The Boston Consulting Group is an American management consulting firm. It was founded in 1963 in Boston, Massachusetts. It is one the "Big Three" consulting companies, alongside McKinsey & Company (Bain & Company) and McKinsey & Company. This article will cover the history of BCG, its renowned consulting skills and the many benefits that come with working at BCG. BCG's travel schedule, salary structure and benefits are all factors to consider if you're looking for a job at a highly rated company.
Bain rose through BCG ranks
Bruce Doolin Henderson, a young and ambitious engineer who had no business experience, joined BCG in 1967. He quickly rose through the ranks and gained recognition for his attention to detail and physical fitness. Bain eventually rose to the level of vice-president and headed up one of four divisions that accounted for a large portion of the firm's revenues. Bain was a novice in business, but he quickly rose to prominence and was considered an heir obvious to Bill Henderson.
Bain was a worker for a steel-fabricating firm after he graduated from Vanderbilt University's 1959 class. Bain & Co. was established in 1973 by alumni after six years of service. Later, in 1984, Bain started Bain Capital. Bain's contributions make it difficult to see how he rose up the ranks of Boston Consulting Group. This article is not intended to replace the advice and work of Bruce Henderson, founder of the firm.
Founder Bruce Henderson's insights
Bruce Henderson is the founder of Boston Consulting Group and will use his experience and insight to create a new Institute. The Institute, named after Henderson, will assist organizations in developing new ideas and solutions to their business problems. It will have a global focus and analyze the implications major trends. It will study the intersection of innovation, strategy. For example, the Institute will study the impact of globalization on traditional industries, such as healthcare.
Bruce Doolin Henderson, a long-standing consultant, worked at Arthur D. Little. This is one of the oldest management consultancy 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 launch a consultancy division within the bank. He was able, through his own ideas, to create the Boston Consulting Group.
Travel schedule
A typical BCG travel schedule is four days a week, Monday to Friday. Friday is the return to work day for BCG. Consultants spend time with managers, discussing how to maximize their weekends. They might enjoy happy hours with other BCGers after work. 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. The firm has won multiple awards for employee satisfaction, and Fortune magazine recently named it 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. They have employed candidates in the past for flexible jobs including remote, part-time, and flexible schedules.
BCG has many benefits
BCG is proud for its diversity. Employees of diverse backgrounds contribute to innovative solutions. But in order to achieve this diversity, individuals must feel included and free to express their ideas. BCG offers many programs to encourage employees' opinions and foster a sense of community. Here are some examples.
It pays for employee health insurance premiums and compensates consultants who do non-profit work. It also pays a large portion of their consultants' travel expenses. Sometimes employees have to travel for clients or spend substantial time in meetings. BCG consultants have a varied work schedule, but it does not mean that they aren't hard-working, creative, and dedicated. Many BCG employees enjoy the flexibility offered by the work schedule.
FAQ
Why hire consultants?
There are many factors that could lead to you hiring consultants.
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A specific project or problem may be a challenge for your company.
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You want to improve your own skills or learn something new
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You'd like to work in conjunction with an expert in a specific field
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You have no other choice but to do the job.
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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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It's impossible to afford to hire someone full-time.
A word of mouth referral is the best way you can find a competent consultant. Ask your network if they are aware of any credible consultants. Ask someone you already know to recommend a consultant.
If you choose to use online directories such LinkedIn, make sure to use the "Search People” function to locate consultants in your area.
Do I have to pay tax on consulting income
Yes, you will need to pay tax on your consultancy profits. It depends on how much income you make per year.
If you're self employed, you can deduct expenses beyond your salary.
But, interest payments on loans, vehicle and equipment depreciation will not be allowed to be deducted.
Only 25% of your expenses can be claimed back if you make less than PS10,000 annually.
You might be taxed even if you make more than the threshold depending on whether your income is contractor or employee.
The tax system for employees is PAYE (pay-as-you earn), while VAT is applied to contractors.
What industries employ consultants?
There are many types of consultants. Many consultants specialize in a particular type of business. Others may be more focused on multiple types.
While some consultants only work for private companies, others represent large corporations.
And some consultants work internationally, helping companies all over the world.
What skills are necessary for consulting?
A consultant should have strong analytical skills as well as interpersonal skills. This is important because you are working on projects where you may not know exactly what you are doing. You must learn how to manage people and solve problems quickly.
A strong communication skill is also necessary. Most clients expect a reply within 24 hours. If they don't hear anything, it is likely that they aren't interested in you. It is crucial that you keep them up to date and make sure they know what's happening.
How much should a consultant charge?
It depends on what you are offering. It doesn't matter if you offer services at no cost. You must charge for services or products if you want to sell them.
You don't have any products to sell if you provide low-quality services. Why should anyone pay 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.
What qualifications do you need to be a consultant?
It is not enough to have an MBA degree. You must also have experience as a consultant. Two years experience should be gained in consulting or training for a major corporation.
You will need to have worked closely alongside senior management teams in order to develop strategy projects. This means you'd have to be comfortable presenting ideas to clients and getting buy-in.
Additionally, you will need to pass a professional qualification such as the Chartered Management Institute Certified Management Consultant (CMC).
Is it possible for a consulting business to be run from home?
Absolutely! This is something that many consultants do already.
Most freelancers work remotely using tools like Skype, Slack, Trello, Basecamp, and Dropbox. They often create their own office space so they don't miss out on company perks.
Freelancers might prefer to work in libraries or cafés, rather than traditional offices.
Some people choose to work from their home because they like being close to their children.
While working remotely has its advantages, it also comes with some disadvantages. It is worth it if you love your work.
Statistics
- On average, your program increases the sales team's performance by 33%. (consultingsuccess.com)
- Over 62% of consultants were dissatisfied with their former jobs before starting their consulting business. (consultingsuccess.com)
- Over 50% of consultants get their first consulting client through a referral from their network. (consultingsuccess.com)
- According to IBISWorld, revenues in the consulting industry will exceed $261 billion in 2020. (nerdwallet.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)
External Links
How To
What does a typical day look like for a consultant?
Depending on what type of work you do, your typical day may vary. But, in general, you will spend your time researching, planning and meeting new clients.
You will have many meetings where clients and you can discuss their issues. These meetings may be over the phone via email, on-line, or face-to–face.
The proposal is a document that outlines your ideas and plans to clients. These proposals will be presented to clients by you and a mentor.
After all the planning and preparation, you will have to produce some content. For example, you could be writing articles, designing websites, creating videos, editing photos, or conducting interviews.
You may need to conduct research depending on the scope of your project to find relevant statistics and figures. You might need to determine how many customers you have, and whether they buy more than one product.
Once you have all the information needed, it is time for clients to see your findings. You may give your findings orally or in written form.
You must also follow up with clients following the initial consultation. You might contact them regularly to check on their progress or send them emails to confirm they have received your proposal.
This is a long process that can take some time. However, it is crucial to stay focused and to maintain good relationships.