Unlock the Insights to Successful Hiring Management consultants and hiring Strategy Consultants! In this in-depth video, Goldbrain will give you reasons for hiring management consultants and for hiring strategy consultants, pointing out the unique aspects of hiring McKinsey consultants, hiring BCG consultants, and hiring Bain consultants. Gabriel Goldbrain will not only delve into the 'how' but also uncover the 'why' - exploring the hiring reasons for McKinsey, the hiring reasons for Bain, and the hiring reasons for BCG. This insight is essential for those looking to onboard top-tier consulting firms that can elevate your organisation. Discover the crucial skills and abilities that you should be seeking when hiring management and hiring strategy consultants. What are the required skills behind the hiring reasons for McKinsey, the hiring reasons for Bain and the hiring reasons for BCG? These employees of management consulting firms are renowned for their capacity to tackle critical projects with limited resources, making them an invaluable addition to your team. Learn how important an excellent reputation is for hiring management consultants and why only management consultants are often the ones to handle critical projects effectively. Gabriel Goldbrain also describes special situations for hiring strategy consultants: when firms just want to spend a budget. Spending a budget is amongst the least preferred hiring reasons for McKinsey, hiring reason for Bain and hiring reasons for BCG, because such projects may harm these firms excellent reputation. MBB firms prefer being hired for critical projects. Don't miss this opportunity to gain unparalleled insights into the world of hiring management and hiring strategy consultants!
Video transcript:
Why the hell would someone spend 1 million, million on a consulting firm like McKinsey, Boston Consulting Group, or Bain? Watch this video, and you will find six typical reasons why big corporations hire strategy or management consultants.
Before we start, I'm Gabriel Goldbrain, and I can help you land a job with leading tier management consulting firms. Apply for my training under www.gabrielgoldbrain.com if you've decided you want to become a highly-paid six-figure top management consultant.
So, let's move on with the video.So, you may be wondering why someone hires a strategy consulting firm or a management consulting firm for projects, which usually last about months and spend half a million, a million, 2 million for such a project. As you have still a lot of colleagues in The Firm who could also work on projects like this. So, I will give you six reasons why this makes perfect sense in some situations.
One reason may be that the CEO or another member of the management team may have a very urgent matter that they have to deal with. Maybe profitability is tanking and they don't know what's going on. And they need to immediately find out what's going on. So, that's when they usually hire management consultants. You hire a small team which works virtually as much as is required, whereas your own employees often times are limited in their working hours and in their habits not to work around the clock. So, you need to really press something through, get it done, and that's why you cannot do any experiments. You need to hire those firms where the likelihood is the biggest that they get it just done. So, that's one of the reasons why you would hire top management consulting firms to resolve some pressing matters.
A second reason is that usually big companies, they may not have enough people available to do a project, particularly if it's a bigger project. Let's think about a market entry strategy for a region where you have to cover several countries and several segments where you want to expand or change things. So, you want to bring in external people which are very smart so they can get hold of the situation quickly, understand what are the problems, understand what needs to be done, and so they prepare and research everything which is needed and summarize it in a presentation with recommendations for the staff for the local staff which then usually executes the ideas and the findings that the top management consulting firm has generated. So, sometimes it's just the lack in a number of people and sometimes it's a lack in skills of people that you need. And usually, these management consulting firms, they have the right set of people and they're selected for this kind of competence that you can buy.
A third reason which is related to the second reason is that hiring consultants is hassle-free. Management does not have to deal with it too much. They just sit there and wait for the interim presentation, for steering committee meeting presentations and for the final presentation and all the other work is managed by the management consulting firm. They don't have to care about management structures, reporting structures, internal project setup. So, it's completely hassle-free, although it's sometimes quite expensive to be hassle-free. But you know there are sometimes situations where you have shareholder conflicts. The management, they want it hassle-free as easy as possible, whereas the shareholders they might prefer the cheaper solution where they say get the internal staff doing it. But often times you know in public corporations the shareholders don't focus so much on these matters so that consultants get hired to do the job which otherwise an internal organization could also handle but for management, it's more hassle-free, they don't have any headaches, they know that things get properly done. That's the reputation of these firms!
Credibility! Management may come into situations where it's just not good enough to say our finance department prepared a few slides on the matter why we're losing money and on the resolution. Sometimes stakeholders like shareholders, like authority, like banks, they want someone with a good name, with a good reputation having done the study. They may say if KPMG, Strategy and PWC, McKinsey, Boston Consulting Group, if they did it, we're pretty much sure that we can trust the report they generated whereas they're not so sure if some internal department prepared the document. So, that's also another important reason why management hires strategy and management consulting firms.
A fifth reason why you hire expensive top management consulting firms, maybe projects, which are important, which matter, which you can't mess up. So usually management thinks about it okay I mean we have some internal staff, we have a head of strategy but I mean he has a small team and we're not sure if he can handle for instance an acquisition alone or if he needs some support for it. So, they want to make sure that for instance an acquisition doesn't go wrong. That's why they hire top management consulting firms to prepare and analyze synergies and similar things in critical projects where they just know they have the reputation for getting it done. They have the reputation for having it done not only once they have done it hundred, a thousand times. And that's why in these cases if there is an important project, they prefer to hire someone who has proven experience instead of giving trust to an internal department, who may well have the capabilities of doing it but just not have the reputation and the experience. So that's why you often see external Consultants being preferred over internal staff for certain things that really matter.
Then there is reason number six why you would hire a management consulting firm. It is because a budget just needs to be spent because corporations often work in a way that maybe you have a manager level below the C level in a very big corporation and they work with budgets and maybe they were not able to spend the whole budget. So by year-end some managers tend to spend all the money. And what comes in handier than a consulting project? For sure they will make up some reason so it sounds like it's a really useful project. But then when you check one year, two years down the road nothing happened to it. So you will have these projects where a client just wants to spend his budget then the consultants come in they draft up a project structure, everything looks nice. And Nobody! Nobody would admit that you just do it for spending a budget. But it can happen! Goldbrain has seen it happen! so that can also be a reason which is for sure one of the saddest reasons.No one likes to work for a project that will not have an impact. But it makes a consulting firm happy because they get well paid for it. It makes the manager happy because he remains his financial freedom for the next period. It just does not make senior management happy or shareholders but they better not find out. That's because it's wrapped in a nice project structure and it seems on first glance to make sense if you're not deep enough into it.
You see there are many good reasons beyond Reason number six to hire top management or strategy consultants. It's because they have the credibility, they have the ability, they have the capabilities, they have the skilled people, they have the reputation, the experience to just get things done without any hassle. And that's why managers like consultants.And if you like my videos, share my videos, comment on your experience when you saw consultants coming in. Why were they hired? I think the community will appreciate it if you let them know down in the comments. My video recommendation today for you is about the career roles in McKinsey and the associated salaries, as well as my video on the lifestyle of management consultants. Don't forget to like my video.
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