McKinsey Essay Example | Topics and Well Written Essays - 1000 words

McKinsey - Essay ExampleOne of its values includes delivering the best in the most cost effective manner to their clients, which necessitates laid-back performance at all levels in order to achieve their mission. Such high performance and high motivation be achieved at McKinsey by pastime 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 from each one 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 trai n their consultants and not just the profitability of their particular practice they are encouraged to provide a equilibrate 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 McKinseys 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 companionship 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 a nd 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 compositors encase 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 occupied 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. McKinseys reward and remuneration packages va ry distinctly for employees at all levels and in different geographic locations however, these packages are sure most competitive in their field and location. Standard remuneration appraisals are based on accurate and systematic evaluation processes across all locations. check to WetFeet reports, McKinsey rewards its undergraduate analysts by giving them frequent salary raises as a