Why Your CEO Hired McKinsey Consultants

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  • เผยแพร่เมื่อ 12 ก.ย. 2013
  • CEOs hire McKinsey consultants for their "enlightenment" and to avoid accountability, says Duff McDonald, Author of The Firm - The Story of McKinsey.
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ความคิดเห็น • 53

  • Tushar Prasad
    Tushar Prasad 3 ปีที่แล้ว +10

    We hire them to tell us what we already know, and they tell us what we want to hear. It’s a win win for the company and McKinsey, not so much for the shareholders.

    • prester john
      prester john 5 หลายเดือนก่อน

      President Macron hired McKinsey to help the French government move "product" for Pharma during the pandemic. You can't make this stuff up.

  • dbstube
    dbstube 9 ปีที่แล้ว +23

    ..."85% of their business is repeat business & they develop relationships with each individual client"-Wow, that really says alot for 'relationship selling' and retention in addition to the main point in the overview of his book.

  • JudgeyJudgeyable
    JudgeyJudgeyable 7 ปีที่แล้ว +6

    when the author said that Mckinsey's business is mostly repeat business, it reminded me of the show House of Lies where every episode they would emphasize making repeat business

  • JudgeyJudgeyable
    JudgeyJudgeyable 7 ปีที่แล้ว +18

    when the author said that Mckinsey's business is mostly repeat business, it reminded me of the show House of Lies where every episode they would emphasize making repeat business

  • Manuelito Pascal
    Manuelito Pascal 3 ปีที่แล้ว +26

    The main benefits of hiring a consulting company is having a new fresh, unbiased set of eyes to approach a problem. Their knowledge networks are also second to none and I doubt company employees can allocate even 5 hours of their day to problem-solving while a consulting team can work from a.m. to a.m. trying to find a solution. Are they overpriced? Maybe. But people keep hiring them so they must be doing something right.

    • prester john
      prester john 5 หลายเดือนก่อน

      President Macron hired McKinsey to help the French government move "products" for Pharma during the pandemic. You can't make this stuff up.

    • ll 22
      ll 22 2 ปีที่แล้ว

      Mckinsey also work dictators like Erdogan. They advised him to start a war to more votes from Turkish nationalists. Very fresh

  • Jordan F
    Jordan F 5 ปีที่แล้ว +7

    They hired a consultant because the current ownership group is selling the company and you are likely going to be fired.

    • Phoenix
      Phoenix 3 ปีที่แล้ว +1

      Another reason is, they want to cover their ass for implementing any bold strategy, they just to hear the same from consultant mouth with fancy presentations.

  • Vikas Kumar
    Vikas Kumar 4 ปีที่แล้ว

    Why they hire consultants because they have provided services to clients from different domains and different geographies which gives them unique advantage of coming across so many different problems of different magnitudes. Strategies given by these consultants would never work in 100% cases but what CEOs really want is a strategy for solving their problems and issues. Then you have got board on top of it to decide whether to go with suggested strategy or not and as he mentioned these consultants have kept them very safe by not taking credit in success as in failures no will blame them .
    Over the years consulting firms especially MBB have realised that it's just not the suggestion which will work but rather then implementation will really help in longer term.

  • Ava
    Ava 4 ปีที่แล้ว

    How do they know which fresh grad actually know enough about business? A lot of them market themselves being great at what not when in reality they have pretty childish ideas. Or do they just sort out those who actually can and the rest will do the regular work 15 hours in a day trying to desperately succeed?

  • klsar1
    klsar1 5 ปีที่แล้ว +97

    Consultants are people who take your hand, point to your watch, and tell you what time it is. But they will need 100 powerpoint slides to tell you this, charging you 10 grand per slide.

    • Puneet Malik
      Puneet Malik ปีที่แล้ว +1

      Whats the name of your company CEO ?

    • Matty Spaghetti
      Matty Spaghetti ปีที่แล้ว

      @Mohammed Aksu if you can't read a joke, you should shut the fuck up.

    • vor zeig'ur
      vor zeig'ur 3 ปีที่แล้ว +1

      They charged you. But you hired them. You are the fool.

    • Mohammed Aksu
      Mohammed Aksu 4 ปีที่แล้ว +17

      if you can't read a watch, then you deserve to pay 10 grand an hour who does know how to read it

    • Ngọc Tú Đinh
      Ngọc Tú Đinh 4 ปีที่แล้ว +11

      And if you can't tell the time yourself even when you have the watch, what does it say about you?

  • Momentum Marketing Tips
    Momentum Marketing Tips 4 ปีที่แล้ว +1

    Great video

  • Texas0311
    Texas0311 15 วันที่ผ่านมา

    On the other side, my Fortune 5 company made the worst decision I ever experienced in my 25+ year career as an executive. I turned in my resignation recently. My company tried several ways to keep me, However I’m done. I blame Mckensie.
    Completely dismantled the structure, massive layoffs, some of the dumbest business decisions that I would expect from someone with little business experience on too many areas to mention.
    One quick example, these Einsteins decided we didn’t need inventory. Inventory we turned in 30 days consistently- so we lost business we had for decades in a matter of a couple of months. To our accounting team- it was a win, but the other side was we lost revenue while strengthening our competitors. This decision was made from a 20 something MBA who had never held a position in their life.
    The smartest and most valuable people quit … one after the other after the other. Happily our competitors snatched up these “layoffs” and executives that resigned.
    I spoke with a friend who coincidentally- his company hired Mckensie and he said after 5 years they are still trying to recover the business it cost them.
    I despise this company. The negative impact they had on good employees lives and our customers is a tragedy.
    Look up their history… please leaders throughout our country, don’t buy into this scam.

