статье, «некоторые нынешние и бывшие консультанты McKinsey» заявили, что McKinsey утратила «укоренившиеся ценности», которыми руководствовалась фирма. Ссылаясь на пример пузыря доткомов, McKinsey начала привлекать «менее престижные компании» в качестве клиентов и позволила «ослабить свое внимание на построение отношений с высшим руководством ведущих компаний по формированию повестки дня». Кроме того, «был заметный уклон в сторону получения дохода за счет развития знаний». McKinsey отрицает это.

McKinsey отрицает предоставление Enron рекомендаций по вопросам финансирования или наличие подозрений в том, что Enron использует ненадлежащие методы бухгалтерского учета.

Финансовый кризис 2008 года

McKinsey, как говорят, играет важную роль в финансовом кризисе 2008 года, способствуя секьюритизации ипотечных активов и поощряя банки финансировать свои балансы за счет долга, повышая риск, что «отравило мировую финансовую систему и спровоцировало кредитный кризис 2008 года». Кроме того, McKinsey посоветовал Allstate Insurance целенаправленно предлагать истцам низкие предложения. The Huffington Post сообщила, что стратегия заключалась в том, чтобы предъявить иски «настолько дорого и так долго, что юристы начнут отказываться помогать клиентам». Кроме того, в 2016 году партнер McKinsey Навдип Арора был осужден за незаконное истощение государственной фермы на сумму более 500000 долларов в течение 8 лет в сотрудничестве с сотрудником государственной фермы.

Valeant

Канадскую фармацевтическую компанию Valeant, расследуемую SEC в 2015 году, обвинили в ненадлежащем бухгалтерском учете и в том, что она использовала хищническое повышение цен для стимулирования роста. Financial Times заявляет, что «Крушение Valeant не совсем вина McKinsey, но ее отпечатки пальцев повсюду». Трое из шести руководителей высшего звена были недавними бывшими сотрудниками McKinsey, а также председателями комитета по «талантам и компенсациям».

Роль в опиоидной эпидемии

McKinsey консультировала производителей опиоидов о том, как «Ускорять» продажи Оксиконтина, предлагать стратегии «противодействия эмоциональным посланиям от матерей с подростками, которые совершили передозировку» Оксиконтина и помогать производителям опиоидов обходить нормативные положения.

Тюремный комплекс острова Райкерс

Новинка Город Йорк заплатил McKinsey 27,5 млн долларов в период с 2014 по 2017 год, чтобы уменьшить количество нападений в тюрьмах на острове Рикерс ; но насилие нарастало, и город отказался от многих рекомендаций фирмы.

Предполагаемые недостатки консультационной службы включали отказ от выяснения мнений заключенных или персонала клиники; использование приложения для обмена зашифрованными сообщениями, которое удаляет сообщения, предположительно, чтобы избежать прозрачности; инициативы, связанные с более широким использованием электрошокеров, дробовиков и патрульных собак K9; замена проблемных заключенных на более приспособленных в испытательной зоне, что исказило данные в пользу проекта; использование неэффективного программного обеспечения для анализа данных; и ошибки в таблицах, которые увеличили базовый уровень насилия, по которому оценивался проект.

Спорные клиенты и связь с авторитарными режимами

Роль в иммиграционной и таможенной полиции США (ICE)

McKinsey перестала работать в США Иммиграционная и таможенная служба (ICE) после того, как стало известно, что фирма потратила более 20 миллионов долларов на консультационные услуги для агентства. McKinsey управляющий партнер Кевин Снидер сказал, что контракт, о котором не было широко известно в компании, пока о нем не сообщила New York Times, «справедливо вызывал» опасения. В 2019 году The New York Times и ProPublica сообщили о недавно обнаруженных документах, которые показали, что McKinsey в рамках своей работы с ICE предлагала сократить расходы на питание и медицинское обслуживание мигрантов. McKinsey также выступала за ускорение процесса депортации, что вызвало обеспокоенность сотрудников ICE по поводу нарушения процессуальных прав мигрантов. Ранее управляющий партнер McKinsey Кевин Снидер утверждал, что McKinsey не выполняла никакой работы для ICE в плане разработки и реализации иммиграционной политики; раскрытые документы показали, что это ложь.

