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McKinsey - Essay Example

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Guo, Haolinfirst Date McKinsey & Company VI. Performance Appraisal Achieving and sustaining the top position in the consulting arena is certainly a result of adopting distinct and exceptional policies, practices and procedures, of which performance management is certainly a critical one…
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McKinsey
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Download file to see previous pages One of its values includes delivering the best in the most cost effective manner to their clients, which necessitates high performance at all levels in order to achieve their mission. Such high performance and high motivation are achieved at McKinsey by following a comprehensive performance management system that is also congruent with the nature of their work and is apt for their employee skill set. Performance assessment is based on objectives that are set in advance to every employee. 1. Type of Feedback: At McKinsey, all analysts, engagement managers and principals receive periodic feedback from their reporting managers. For instance, all analysts/consultants’ performance is reviewed at the end of each engagement and they receive a detailed feedback for every activity performed on the job (Farshad). They receive feedback from their engagement managers at the end of each engagement. Here, engagement managers are evaluated on how well they train their consultants and not just the profitability of their particular practice; they are encouraged to provide a balanced feedback to their team members (Ethan 150-155). McKinsey also follows an annual performance appraisal process after a number of mini evaluations for every consultant so that they are on track and focused towards goals. 2. Organizational & Procedural Justice McKinsey’s unique policies and practices such as the alumni program, the mini MBA program, training and skill enhancement practices etc. are highly appreciated and valued by its employees throughout the world (WetFeet Insider Guide 30). Many employees acknowledge that they receive full support and encouragement from their leaders and the company to pursue their interests, initiatives and careers inside and outside McKinsey. McKinsey boasts of spending millions on training programs that help in developing consultants and leaders of the McKinsey type. Furthermore, in order to deliver the best results and performance, McKinsey focuses on continuous learning rather than short-term training sessions. These continuous learning practices actually help the employees develop skills and expertise that can not only be used at McKinsey & Co but also after their tenure with the company. McKinsey adopts unique problem-solving techniques to resolve issues brought forward by its employees, based on logic, root cause analysis and fair judgment. However, employees are expected to adopt high integrity, honesty and commitment once associated with the company at all costs; in case of any exceptions, they are free to move on or are forced to move out. VII. Reward & Pay 1. Reward Management: Being employed by McKinsey is a reward in itself considering its high working standards and lifestyle besides other rewards that come in the form of salary and incentives including various types of employee benefits that are hard to match by competitors. McKinsey’s reward and remuneration packages vary distinctly for employees at all levels and in different geographic locations; however, these packages are certainly most competitive in their field and location. Standard remuneration appraisals are based on accurate and systematic evaluation processes across all locations. According to WetFeet reports, McKinsey rewards its undergraduate analysts by giving them frequent salary raises as a ...Download file to see next pagesRead More
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