Tom Spencer Posted April 2, 2014 Report Share Posted April 2, 2014 McKinsey, arguably the world's most prestigious management consulting firm, has managed to produce a long list of Fortune 500 CEOs. According to USA Today, more than 70 Fortune 500 CEOs are McKinsey alums. McKinsey's famous "up or out" policy results in a constant stream of departures, which means the firm loses talented consultants every year. They also face stiff competition from other top consulting firms and high paid jobs in Silicon Valley and elsewhere. With constant talent outflows and strong competition, how does McKinsey stay on top? The answer appears to be twofold. Firstly, McKinsey places strong importance on talent development. They promote their consultants quickly or help them obtain favourable positions elsewhere. Duff McDonald shares this view in his recent book The Firm: The Story of McKinsey and Its Secret Influence on American Business. In addition to talent development, McKinsey also seems to view its former employees differently when compared with other firms. Instead of seeing former employees as traitors or turn coats, they view them as valued alumni and life long members of the McKinsey family. The best way to achieve success is to emulate it, and other firms would do well to understand how McKinsey operates and apply these lessons to their own organisations. Click here to view the article Quote Link to comment Share on other sites More sharing options...
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