Роль в подавлении саудовскими диссидентами

В октябре 2018 года, после убийства саудовского диссидента Джамаля Хашогги и журналист The New York Times сообщил, что McKinsey идентифицировала наиболее известных саудовских диссидентов в Твиттере и что правительство Саудовской Аравии впоследствии репрессировало диссидентов и их семьи. Один из диссидентов был арестован. Члены семьи другого диссидента были арестованы, а мобильный телефон диссидента был взломан. McKinsey выступила с заявлением, в котором говорилось: «Мы ужасаемся возможности, хотя и маловероятной, что [отчет] мог быть использован не по назначению. Мы не видели никаких доказательств того, что он был использован не по назначению, но мы срочно выясняем, как и с кем документ был поделен «. В декабре 2018 года The New York Times сообщила, что «королевство является настолько важным клиентом для фирмы — источником почти 600 проектов только с 2011 по 2016 год — что McKinsey решила принять участие в крупном саудовском инвестиционная конференция в октябре 2018 года, даже после убийства и расчленения обозревателя Washington Post саудовскими агентами.»

12 февраля 2019 года группа зеленых / EFA Европарламента внесла предложение о принятии резолюции о ситуации с защитниками прав женщин в Саудовской Аравии, осуждающих участие зарубежных пиар-компаний в представлении Саудовской Аравии и управлении ее общественным имиджем, в частности McKinsey Company.

Поддержка авторитарных режимов

McKinsey’s бизнес и политическая поддержка авторитарных режимов подверглась тщательному анализу в декабре 2018 года после щедрого отступления компаний в Китае, проведенного рядом с китайскими правительственными лагерями для интернированных, где тысячи уйгуров wer задержан без причины. В предыдущие несколько лет среди клиентов McKinsey были абсолютная монархия Саудовской Аравии, автократический лидер Турции Реджеп Тайип Эрдоган, свергнутый бывший президент Украины Виктор Янукович и несколько китайских и российских компаний находятся под санкциями.

коррупционный скандал в Южной Африке

Семья Гупта (не имеющая отношения к Раджату Гупте) стратегически поместила коррумпированных лиц в различные правительства Южной Африки, ЖКХ и инфраструктура. Утверждается, что McKinsey была замешана в этой коррупции, использовав Гуптов для получения контрактов на консультационные услуги от определенных государственных предприятий, включая Eskom и Transnet. Работая с Trillian Capital Partners (консалтинговой компанией, принадлежавшей партнеру Гупты), они ежегодно оказывали услуги на сумму 1 миллиард рандов (75 миллионов долларов США). Триллиан получали комиссионные за содействие бизнесу McKinsey. McKinsey наняла юридическую фирму Norton Rose Fulbright для проведения внутреннего расследования обвинений. Тогдашний управляющий партнер McKinsey, Доминик Бартон, выступил с заявлением по итогам внутреннего расследования, в котором фирма «признала, что обнаружила нарушения своих профессиональных стандартов, но отрицала любые акты взяточничества, коррупции и платежей Trillian».

Corruption Watch, южноафриканская неправительственная организация, подала жалобу о противоречивом контракте на Департамент юстиции США, утверждая, что существует преступный сговор между McKinsey, Trillian и Эского В нарушение закона США и ЮАР. В январе 2018 года выяснилось, что против McKinsey Company были поданы уголовные иски Южноафриканской комиссией по компаниям и интеллектуальной собственности . Прокуратура Южной Африки подтвердила, что они будут добиваться ареста активов у McKinsey.

