The Boston Consulting Group (American global management consulting company) was founded in 1963. It is part of the "Big Three" consultancy firms along with McKinsey & Company and Bain & Company. This article will focus on the history of BCG and its well-respected consulting skills. It also discusses some of the benefits of working for BCG. BCG has a great salary structure, benefits and travel schedule.
Bain rose up the ranks of BCG
Bruce Doolin Henderson joined BCG as an ambitious young engineer in 1967. He had little business experience. He quickly rose up the ranks and was recognized for his dedication to detail and good health. Bain rose to vice-president, where he headed one of the four divisions responsible for a significant portion of the firm’s revenues. Bain, despite having no business experience, quickly rose to prominence at BCG. He was considered to be Bill Henderson's heir apparent.
Bain began his career at a steel-fabricating plant after graduating from Vanderbilt University on May 29, 1959. Bain & Co. was founded in 1973 after Bain spent six years working for the company. Bain Capital was founded in 1984 by Bain. Bain's contributions made it possible for Boston Consulting Group to rise without him. This article is not meant to replace Bruce Henderson's advice or work.
Bruce Henderson, founder's insights
Bruce Henderson, founder of Boston Consulting Group, will contribute his insights and experience to establish a new Institute. The Institute will provide new approaches and ideas to help businesses solve business problems. It will be named in Henderson's honor. It will examine the implications of major trends and be global in its focus. It will examine the intersection of strategy and innovation. For example, it will examine the impact of globalization in traditional industries like healthcare.
Bruce Doolin Henderson spent his entire career as a consultant at Arthur D. Little. It is one of the oldest management consult firms. His frustrations prompted him to approach the CEO of Boston Safe Deposit and Trust, one of the company's clients. Henderson was hired to start a consulting division within the bank. He was able create his ideas and the Boston Consulting Group was born.
Travel schedule
BCG usually travels for four days each week, Monday through Thursday. The firm's Friday office hours are when consultants connect with managers and discuss ways to make the most of their weekends. After work, consultants may meet up with colleagues from BCG to enjoy happy hours. BCG consultants can expect a demanding travel schedule. The company also offers perks, such as Platinum memberships at Marriott hotels. This schedule may sound extreme, but it is actually fairly reasonable considering the company's commitment to training and development.
The Boston Consulting Group has more than 12,000 staff members around the world. The company has received numerous awards for employee satisfaction. Fortune magazine recently ranked it as one of the 100 best companies to work for in 2016. The firm is seeking candidates with the right combination of drive, curiosity and collaboration. In the past they have hired candidates to flexible jobs such as remote work, part-time and flexible hours.
Benefits of working at BCG
One of the many benefits of working at BCG is the diversity that the firm is proud of. Employees of diverse backgrounds contribute to innovative solutions. However, to be able to reach this diversity, employees must feel valued and allowed to share their thoughts. BCG has a variety of programs that encourage employees to voice their opinions and create a sense community. Here are some examples of such programs:
The company provides health insurance premiums to employees, and also compensates consultants working in nonprofit organizations. The company also covers a significant portion of the travel expenses of their consultants. It is possible for employees to travel to clients and spend significant time in meetings. BCG consultants have a varied work schedule, but it does not mean that they aren't hard-working, creative, and dedicated. BCG employees appreciate the flexibility in their work schedule.
FAQ
Why should consultants be hired?
There are many reasons you might need to hire a consultant.
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You may have a problem or project that your organization needs to solve.
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You want to improve your own skills or learn something new
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You would like to work with an expert in your field.
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No one else is available to take on the task.
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It's overwhelming to see all the information, and you don't know how to get started.
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You can't afford to pay someone full-time
You can find good consultants by word of mouth. Ask around to see if you know any good consultants. Ask someone you know who is a consultant for his/her recommendations.
If you decide to use online directories like LinkedIn, use the "Search People" feature to look for consultants in your area.
What industries employ consultants?
There are many different types of consultants. Many consultants specialize in a particular type of business. Others may be more focused on multiple types.
Some consultants work exclusively for private businesses, while others represent large corporations.
Some consultants can also help businesses all around the globe.
What is the difference between a consultant and an advisor?
An advisor is someone who provides information about a subject. A consultant can offer solutions.
