McKinsey & Company is a well-known name globally in management consulting and was established in 1926. It is among the top three big global management companies. Over a period of time, the company has created a benchmark of success. The company earned a revenue of around $10.5 billion in 2019. Presently, it has more than 30,000 employees working with passion and dedication to serving its clients.
The company was founded almost a century ago by James O. McKinsey. At that time, he was a professor at the University of Chicago, where he used to teach management and related aspects. After serving as a professor for a few years, he started his management consultancy firm. Between 1926 and 1950, the McKinsey company opened three functional offices – first in Chicago, followed by New York, and then San Francisco.
In the 1950s, the company crossed the Atlantic borders and established its business in Europe. Over the years, McKinsey continued to expand its business in different countries, including the African countries. By the end of the century, the company had already made its presence in eight different countries, covering three major continents. Not only is the company involved in providing management solutions and consultation to private and government firms, but also they have worked for both societal and environmental issues.
As a management consultancy firm, McKinsey’s main aim is to help all clients unbiasedly improve their businesses worldwide. The company aims to help its clients generate more profit by providing them with the best services. McKinsey mission and vision are to provide unparalleled services to its clients. It wants to create a positive change in the world. This is the thought that has helped them achieve milestones decade after decade and reshape their core values. In addition, they have taken it upon themselves to create a future filled with positivity, ethics, accountability, and a positive change.
McKinsey Mission Statement
McKinsey mission statement is “To help our clients make distinctive, lasting, and substantial improvements in their performance and to build a great firm that attracts, develops, excites, and retains exceptional people”.
Even though the company has adopted different principles over the years, its mission statement has not changed. McKinsey mission statement drives them forward to meet the company goals and provide optimal services to the clients.
The company also promises to focus on diversity, inclusion, and commitment not only in society and within the organization. These are not just the claims of the organization, but it is also a long-term commitment to fulfilling the dual mission of the organization:
1. They are helping their clients to make a substantial and everlasting performance improvement.
2. To develop an organization that attracts and excites and also helps in retaining outstanding people in the organization.
McKinsey comprehends the fact that the next normal is no normal and is hence propagating the idea of creating a fine blend of creativity, analytics, and purpose, which is not merely limited to the growth of the clients but also its workforce. After deciphering the McKinsey mission statement, the following messages have been detected.
Improving clients’ businesses
The most concise and clear message that Mckinsey has explained in their mission statement is how they want to improve their clients’ businesses. Irrespective of the kind of business segment of the client, the company will help every client who approaches them with their business.
Introducing transparency in services
Another major aim of Mckinsey is to help its clients introduce transparency in their businesses. With improved transparency, the clients will enhance brand awareness and improve credibility in the market. This is why McKinsey is still one of the best management consultancies present in the world.
Helping in customer retention
The world is becoming very competitive, and the markets are seeing ups and downs in the businesses every day. If a company suffers a huge loss, it will regain its balance and again focus on its functions the next day. However, when businesses receive catastrophic deathblows, it’s hard to regain strength and earn a firm place in the market again. This is where McKinsey comes to the rescue as it will help its clients to retain customers and continue satisfying them to the fullest.
Adopting unique management strategies
Being a management consultant, McKinsey is aiming towards helping its clients in developing and adopting new but unique managing strategies. Without proper management, it is extremely difficult for any business to succeed and achieve its goals. That’s why McKinsey focuses on helping its clients devise new strategies for managing the businesses and different processes worldwide.
The company works on 5Ps to ensure a seamless integration that helps the organization achieve its goals. The 5 Ps that the company focuses on people and culture, portfolio strategy, performance metrics, process and system, and positions and engagements. McKinsey has adopted certain core values that they stay glued to in order to achieve their purpose, no matter the circumstances.
McKinsey Vision Statement
McKinsey vision statement is to help create positive, enduring change in the world. The company’s vision signifies how focused the company is to provide transparent, clear, and scalable solutions that describe the purpose of the company, which revolves around introducing positive changes in the world with high endurance and revolutionary goals.
Through its efforts, the company wants to emphasize creating a change that matters the most. The organization wants to succeed in sensitive times, and it becomes important for them to adapt to the changes in the business and modify their business accordingly.
McKinsey offers the right platform to learn and adopt new changes that have helped the companies transform their business for the best. McKinsey does that by:
Embedding technology – The biggest revolution of modern times is technological development. McKinsey helps the company adapt to these changes and embed the same in their business operations, which eventually helps make the business a success. The company is focusing on providing seamless access to modern technologies like Artificial Intelligence, developing digital talent, and modernizing core technology.
Enhancing their enduring capabilities – The pandemic times has pushed the businesses to transform their business operations and come up with solutions which are far more responsive to the customers need. McKinsey pushes the companies to focus on these aspects and adapt to the changes. It plans to co-shoulder the company’s responsibility and help them step into the digital world with ease.
McKinsey Core Values
Mckinsey has been providing top-level services to many businesses all around the world with optimal solutions. But to do so, they have created three main core values, which define how they perform and what they are planning for the future.
After all, the business heads believe that unless they bring positive changes within the company, they cannot bring change in the world. So, for understanding McKinsey’s mission and vision more clearly, here are the three major core values that the company follows.
The very first core value followed by McKinsey is maintaining strict professionalism at all business levels. They have always put their clients’ needs ahead of theirs, without even sparing a glance at whether or not they will benefit anything from such decisions. Across all the offices established in different countries and continents, every employee, from junior to senior levels, is urged to follow proper ethics and set high standards.
Improving the clients’ performance and functioning
To improve their clients’ performance, McKinsey wants to follow the top-notch approaches towards business management. The company heads believe in a holistic approach, so they want to provide help from all directions to their clients. They also want to improve their clients’ functioning by helping them develop unique and innovative management approaches. Lastly, their values urge them to build business partnerships with others based on trust, sustainability, and scalability.
Creation of an unbiased environment
McKinsey wants to create an environment where one can help others develop and improve themselves without any biased decisions. They want to eliminate rivalry, which is one of the main causes of downfall. They want to declare themselves as “one firm” sometimes in the near future. In addition, they also are eager to embrace every perspective on a certain subject out of respect towards others.
Diversity & inclusion
The company also focuses on inclusivity and hiring people from different backgrounds. It works on a strong set of values, and it focuses on cultural diversity at the workplace by including people from different backgrounds. This eventually helps in creating a positive social impact on the people and society.
McKinsey has invested $20 million in research on diversity, inclusion, and equity, and all this to create an organization that offers exceptional services to its associated and outstanding workspace for the people. With the diverse workforce, the company has been able to cope up with the challenges and emerge as a winner. Besides, it also works for the incorporation of the latest technologies to make it one of the best companies.