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I am following professor Aswath Damodaran's blog since long. Professor Damodaran teach Corporate Finance and Valuation and is well known valuation guru. Here's the link to his blog -
Musings on Markets (aswathdamodaran.blogspot.com)
His writing and videos have been great source of knowledge for me and hence sharing with this group.
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McK, BCG and Bain don't track individual utilization. Part of it may be that these firms don't bill hourly. Your performance is judged based on your performance reviews for each case.
Very similar to McK. Dimensions for us are problem solving and insight, communication and presence, practicality and effectiveness, client relationship, team contribution, and role model. Formal case review for each project / every 4 months for long case. Bi weekly informal feedback with mgr. Development agreement at outset of each case prioritizing dimensions , identifying specific tactics to ensure development in those goals. 2x / year overall review with pre- and post- briefings with career coach. Aside from ratings and rack & stack, those reviews have a simple "on track for promo / promo timing."
Favoritism also sounds like it would play a role in staffing. Just curious OP - how does Deloitte do reviews?
We also do not measure utilization. It's the partners' job to sell work and create staffing opportunities, not the consulting staff. You can never be on the beach or rock it 3 months in one year and it won't affect your rating whatsoever. The beach is a beautiful thing that everyone, including leadership, strongly encourages you to enjoy. Also unique to Bain within MBB, we have a strict no-networking model. I work with our staffing manager when cases come up, and I am expressly told not to talk to managers or partners. It's a big deal if you try to work around the normal process and strongly discouraged.
So performance review is based on feedback from clients and managers?
We have EPRs (engagement performance reviews) at the end of each engagement. You're evaluated on 6 dimensions based on performance expectations for your tenure. Mid-year and year-end performance reviews take your EPRs, office contributions, and feedback from your team's into consideration.
Utilization has nothing to do with it (we don't even measure that), but not having enough meaningful work in any given review period will hurt you.
Nepotism? Meaning family members working together? That doesn't happen
OW doesn't measure utilization either. I didn't know it existed until I got fishbowl
I think utilization penalizes consultants for partners not selling business. Further it means consultants feel pressured to accept cases that don't meet their Development needs just to hit that target.
It also encourages you to not prioritize helping with firm initiatives, i.e., recruiting.
Can Deloitte leadership take notes of their process. I have found that feedback to the PPDs from our managers gets filtered through our counselors. Our counselors rarely see our work or professionally interact with us. So everything gets watered down. The scatter plot is a disaster in the sense that lower levels get essentially zero feedback on performance and what they need to improve. There is such a prioritization on utilization that you take projects you have no interest in and have no development opportunities. The resource (staffing) managers are worthless, so networking is everything, but at least in my experience if you try to network outside your service area you get the run-around at everything turn. Bain sounds like a dream compared to D
I would give my left nut to go to any of MBB.
teams*
Thanks McK1. What are those 6 dimensions? Just curious. And also, do you set the expectation in the beginning of the engagement of one of the 6 dimensions is more important to you for that particular engagement?
@OP yes certain cases may have more quant analysis or client interaction. If someone needs to work on specific qualities, they may get assigned a case with specific dimensions that help their career.
Thanks folks . This is very helpful.
But I'm curious that such a review is very prone to nepotism. How do you or your firms handle that ?
Mck1, you don't measure utilization but if you are not "utilized" you get dinged, right?
Importantly, I think the main reason it works well is that there is a strong culture around transparent feedback. The expectation is that you will get hard feedback daily or weekly, and be expected to improve tangibly and quickly. It is a hard adjustment coming from almost anywhere else.
Sorry I meant favoritism.