What a Banker

mark2A London bond trader parks his brand new Porsche in front of the office to show it off to his colleagues. As he’s getting out of the car, a lorry comes speeding along too close to the kerb and takes off the door before zooming away.

A police car pulls up but before the policeman has a chance to ask any questions, the man starts to scream hysterically, “My Porsche, my beautiful silver Porsche is ruined. No matter how long it’s at the panel beaters it’ll simply never be the same again!”

After the man finally finishes his rant, the policeman shakes his head in disgust. “I can’t believe how materialistic you bloody bankers are,” he says, “You lot are so focused on your possessions that you don’t notice anything else in your life.”

“How can you say such a thing at a time like this?” sobs the boy banker, Porsche owner.

The policeman replies, “Didn’t you realise that your right arm was torn off when the truck hit you.”

The banker looks down in horror. “F***ING HELL!’ he screams……..”Where’s my Rolex???”

How Could McKinsey Turn Down Stame Reilly?

stame2Hi there, Stame here, once gain stepping forward to correct something the psychophantic Sherrington has said. How can anyone regard McKinsey as “the world’s best management consultancy”? In the early ‘80’s when I was forging a career in the corporate world (one that admittedly fizzled out shortly after but only because I never acquired a taste for licking arses) I was approached by McKinsey and asked to interview with them. Yes, they approached me, how cool was that? I had heard that they worked you pretty hard which was a worry but they also had the reputation for paying their people shed loads of dosh for a few years before releasing them back into a big client at a celestially senior level. I certainly fancied the extra cash but most especially I really liked the idea of avoiding ‘middle management’ and getting a fast track to the top.

So I plodded up to their offices in Mayfair where I was met by some Brigadier Ponseby-Smythe (or some such name), their head of recruitment. He looked like he’d come out of central casting for a British war movie – an upper lip so stiff you could lever a tyre off with it. He clearly had not got the memo that I’d been talent spotted and was distinctly frosty when I began by enquiring how much exactly they paid and would I be expected to work late? “We’ll get to that later” he said, “first you have to get through 7 rounds of interviews including IQ tests”.

Seven!!!!!! IQ tests!!!! I did not like the sound of this one bit. Sure enough we began with a 90 minute written test, which contained some very beastly maths and no offer of a calculator (I did ask). I was then marched off to some junior partner who proceeded to ask me how I would go about determining the efficiency of some nameless call centre. I hadn’t a clue – he had not exactly given me much information to go on and he seemed to smile as I attempted to ask a few apparently irrelevant questions like “Does this nameless company have some report by a management consultant I could read?”  “That is the point of the exercise” he said, “What information would you want to see in the report, how would you go about finding it, how would you test the validity and draw conclusions?” I suggested a few focus groups – I was a marketing boy after all – but this did not go down well and this first interview ended rather quickly.

Thankfully my next interview was with a senior partner and one who many years ago, by coincidence, had worked where I worked,  before being talent spotted by McKinsey, as of course I too had been. This augured well. He knew my boss – it was he who had put put my name forward so it turned out.

“Howard tells me you are one of his brightest managers” the Senior Partner said – it came across more as a challenge than an observation. Now my guard was up. I knew perfectly well that Howard thought I was utterly useless. He had hinted as much when he’d given me my last appraisal. “Stame, you are utterly bloody useless” he had said enigmatically. I also knew that Howard knew that I thought he was utterly useless. I’d never actually told him but he’d recognized my handwriting on the loo wall at the office.

So this was the game – Howard was trying to get rid of me by recommending me to his old mate at McKinsey. So what – there was still the chance of me getting a big fat salary and catching the career escalator all the way to the top floor if I joined McKinsey. I decided to ask the Senior Partner what I’d asked the Brigadier – how much exactly would they pay me, how many hours per week was normal, could I travel first class since the client was paying? Well I liked the sound of the salary and the perks but the workload sucked. 70- 80 hours a week? (I had to do a quick mental sum to check there were actually 80 hours in a week). Moreover, it turned out they were sticklers for details. Every number on a chart had to be spot on, no spelling mistakes, perfect graphics. Detail was never my strong point and my maths was pretty poor even with a calculator. I told him I was more of an ideas man – the kind of guy who could come up with a brilliant strategic insight on pure instinct alone. He smiled (rather patronisingly I felt) and asked for some examples. None immediately sprang to mind but I told him my last on-pack coupon promotion I ran had got very high redemption and it had been my idea not to put a closing date on it (it had come in so far over budget in fact that my boss Howard made me personally apologise to the Finance Director but I didn’t mention that).