Национальная прокуратура ЮАР пришла к выводу в начале 2018 года о том, что выплаты McKinsey и ее местному деловому партнеру Trillian были незаконными и включали такие преступления, как мошенничество, воровство, коррупция и отмывание денег. Впоследствии McKinsey вела переговоры с Eskom и отделом конфискации активов Национальной прокуратуры с целью согласования прозрачного и юридически приемлемого процесса возврата уплаченного ему 1 миллиарда рандов (74 млн долларов США) — 6 июля 2018 года было подтверждено, что это был заключен. Компания Eskom подтвердила, что 23 июля 2018 г. получила от McKinsey проценты в размере 99,5 млн. Рандов. Выплата процентов охватывает два года, прошедшие с тех пор, как в 2016 г. компании McKinsey было выплачено почти 1 млрд. Рандов. в Transnet в 2011 и 2012 годах стало известно в конце июля 2018 года. Еженедельная газета Mail Guardian сообщила, что «… новый отчет казначейства показывает, насколько неоднозначными являются бывшие Transnet и Eskom. финансовый директор Анодж Сингх наслаждался поездками за границу за счет международной консалтинговой фирмы McKinsey, которая заключила многомиллиардные контракты с государственными предприятиями ». В «… докладе повторяются рекомендации казначейства о том, что поведение Сингха в отношении McKinsey должно быть передано в элитное подразделение по борьбе с преступностью,» Ястребы «, для расследования в соответствии с Законом о предотвращении и борьбе с коррупционной деятельностью (Precca). В соответствии с Precca, Сингх будет быть расследованным на предмет обвинений в коррупции, поскольку оплата только за границу будет представлять собой форму вознаграждения, что является незаконным «. Газета Sunday City Press сообщила, что в отчете судебно-медицинской экспертизы, в свою очередь, сообщалось, что «многонациональная консалтинговая фирма McKinsey заплатила Сингху за его щедрые международные поездки в Дубай, Россию, Германию и Великобританию, после чего их контракт с Transnet был расторгнут. массово расширен «. McKinsey выступила с заявлением о том, что обвинения неверны. McKinsey заявила, что «на основе обширного обзора, включающего интервью, записи электронной почты и расходные документы, мы понимаем, что McKinsey не оплачивала авиабилеты г-на Сингха и проживание в отеле в связи с Форумом финансовых директоров и встречами, которые проходили вокруг Форума финансовых директоров. в Лондоне и других местах в 2012 и 2013 годах ». 11 октября 2019 года Министерство финансов США объявило, что оно ввело широкомасштабные финансовые санкции в отношении трех братьев Гупта, Аджая, Атула и Раджеша (также известного как Тони) и их делового партнера Салима Эсса в соответствии с Законом Магнитского <344.>The Economist сообщал в ноябре 2019 года, что скандалы McKinsey, такие как скандал в Южной Африке в 2016 году и обвинения в конфликте интересов, связанные с ее инвестиционным филиалом McKinsey Investment Office (MIO) на сумму 12,7 млрд долларов, с точки зрения его долгая история. В статье говорилось, что юридические проблемы McKinsey, с которыми сталкивается новый глобальный управляющий партнер McKinsey, Кевин Снидер, могут быть связаны с быстрым ростом компании с увеличением на 2200 партнеров по сравнению с 2009 годом. За тот же период количество сотрудников увеличилось до 30 000 во всем мире из 17 000.

См. также

• MBB — Большая тройка (консультации по управлению)

Примечания

Ссылки

Внешние ссылки

• Официальный сайт
• McKinsey Quarterly

McKinsey & Company — международная консалтинговая компания, специализирующаяся на решении задач, связанных со стратегическим управлением. В качестве консультанта сотрудничает с крупнейшими мировыми компаниями, государственными учреждениями и некоммерческими организациями.

