The Boston Consulting Group was an American global management consultancy firm founded in 1963. Its headquarters are in Boston, Massachusetts. It is one of three "Big Three", along with McKinsey & Company, Bain & Company, and McKinsey & 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 through BCG's ranks
Bruce Doolin Henderson was an ambitious, young engineer who had very little business experience when he joined BCG back in 1967. He quickly rose up the ranks and was recognized for his dedication to detail and good health. Bain rose to the rank of vice president and was responsible for one of four divisions which accounted for a large percentage of the firm's revenue. Bain came from a small business background and quickly rose in the ranks at BCG. He was considered the heir-apparent to Bill Henderson.
Bain began his career at a steel-fabricating plant after graduating from Vanderbilt University on May 29, 1959. After six years at the firm, he raised funds through alumni and established Bain & Co. in 1973. Bain Capital was later founded by Bain in 1984. Bain's contributions are difficult to imagine without them. This article will not replace Bruce Henderson, the founder of the firm's advisory and research services.
Bruce Henderson, Founder.
The Founder of Boston Consulting Group, Bruce Henderson, will use his insight and experience to create a new Institute. The Institute will aid organizations to develop new ideas, approaches, and solve business problems. It will bear Henderson's name. It will have a global focus and analyze the implications major trends. It will be a research institute that focuses on the intersection between strategy and innovation. For example, it will examine the impact of globalization in traditional industries like healthcare.
Bruce Doolin Henderson was a long-standing consultant who worked for Arthur D. Little, one the oldest management consulting firms. After his frustrations, he approached the CEO at Boston Safe Deposit and Trust to discuss his problems. Henderson was appointed to lead a new consulting unit within the bank. He was able develop his ideas which led to the creation of the Boston Consulting Group.
Travel schedule
BCG's typical travel schedule covers four days per week, Monday to Friday. The firm is back in office on Friday, when consultants spend time connecting with managers to figure out how to best use their weekends. After work, BCG consultants might meet up for happy hour with their colleagues. BCG consultants should expect to be on a strict travel schedule. But, Marriott also offers Platinum memberships for their employees. It may sound harsh, but this is actually quite reasonable when considering the company’s commitment to training.
The Boston Consulting Group, a global management consulting company with over 12,000 employees around the globe, is part of The Boston Consulting Group. It has won numerous awards for employee happiness and was recently named by Fortune magazine as one of 100 Best Companies to Work For in 2016. The company is looking for candidates with the right mixture of curiosity, drive and collaboration. They have previously hired candidates for flexible positions, including remote and part-time jobs.
BCG has many benefits
BCG is proud for its diversity. 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 provides a range of programs to encourage employees and to build community. These are just a few examples of such programs.
The company also pays for the premiums of health insurance for employees. It also compensates consultants for their work in non-profit organizations. It also pays for a large share of their consultants' travel expenses. Sometimes employees have to travel for clients or spend substantial time in meetings. While the work of a BCG consultant can be varied, there is no denying the fact that it requires hard work, dedication, creativity and hard work. BCG employees love the flexibility of their work schedule.
FAQ
What are some of the advantages to being a Consultant?
As a consultant, you can usually choose when you work and what you work on.
This means you can work whenever you like and wherever you wish.
You also have the freedom to change your mind at any time without fearing losing your money.
Finally, you can control your income and set your own schedule.
Who hires consultants?
Many businesses hire consultants to assist them with their projects. These include small businesses, large companies, government agencies and non-profits.
Some consultants work directly with these organizations while others freelance. In either case, the hiring process varies depending on the size and complexity of the project.
Many rounds of interviews are required when hiring consultants. Then, the final decision will be made about who you believe is best for the job.
What is the real value of consulting?
Consulting isn't just a career option for those who want to earn quick money. It's also a great place to gain valuable skills and build a foundation you can use in your future work.
There are many opportunities for consulting, including project management, strategy, training and leadership. Projects could include small start-ups or large international corporations.
Consulting offers you the chance to improve and sharpen your skills as well as gain valuable experience across a range industries. This could mean learning to manage teams, negotiate contracts, write proposals, manage budgets, analyze data, create presentations, conduct market research, and much more!
What type of jobs can a consultant do?
Being a consultant will require you to have a solid understanding of business strategy as well as operations. You must also understand how businesses operate and how they fit into society.
Consultant work requires excellent communication skills and the ability to think critically.
Because consultants may be required to perform different tasks at different times, they must be flexible. They should be able change direction quickly, if required.
They must be willing to travel for their clients. This type of work can take them all over the world.
They also need to be capable of handling stress and pressure. Sometimes consultants are required to meet tight deadlines.
Consultants may work long hours. You may not get overtime pay.
Can you run a business consulting from your home?
Absolutely! Actually, this is what many consultants already do.
Many freelancers work remotely via tools such as Skype, Trello and Basecamp. Many freelancers set up their own office space to avoid missing out on company perks.
Some freelancers prefer to work at libraries and cafes instead of traditional offices.
And others choose to work from home because they enjoy being surrounded by their children.
While working remotely has its advantages, it also comes with some disadvantages. If you love your job, working from home is definitely something worth looking at.
What happens after the consultant has finished the job?
After the consultant finishes the work, s/he will send a final report outlining the results. This report includes the deliverables and project timelines.
Then, you'll review the report and decide whether the consultant met your expectations. If the report does not meet your expectations, you have two options: to request changes or to terminate the contract.
What type of contracts are available to consultants?
When consultants are hired, they sign standard employment agreements. These agreements specify how long the consultant will be working for the client and what he/she will be paid.
Contracts will also outline the areas of expertise and compensation for the consultant. A contract may state that the consultant will deliver training sessions or workshops, webinars, seminars and other services.
Sometimes the consultant will simply agree to complete a task within a certain timeframe.
Many consultants sign independent contractor arrangements in addition to standard employment contracts. These agreements allow the consultant freedom to work without being paid.
Statistics
- Over 62% of consultants were dissatisfied with their former jobs before starting their consulting business. (consultingsuccess.com)
- 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)
- On average, your program increases the sales team's performance by 33%. (consultingsuccess.com)
- 67% of consultants start their consulting businesses after quitting their jobs, while 33% start while they're still at their jobs. (consultingsuccess.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 to find the best consultant
It is important to first ask yourself what you expect from a consultant when searching for one. You should know exactly what your expectations are before you start searching for someone. A list of what you expect from a consultant is helpful. This might include skills such as project management, professional expertise, communication, availability, and technical skills. After you have outlined your requirements, you might want to ask friends and colleagues for recommendations. Ask them about their experiences with consultants and compare their recommendations to yours. If you don't have any recommendations, try doing some research online. You will find many websites such as LinkedIn, Facebook Angie's List, Indeed and Indeed where people can leave reviews about their past work experiences. Consider the ratings and comments of other candidates and use these data to start your search for potential candidates. After you've compiled a list of potential candidates, it is time to reach out to them and schedule an interview. Talking through your requirements during the interview is a good idea. Ask them questions about how they can assist you in achieving those goals. It doesn’t matter who recommended them to you, just make sure they understand what you are trying to achieve and how they can help.