After finshing with the Senior Partner I was taken back to the Brigadier. It was by now early evening (well past 5.00 pm anyway) and I was rather hoping to get away to meet some mates at a local west end pub for a few sherberts. So I was pleased when he told me he was not going to take long.

“Mr Reilly, we have concluded that management consultancy may not be the best career choice for you but we thank you for your interest in the firm”. And that was it – I’d been rejected after only the second of the seven interviews (and the IQ test). I had mixed feelings – the way you might feel if you saw a busload of Welshman driving over a cliff and then spot an empty seat. I was relieved because by now I was quite clear I did not fancy McKinsey one little bit but I was also annoyed that it was they who had turned me down and not the other way around.

So how can anyone say McKinsey are the best in the world if they passed over the chance to employ Stame?

Up yours and theirs

What’s Hot According to McKinsey? Nothing much.

mark1A while back I started using McKinsey’s Top 10 articles as a way seeing what is on the minds of senior business people, their clients and their readers one assumes. The boys in blue publish a lot of work but they give a summary every quarter of which 10 articles were most popular. Last year this was dominated by stuff about the crisis – cutting costs, leadership in turbulent times, how to plan when all your numbers are going south – that sort of thing. So I was interested to see what the hot topics were for the first quarter 2010 and relieved to discover that some sort of normality has returned.

Among the 10 most read articles by McKinsey clients are ones about:-

•    Building organizational capabilities
•    Strategic decision-making
•    Better innovation
•    Change management

In other words all the normal themes that McKinsey punt because it’s what they do. There are then a range of articles on such things as:-

•    Marketers’ use of behavioural sciences (I posted on this)
•    Family businesses
•    New use of Game theory in decision-making

Call me cynical but this is the normal McKinsey new business tool. They take the output of some recent projects and package it up as a “thought piece” to tout for some more projects (good idea if you already know the answers).  Or they take the output of a new piece of research so that some partners can make a name for themselves. These new business articles have hit the top 10 so there must be some fees to be had.

Finally there are a couple of topical articles on the internet and water conservation. Never let it be said that world’s biggest and best management consultancy do not have their finger on the pulse – digital and green – two things every CEO wants to look as if they understand and care about but probably don’t. Hot, hip and happening – that’s McKinsey.

Despite the cynicism I do actually have the highest regard for McKinsey based on my dealings with them. Their people are very smart and they have the most disciplined and coherent company culture I have ever seen.

But back to the point. Judging by their top 10 Articles so far this year, things seem to be getting back on to an even keel.  As we slowly emerge from the biggest slump in living memory CEO’s can get back to figuring out the best way to make strategic decisions, structure or change their business accordingly and develop new products. The enduring themes that have kept McKinsey in business for many years. Phew – that’s alright then!

PS I have often wondered why it is that with all the thousands of articles and books on strategy, decision-making, innovation and leadership most businesses are pretty poor at all of them. They succeed, most often, because they are good operationally not because they put any of this best practice into practice. In fact, as I have commented before, if all business books aim to give us competitive advantage and we can all read them how can there be any competative advantage? Again as I have said before, I suspect most business people read business books and articles for the same reason that we read romance or adventure novels.

It’s an escape from real life.

Thursday’s Jokes from Stame

stame2I just don’t seem to be able to shake off this impression that I’m a misogynist (even though I was christened Methodist). So here are some jokes for the ladies – in fact they are jokes from the ladies.

Why did god make woman after man?
You need a rough copy before the final draft.

Dear Lord, I pray for wisdom to understand my man, love to forgive him and patience for his moods. Because Lord, if I pray for strength, I’ll beat him to death.

Why do little boys whine?
They’re practicing to be men

What does it mean when a man is in your bed grasping for breath and calling your name?
You need to hold the pillow over his face for a bit longer

Why do men become smarter during sex?
They’re plugged into a genius

Why did God bother to make men at all?
Because vibrators can’t mow the lawn.

A man calls from the laundry room to his wife: “What setting on the washing machine do I use for my sweat shirt”
The wife shouts back, “What does it say on the shirt?”
“Adidas” he replies – and they say blonds are dumb.

The husband steps out of the shower and jokes “It’s so hot today I think I’ll stay naked. What do you think the neighbours will say?”
“That I married you for your money”

Up yours, Stame