  • RUSHIL JOHAR
    RUSHIL JOHAR 4 ปีที่แล้ว +1

    This industry sounds doubtful. But They look at problems from different point of view .. which is great. I've never heard that consulting companies did this did that . Good deals etc etc. Where are their genius work.

    • _Gerard Irvine
      _Gerard Irvine 4 ปีที่แล้ว +1

      Consulting is basically hiring people to think for you. People within the business are too busy running it; to think strategic direction, management restructure, and a heap of other problems..

    • Derrick Landers
      Derrick Landers 4 ปีที่แล้ว +1

      RUSHIL JOHAR That's the whole point...they don't take credit for their solutions, so you'll never know if that company's restructuring was orchestrated in-house or not.

  • Ahmed Amr
    Ahmed Amr 3 ปีที่แล้ว +31

    Consulting consultants on how to consult consultants consulting consultants

  • Matty Spaghetti
    Matty Spaghetti ปีที่แล้ว

    He needed to do something illegal?

  • nTo
    nTo 5 ปีที่แล้ว +2

    I bought the book last year! *still have not finished it though

    • Yseson _
      Yseson _ 4 ปีที่แล้ว +1

      nTo you were conned it is (the book) just a way to generate extra revenue

  • PVT Channel
    PVT Channel 4 ปีที่แล้ว

    Very nice work, MY NEW friend .sub and like.thank you

  • SMUG
    SMUG 3 ปีที่แล้ว +6

    This MacKenzie, he's a bit of a nut. Someone told me he fired the last guy because his nose whistled when he breathed.

  • RUSHIL JOHAR
    RUSHIL JOHAR 4 ปีที่แล้ว +15

    Came here after Consulting 101

  • Why We Love Film
    Why We Love Film 2 ปีที่แล้ว +3

    “The Street” Lmao 😂🤣😂

  • Oti el
    Oti el 3 หลายเดือนก่อน

    The last few qu'est were amazing

  • The Nano Tape
    The Nano Tape 11 หลายเดือนก่อน +1

    He can't even clearly explain what they do.

  • Jaquay Fuller
    Jaquay Fuller 3 ปีที่แล้ว

    Great investment

  • Khushi Lunkad
    Khushi Lunkad 3 ปีที่แล้ว +31

    He's got an extra set of eyebrows

    • Suryansh Khatri
      Suryansh Khatri 8 หลายเดือนก่อน

      This has to be the best comment I've seen in a while 😂

  • Heyward Dai
    Heyward Dai 4 ปีที่แล้ว +30

    see how he managed to talk for 4 minutes without saying anything?

    • symphoniez
      symphoniez 4 ปีที่แล้ว +8

      He said alot - I especially enjoyed his overarching point of talented minds entering a field which sole purpose is to advise rather than actually deliver value products (in the traditional sense).

  • Scots Grey
    Scots Grey 6 ปีที่แล้ว +18

    I don't understanding the consulting industry why would anyone pay thousands for a group of fresh grads with no finance experience to tell them things that they already know, most of them are already in the industry for like 20+ years. Yet listen to someone who just took a bunch of liberal arts classes in university with fancy powerpoints. The ones that are actually presenting to the clients, only use the findings and data from the analyst (basically a college guy). He/She is not speaking from their own experience

    • Supernova
      Supernova 5 หลายเดือนก่อน

      @W Clark . Best comment! Sounds about right! hahaha

    • prester john
      prester john 5 หลายเดือนก่อน

      President Macron hired McKinsey to help the French government move "product" for Pharma during the pandemic. You can't make this stuff up.

    • ll 22
      ll 22 2 ปีที่แล้ว +1

      Mckinsey also work dictators like Erdogan. They advised him to start a war to more votes from Turkish nationalists

    • W Clark
      W Clark 4 ปีที่แล้ว +4

      Bottom line is that at the end of the day the paradigm shifting upside synergies prioritize efficiencies incentivizing win-win upsides via organic multi-variate blue skying.

    • Li Yon
      Li Yon 5 ปีที่แล้ว +17

      Consultants basically help you look at things through the lens of a different perspective. Sometimes CEOs already know the answer to their problems, but before they do, they need a group of brain power to help them structure their thoughts, organize frameworks to tackle their challenges appropriately. Fresh eyes, 2nd opinion, insider information, etc.

  • م ح
    م ح 5 ปีที่แล้ว

    يا حمران الخدود
    يا صفر العراقيب
    ما أدري وش تخرطون بس جاي عن طريق حمزة السالم

  • washfi
    washfi 4 ปีที่แล้ว

    these are assole