Bain & Company Hey all,
I have upcoming case interviews as a compensation/rewards consultant with MBB+. Does anyone have any prep materials or recommendations on case interviews specific to rewards/compensation? Everything else I’ve come across has been specific to profits/business expansion/growth. Mercer McKinsey & Company Bain & Company Boston Consulting Group Willis Towers Watson
Interested to understand more about this as well. I would assume this is an internal compensation role. Don’t forget when you’re working in Compensation, your role is related and focused on Compensation that falls within the domain of HR. I see profits/business expansion/growth and have a hard time corresponding the day-to-day activities from a compensation consultant to be focused on these priorities. I would not worry about preparation aside from studying HR data and brushing up on some algebra. You may have to propose a direction forward, but do not think it is focused on the priorities you’ve mentioned. Rather, I would brush up on workforce solutions to workforce related issues. Best of luck!
I agree with your assessment… these are basic understandings and definitions… if they were to ask you to prepare a Deck after they’ve provide an excel with a data set, I do think what you’ve mentioned will be included in the case, but you’ll want to look at additional insights on how you can create different views based on metrics like LOB, FLSA status, Region, Level/Grade/Band, etc. In a case you’re solving workforce solutions, not working with the workforce analytics team of your business. Although, when you get the role, depending on the size of your business you may wear the analytics hat, or have to work closely with the analytics team for data, aggregates, etc. Your definitions are very jargon heavy and do not think they apply to all scenarios.
Annual comp adjustments are not formula driven lol. This is a statistic that goes around various industries: Life sciences, High Tech, Financial Services, etc. In 2021 the Annual Comp adjustment on average was 3-4%. This year based on aggregated survey data from vendors like WTW, Mercer, & McLagan/Radford you’re seeing annual compensation adjustments around 3.5-5%, with most companies conceding towards providing 4-4.5% increases. You can say that the compensation amount is affected by performance if your company’s Compensation Philosophy is defined as a Pay for Performance philosophy, which is not P4P, and is around your annual budget that your group is funded. I like your definition for Variable Comp, but it could be hard for someone to understand that’s not within Comp. Overall, I think this should be helpful to the readers, thanks for chiming in!!
They hire compensation consultants at MBB?