McKinsey Leadership Seeks to Enhance Mexico’s Economic Growth
Bob Sternfels, the global head of McKinsey & Company, has posed a crucial question: “What are we doing to ensure Mexico grows much more than 1% or 2% annually?” Sternfels believes that achieving higher growth involves tackling challenges in energy, healthcare, infrastructure, and human capital.
McKinsey’s Talent Acquisition Strategies
Sternfels, with a background in history and water polo, leads McKinsey, a renowned consulting firm employing over 40,000 people across 54 countries. He emphasizes the importance of expanding their talent pool and shares insights from water polo to business competitiveness. “In water polo, many determining factors occur underwater,” he explains. “It’s a demanding sport where you can’t give up, and a well-integrated team always outperforms one built around a single star.”
McKinsey is constantly reevaluating its talent selection methods, asking, “Are we hiring the best? Are those who applied and had a fair chance to compete for positions at McKinsey the best candidates?” Sternfels notes that their focus has shifted from hiring top graduates from prestigious universities to individuals who have overcome life challenges, possess learning agility, and excel in teamwork. Only 17% of McKinsey’s hires hold MBA or similar degrees, with some not having attended university.
McKinsey’s Role in Mexico’s Development
Marina Cigarini, McKinsey’s CEO in Mexico, states that their Mexico City office is a talent incubator, employing professionals from 18 different nationalities. Sternfels aims to work with clients to elevate Mexico’s growth from 1-2% to 5% annually, focusing on sectors like healthcare, infrastructure, energy, and labor market development.
Latin America’s Unique Advantages
Sternfels’ fascination with Latin America has led him to visit the region 18 times in four years. He believes the region’s demographic advantages, such as a high percentage of people under 40, will increase its global importance. Latin American leaders are skilled at navigating uncertainty and volatility, allowing them to enter new markets and take risks where others are defensive.
Addressing Criticisms and McKinsey’s Role
McKinsey, approaching its 100th anniversary, reflects on its identity and purpose. They acknowledge mistakes, learn from them, and defend their accomplishments. Their review of opioid-related work led to protocol adjustments, and they argue with data against critics who claim their energy sector work worsens climate change. McKinsey asserts that reliable, affordable energy is crucial and contributes to improving energy company efficiency.
McKinsey’s Expertise and Criticism
As a consulting firm associated with experts, McKinsey generates data and helps interpret it. They form diverse, multidisciplinary teams to address clients’ concerns and global issues. McKinsey invests over a billion dollars annually in generating knowledge on critical topics, such as women’s health. They acknowledge increased scrutiny of experts’ roles but remain committed to humility when mistakes occur and firm defense of expertise in solving complex problems.
Key Questions and Answers
- What is McKinsey’s goal for Mexico’s growth? McKinsey aims to help Mexico grow 5% annually instead of the current 1-2%, focusing on sectors like healthcare, infrastructure, energy, and labor market development.
- How does McKinsey approach talent acquisition? McKinsey prioritizes individuals who have overcome life challenges, possess learning agility, and excel in teamwork, rather than solely focusing on top university graduates.
- What unique advantages does Latin America offer? Latin American leaders are skilled at navigating uncertainty and volatility, enabling them to enter new markets and take risks where others are defensive.
- How does McKinsey address criticisms? McKinsey acknowledges mistakes, learns from them, and defends its accomplishments. They argue with data against critics who claim their energy sector work worsens climate change, asserting that reliable, affordable energy is crucial.
- What is McKinsey’s stance on expert roles in problem-solving? McKinsey remains committed to humility when mistakes occur and firmly defends the role of experts in solving complex problems, encouraging diverse perspectives within their meritocratic organization.
