The Boston Consulting Group was an American global management consultancy firm founded in 1963. Its headquarters are in Boston, Massachusetts. It is part of the "Big Three" consultancy firms along with McKinsey & Company and Bain & Company. This article will provide information about BCG's history, its consulting expertise, and some of their benefits. Consider BCG's benefits and salary structure if you are interested in joining a highly-rated company.
Bain rose up the ranks of BCG
When he joined BCG in 1967, Bruce Doolin Henderson was a young, ambitious engineer with little business experience. He quickly rose in the ranks and was praised for his focus on detail and physical fitness. Bain eventually rose up to the position of vice-president where he was in charge of one of four divisions that contributed a large amount of the company's revenues. Bain had no business background but quickly rose to prominence at BCG. He was also considered the heir apparent of Bill Henderson, the founder of BCG.
After graduating from Vanderbilt University in 1959, Bain worked for a steel-fabricating company. Bain & Co. was established in 1973 by alumni after six years of service. Bain Capital was later founded by Bain in 1984. 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 (the founder of Boston Consulting Group) will use his expertise and insights to create the new Institute. The Institute will aid organizations to develop new ideas, approaches, and solve business problems. It will bear Henderson's name. It will be global and focus on the implications of key trends. It will study the intersection of innovation, strategy. For example the Institute will research the impact globalization has on 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 hired by the bank to establish a consulting department. He was able create his ideas and the Boston Consulting Group was born.
Travel schedule
BCG typically travels four days per week, Monday through Friday. Friday is the return to work day for BCG. Consultants spend time with managers, discussing how to maximize their weekends. After work, consultants may meet up with colleagues from BCG to enjoy happy hours. BCG consultants can expect to travel a lot, but Marriott offers Platinum memberships at their hotels. Although it may seem extreme, this schedule is very reasonable given the company’s dedication to training and developing.
The Boston Consulting Group employs over 12,000 people worldwide. It has received multiple awards for employee satisfaction and was recently named one of the 100 Best Companies to Work For in 2016 by Fortune magazine. They are looking for people who have the right combination of drive, curiosity, and collaboration. In the past, they have hired candidates for flexible jobs, including part-time, remote, and flexible schedule options.
BCG offers many benefits
BCG prides itself on its diversity. This is one of many advantages of working here. 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. Here are some examples:
The company pays for health insurance premiums for employees and compensates consultants for nonprofit work. It also pays a large part of the travel expenses of their consultant. The employees might have to travel to clients or may spend substantial amounts of their time in meetings. The work schedule of BCG consultants is varied but requires dedication, creativity, hard work and determination. BCG employees appreciate the flexibility in their work schedule.
FAQ
Why would a company employ a consultant to help them?
Consulting provides expert advice about how to improve your business performance. Consultants are not here to sell products.
A consultant is a person who helps companies make better choices by providing sound analysis, and making recommendations for improvement.
Senior management teams often have consultants working closely with them to help them understand their needs.
They offer coaching and leadership training to help employees achieve their highest potential.
They might advise businesses on how to reduce costs, streamline processes, or increase efficiency.
How much does it take to hire a consultant
Many factors go into determining how much it costs to hire a consultant. These factors are:
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Project size
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Time frame
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Scope of employment
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Fees
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Deliverables
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Other factors to consider include location, experience, and other considerations.
How much should you charge as a consultant?
It depends on what service you provide. It doesn't matter if you offer services at no cost. You must charge for services or products if you want to sell them.
If you offer low-quality services then you don’t have anything for sale. Why should anyone pay for your services?
If you are providing high-quality services, then you could ask for a higher price because people recognize the value you provide. Also, clients who purchase multiple packages from your company may get discounts.
What happens after the consultant completes the job?
After the consultant has completed the work, they will submit a final document detailing the results. This report details the project timeline, deliverables, as well any other pertinent information.
After that, you'll go through the report and decide if it meets your expectations. If you are not satisfied with the consultant's report, you have the option to ask for modifications or to terminate your contract.
What can I expect of my consultant?
You should hear back from your chosen consultant within a few days. They will typically ask for information about the company, such as its mission, goals. products and services. budget. After receiving this information, they will prepare a proposal outlining their scope of work, estimated timeline, fees, deliverables and milestones.
If everything goes as planned, then both parties will agree to a written contractual agreement. The type of relationship between them (e.g. employer-employee or employer-independent contractor) will determine the terms of the contract.
If all goes well, the consultant will start working immediately. The consultant will have access your internal documents and resources. Additionally, you'll have access their skills and knowledge.
Don't think that consultants are experts. It takes effort and practice to become an expert in whatever field you consult. Your consultant should not assume that they know everything about you business.
What type of contracts are available to consultants?
Most consultants sign standard employment agreements when hired. These agreements include details such as how long the consultant will stay with the client, what he/she can be paid, and other important information.
Contracts also specify which areas of expertise the consultant will focus on and how the consultant will be compensated. For example, the agreement may say that the consultant will provide training sessions, workshops, webinars, seminars, etc.
Sometimes, the consultant just agrees to complete certain tasks within a defined timeframe.
Many consultants also sign independent contractor agreement in addition and standard employment agreements. These agreements allow the consultant not only to work for himself/herself but also provide payment.
Statistics
- So, if you help your clients increase their sales by 33%, then use a word like “revolution” instead of “increase.” (consultingsuccess.com)
- According to IBISWorld, revenues in the consulting industry will exceed $261 billion in 2020. (nerdwallet.com)
- 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)
- 67% of consultants start their consulting businesses after quitting their jobs, while 33% start while they're still at their jobs. (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)
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How To
What Does A Typical Day For A Consultant Look Like?
The type of work that you are doing will affect the typical day. You'll spend your time researching new ideas and meeting clients.
You will often have meetings where you discuss issues and problems with clients. These meetings can be held over the telephone, online or face-to face.
Also, proposals are documents that outline your ideas or plans for clients. You'll need to discuss your proposals with a mentor, colleague, or friend before you present them.
After all the preparation, you'll need to start creating content. This could include writing articles, designing websites or editing photos.
It depends on the project's scope, you might need to do some research to collect relevant statistics. This could include finding out how many customers your company has and whether they purchase more than one product.
After gathering enough information, you can present your findings to clients. You can either present your findings in writing or orally.
Finally, you must follow up with clients after the initial consultation. For example, you might call them periodically to see how things are going or send emails asking them to confirm that they received your proposal.
Although this process can take time, it is important to stay focused and build good relationships with your clients.