Fortune spoke with Katy George, McKinsey & Company’s chief people officer, regarding the impact of prevailing labor market trends on the consulting firm’s talent strategy. With a 27-year tenure at the company and a Ph.D. in business economics from Harvard University, George offers insights into the current state of the job market.
In this article, I want to provide an overview of the key insights from the short article and expand on some statements that have been made.
McKinsey is expanding its hiring pool
In response to prevailing labor market trends, McKinsey & Company has taken proactive measures to adapt its talent strategy. As the demand for diverse skill sets and specialized expertise increases, McKinsey has recognized the need to broaden its sources of talent beyond traditional schools. In an effort to expand its pool of potential candidates, the company is actively recruiting at all levels of its organization, not just entry-level positions.
Moreover, McKinsey is pivoting its focus from pedigree to potential, emphasizing the importance of talent over educational background. The company has expanded its recruitment efforts to encompass a wider range of schools, from originally 700 to currently sourcing from approximately 1,500 institutions with plans to reach 5,000. By doing so, McKinsey is contributing to the “paper ceiling” movement, which advocates for the recognition of talent and potential over educational pedigree.
Furthermore, McKinsey is leveraging digital tools and innovative assessment methods to evaluate candidates, enabling the company to identify and recruit top talent from a wider pool of candidates. As the labor market continues to evolve, McKinsey is committed to remaining agile and adaptive, ensuring that it can continue to attract and retain the best talent in the industry.
The Solve Game helps McKinsey react to labor market trends
In terms of new talent recruitment, McKinsey & Company has expanded its search beyond traditional sources, including the exploration of historically black colleges and universities (HBCUs). However, the company is increasingly looking to attract tech talent in new and innovative ways, such as through digital hackathons and other initiatives.
McKinsey has also developed a video game called Solve, which has been tested for several years and allows candidates to demonstrate their problem-solving capabilities without the need for the same level of preparation and insider understanding required for a McKinsey case interview. The game provides an opportunity to evaluate potential candidates in a more accessible and inclusive way without the need for prior knowledge of business terms or practices.
Moving forward, McKinsey plans to utilize more of these innovative approaches to talent recruitment, allowing the company to identify and attract top talent from a wider range of backgrounds and experiences. By expanding its recruitment efforts beyond traditional methods, McKinsey is committed to building a diverse and inclusive workforce that can provide the expertise and skills required to meet the evolving needs of its clients.
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The Impact of the Solve Game
Since its inception, Solve, McKinsey & Company’s video game-based approach to recruitment, has yielded promising results. The game has been successful in reaching a wider pool of potential candidates, including those who may have previously lacked access to traditional recruitment channels. It has been developed in partnership with Imbellus (now part of Roblox).
Through Solve, McKinsey has been able to connect with candidates from a diverse range of backgrounds and experiences, enabling the company to identify and recruit top talent from a more inclusive pool of applicants. The game’s accessibility has also been a key factor in its success, as it allows candidates to demonstrate their problem-solving skills without the need for prior knowledge of business terminology or practices.
According to Katy George, chief people officer at McKinsey & Company, over 150,000 candidates have used Solve since its launch two years ago. While the number of hires resulting from the game is currently undisclosed, the significant number of candidates who have engaged with the platform is indicative of its success in reaching and engaging with a broader talent pool.
Furthermore, Solve has enabled McKinsey to identify candidates with a diverse range of skills and expertise, including those with a background in technology, which has become an increasingly important area of focus for the company. By leveraging innovative approaches to recruitment, such as Solve, McKinsey is committed to building a workforce that is not only diverse and inclusive but also equipped with the skills and expertise required to meet the evolving needs of its clients.
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