McKinsey & Company UK: Role & Scope of HRM - HNC Business (2018-19)

This presentation provides an overview of Human Resource Management (HRM) practices at McKinsey & Company UK, focusing on how HRM supports the company's business functions by resourcing talent and skills. It evaluates the effectiveness of key HRM elements, including workforce planning, recruitment and selection, training and development, performance management, reward systems, employee relations, and flexible working practices. The presentation also discusses McKinsey's approach as an employer of choice, key employment legislations, and the rationale for appropriate HR practices, concluding that effective HRM sustains resources, promotes employee growth, and enhances productivity for competitive advantage. References to various academic sources and McKinsey's website are included to support the analysis. Desklib provides access to similar solved assignments and study resources for students.

HUMAN RESOURCE MANAGEMENT
OF MCKINSEY AND COMPANY, UK

OVERVIEW OF MCKINSEY AND COMPANY
 Type- Incorporated partnership
 Industry- management consulting
 Operates in 127 locations
 Deals in providing assistance to the clients regarding
data and insights, advanced analytics, designing
capabilities and range of software solutions
 Revenue- $10 billion according to the annual revenue of
2018
 Number of employees- 27000
 Competitors- Boston Consulting Group, Bain & Company
 Organizational structure- partnership
 Organizational culture- protecting the interests of the
clients, high ethical standards, preserving confidence of
the clients and management of the cost effective
resources

PURPOSE OF HR FUNCTION IN MCKINSEY AND
COMPANY
 HRM helps McKinsey and Company to manage
the human resources, that is, the staffs
 HRM is needed in terms of ensuring that the
coordination between the staffs is maintained
 Management of the human resources enables
McKinsey and Company to attain competitive
advantage over the contemporary brands
 Communication between the departmental
units helps in averting conflicts
 Negotiations with the union members supports
McKinsey and Company to seek innovative
means for enhancing the efficiency in the
business processes
 HRM helps in the maintenance of employee life
cycle starting from recruitment and selection
to the termination

KEY ROLES AND RESPONSIBILITIES OF HR
FUNCTIONS IN MCKINSEY AND COMPANY
 Assessment of the resources with the identified
and specified goals
 Establishing contact with the research and
development team for adding innovation in the
business processes
 Conducting counselling sessions for the
employees for gaining an insight into their
needs, demands and requirements
 Adopting change management theories and
models
 Constructing plans for training the employees
 Understanding labour laws and ethics

APPROACHES TOWARDS WORKFORCE PLANNING
 Strategic planning towards recruitment and
selection
 Practical tests and interviews for selecting the
candidates
 Planning for the training programs-
development, motivation and retention
 Post training tests
 Seeking change management theories and
models for generating value within the HR
functions
 Linking the talent strategy and value agenda
 Preparing strategies based on the statistical
analysis of the data related to the performance
of the employees
 Capability building programs are organized for
making them flexible towards the required

APPROACH TOWARDS RECRUITMENT AND
SELECTION Advertisements regarding the vacancies
 Application- (cover letter, CV/resume)
 Shortlisting the prospective candidates
 Interviewing the shortlisted candidates
 Training
 Post training tests
 Placement
 Monitoring the performance
 Performance review, management and appraisals

APPROACH TO TRAINING AND
DEVELOPMENT Primary goal- ensure the growth and development of the employees
 Capacity building programs- enhances the skills, mind set and behaviour
of the employees
 Adult learning programs
 Technological training programs

APPROACH TOWARDS PERFORMANCE
MANAGEMENT
 Formal and informal process
 Supports in aligning the employees, resources and systems with the strategic
objectives
 Dashboard is reviewed and upon detecting problems, warning is issued for
making the necessary changes
 Scoring for the performance exposed by the employees
 Feedbacks

REWARD SYSTEMS
Non-monetary rewards
 praise from the managers
 Leadership attention (one to one discussions)
 Opportunities for leading the projects and tasks
Monetary rewards
 Cash bonus
 Increments in the basic gross pay
 Exhibition of the stock or stock options

APPROACH AND EFFECTIVENESS OF EMPLOYEE
RELATIONS AND EMPLOYEE ENGAGEMENT
 Introducing lucrative schemes and offers for achieving satisfaction of the
employees- health insurances, telecom and technology
 Non-monetary offers- promotion, community projects, stress busters, breaks
 Team hurdles
 Socializing
 Monitoring through presentation and group discussions

FLEXIBLE WORKING PRACTICES
 Flexible working shifts at the stores
 Rating the mechanisms of the performance of the employees
 Risk assessment for ensuring safety of the workers
 Zero hours contracts and lower contracts
 Revision in the wage provisions
 Transparency in the teamwork
 Market research for incorporating latest technologies in the business
activities

EMPLOYER OF CHOICE
 Job security
 Empowerment and authority
 Respecting the viewpoints of the employees
 Learning and development programs for levying opportunities for growth
 Levying access to information
 Commitment towards the allocated duties and responsibilities
 Effective means of negotiation for averting the conflicts
 Work life balance