| Topic Name: |
McKinsey in decline? |
| Message Name: |
Infos from Germany |
| Date Posted: |
01/26/2006 |
| In Reply To: |
I have an outstanding offer with McKinsey. At a recruiting event someone from another firm told me that McKinsey was losing talent in a rapid brain drain. They quoted an article in a consulting magazine that said that growth had slowed from the heady pre-2002 period (is the firm now shrinking?), that headcount had fallen strongly (attrition increasingly both to other consultants as well as other businesses) and that the culture had become significantly diluted by both new offices as well as a higher consultant to partner ratio. McK has always attracted me as the ultimate brand name to put on my CV, but this made me worried in a whole host of ways. Any views out there from McK or others?
|
| Message: |
I can't say much about the general condition of the company, but in Germany McK has had quite a rough last couple of years...
In '04 revenues declined by some 6/7%... officially it was because they couldn't hire enough new staff, but everyone (within the firm and the industry) knows that's BS! McK has had horrible PR among other things... work with government agencies gone bad etc. + lost revenues at Deutsche Telekom
In '05 revenues up by some 3% (not impressive when compared to other strat shops). Recently Daimler canceled an outline agreement + they lost big at Allianz, made some inroads into Siemens though...
conclusion:
McK still on top in Germany, but together with BCG (exactly the same level, same price point realization...). Bain is not really a factor in Germany, Berger's PR was even worse than McK's:-)
but what I heard more than once now: McK just keeps recycling old approaches and some clients have been REALLY annoyed by this. But this standardized approach is not really new either...
Maybe the company has become too big... I have a friend who actually had to do cost cutting by saving on the color copiers. and that's definitely not strategic consulting anymore...
|
|