McKinsey & Company
Тип	Товарищество
Основание	1926
Основатели	Джеймс О. Маккинзи[d] и Марвин Бауэр
Ключевые фигуры	Кевин Снидер (англ. Kevin Sneader)[1], Управляющий директор
Отрасль	Управленческий консалтинг
Продукция	Консалтинговые услуги
Оборот	более 10 млрд $ (2018) [1]
Число сотрудников	27 000 (2018)[1]
Сайт	www.mckinsey.com
Медиафайлы на Викискладе

ИсторияПравить

James O. McKinsey & Company была основана в 1926 году Джеймсом О. Маккинзи (англ.) в Чикаго^[2]. Джеймс Маккинзи — профессор бухгалтерского учёта школы бизнеса (англ.) Чикагского университета, который первым предложил использовать финансовое планирование в качестве средства управления. Компания Marshal Field’s (англ.) стала его первым клиентом в 1935 году и вскоре убедила Маккинзи покинуть собственную фирму и стать её генеральным директором. В 1937 году Маккинзи скоропостижно скончался от пневмонии.

Присоединившийся к фирме в 1933 году Марвин Бауэр, ставший преемником Маккинзи, предвидел успех фирмы на мировой арене и заложил её основные принципы. Чикагская и Нью-Йоркская ветви отделились от фирмы, после смерти Маккинзи. В 1939 году с помощью нью-йоркских партнёров Бауэр восстановил офис фирмы в Нью-Йорке и переименовал его в McKinsey & Company. Один из первых партнёров фирмы, Эндрю Т. Карни, сохранил чикагский офис фирмы и переименовал его своим именем, тем самым положив начало конкурирующей фирме A.T. Kearney (англ.), занимающейся управленческим консалтингом.

На сегодняшний день у McKinsey 111 офисов^[3] в более чем в 60 странах мира.^[2]

ОрганизацияПравить

McKinsey & Co. формально организована как корпорация, однако реально функционирует как партнерство, с соблюдением всех положенных привилегий. Управляющий директор компании выбирается на трехлетний срок крупнейшими акционерами, которых называют «директорами», даже если они не занимают директорских должностей. Управляющий директор может занимать свой пост не более трех сроков.

В McKinsey & Co. работает около 9000 консультантов в 94 офисах, открытых в более чем 60 странах мира. Клиентами компании являются три из пяти крупнейших мировых корпораций, две трети компаний из Fortune 1000, правительства и другие некоммерческие организации.

Миссия: «Построить фирму, которая может привлекать, развивать, побуждать, мотивировать и удерживать исключительных людей»^[4].

Принципы и методы наймаПравить

Фирма старается привлечь лучших выпускников лучших бизнес-школ, юридических, экономических и технических факультетов, плюс ищет перспективных соискателей среди учёных и политиков. На поиск потенциальных сотрудников выделяются существенные ресурсы.

Успешный кандидат должен показать отличные аналитические способности, лидерские качества, умение работать в команде, представить подтверждения достижений на предыдущих местах работы.

Основным инструментом при проведении собеседования с кандидатами являются разнообразные кейсы: от основанных на реальных проектах компании, до самых фантастических. Единственного правильного ответа не существует. Задача — понять, насколько хорошо кандидат сумеет разобраться в проблеме, разбить её на составляющие, сформулировать правильные вопросы и разумные предположения^[5].

McKinsey Investment Office PartnersПравить

Компания McKinsey контролирует хедж фонд McKinsey Investment Office Partners (MIO Partners) с активами на $9,5 млрд^[6].

КритикаПравить

По мнению ряда экспертов представителям McKinsey не удалось помочь обанкротившемуся авиаперевозчику «Трансаэро»^[7].

ПримечанияПравить

ЛитератураПравить

• Инструменты McKinsey
• Итан М. Расиел. Метод McKinsey. Использование техник ведущих стратегических консультантов для решения личных и деловых задач = The McKinsey Way: Using the Techniques of the World’s Top Strategic Consultants to Help You and Your Business. — М.: Альпина Паблишер, 2014. — 192 с. — (Принципы успеха). — ISBN 978-5-9614-4615-9.

СсылкиПравить

• Вестник McKinsey