Consultants work directly with clients to help them reach their goals. Advisors advise clients indirectly via books, magazines, lectures and seminars, etc.
What skills are necessary for consulting?
As a consultant, you should have both strong interpersonal skills and analytical skills. This is vital because you may not understand the scope of your work. It is important to learn how to quickly solve problems and manage people.
A strong communication skill is also necessary. Most clients expect an answer within 24hrs. If they don't hear anything, it is likely that they aren't interested in you. It is important to keep them updated and make sure they fully understand the situation.
How much should you charge as a consultant?
It all depends on the service you offer. If you are providing services for free, then there isn't any point in charging anything. But if your services or products are for sale, you will need to establish prices that reflect their value.
If you're providing low-quality service, you don’t have anything to offer. So why would anyone pay any money for your services.
If you provide high-quality service, you may ask for higher prices because people appreciate the value you offer. You may also want to offer discounts to clients who buy multiple packages from you.
Is it possible to start a consultancy from home?
Absolutely! Many consultants do this already.
The majority of freelancers work remotely with tools like Skype. Many freelancers set up their own office space to avoid missing out on company perks.
Freelancers may prefer to work in libraries or cafes rather than in traditional offices.
Others choose to work at home because they love being with their children.
Working from home comes with its own pros and cons. However, if you love what you do, it is worth considering.
Statistics
- According to statistics from the ONS, the UK has around 300,000 consultants, of which around 63,000 professionals work as management consultants. (consultancy.uk)
- My 10 years of experience and 6-step program have helped over 20 clients boost their sales by an average of 33% in 6 months. (consultingsuccess.com)
- WHY choose me: Why your ideal client should choose you (ex: 10 years of experience and 6-week program has helped over 20 clients boost their sales by an average of 33% in 6 months). (consultingsuccess.com)
- According to IBISWorld, revenues in the consulting industry will exceed $261 billion in 2020. (nerdwallet.com)
- So, if you help your clients increase their sales by 33%, then use a word like “revolution” instead of “increase.” (consultingsuccess.com)
External Links
How To
How do I find a good Consultant?
Knowing what you need from your consultant is the first step to finding a qualified consultant. What do you need them to do for your website? You want them to optimize the site for search engines to make it rank higher. Perhaps you simply need someone to tell you if your current host provider is having issues. After you have decided what services you need, it is time to start looking at potential companies. Although there are many consultants who claim to offer these services, very few of them can actually provide the required results. So how do you go about choosing one? These are some things you should consider when choosing a consultant.
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Get recommendations. This is probably one of the best ways to find a consultant. Hire someone you don't know because they're likely to charge too much. You also don't want someone with a poor reputation to work for you. You're fortunate enough to receive referrals from people you trust. But even if you don't, you still might be able to check reviews online. Check for testimonials or case studies that show how clients have used your services.
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Ask around. Many people don’t know that they could gain from consulting. They assume that their current situation is fine and they don’t need changes. This is often incorrect. Even if you have great results right now you probably haven't been keeping pace with new technologies or trends. You'll lose out on the opportunities to grow your company if you rely on old methods. It's always worth asking for referrals to find good consultants.
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Be sure to check their credentials. It doesn't matter if you are looking for a consultant to help you build a blog or launch a multimillion-dollar eCommerce site, you need to make sure they have the right skills to manage your project. It doesn't matter if they are qualified for the task or not; make sure they are knowledgeable in the field.
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Find out the type of projects they specialize. This is false. Some areas require specific education or training. You wouldn't hire someone who can build a WordPress theme if they aren't experts in Drupal. The same applies to programming languages, graphic design and other areas. Ask what projects they usually work on.
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Know what they charge. As we said, you don't want to pay too much for a consultant. You don't necessarily want to pay too low, but you shouldn't either. Consultants come in all shapes and sizes. While some consultants charge an hourly rate, others bill per project. Knowing exactly what you're paying upfront will save you money down the road.
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Know what they offer. Do they offer free consultations? They will be able to offer you guidance on setting up your own system. Are they able to guarantee that your site will rank better after working with you? You can cancel the consultation without penalty if your opinion is not what you wanted.
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You can also find out if they offer discounts on multiple months or over years. Many consultants offer discounted pricing for extended time periods. It is not necessary to commit to an entire year. However, you could still benefit from any deals offered by the consultants.