Bob Sternfels, Global CEO of McKinsey, Discusses Strategies for Mexico’s Economic Growth
Bob Sternfels, the global CEO of McKinsey & Company, recently visited Mexico City to lead a meeting with McKinsey partners and clients across Latin America. With a background in history and water polo, Sternfels brings a unique perspective to the role of consulting firms in shaping business strategies and fostering talent development.
McKinsey’s Focus on Talent Acquisition and Diversity
McKinsey, a renowned consulting firm with over 40,000 employees in 54 countries, is constantly evaluating its talent acquisition methods. Sternfels emphasizes that the firm seeks not only top academic performers but also individuals who have overcome challenges, demonstrated adaptability, and excelled in team settings. Only 17% of McKinsey’s hires hold an MBA or similar advanced degrees, with some coming from non-university backgrounds.
Mexico’s Potential for Growth
Marina Cigarini, McKinsey’s CEO in Mexico, highlights that the firm’s Mexico City office serves as a talent incubator, employing professionals from 18 different nationalities. Sternfels aims to elevate McKinsey’s role in Mexico’s development, contributing to a 5% annual growth rate instead of the current 1-2%.
Leadership and Navigating Uncertainty
Sternfels acknowledges Latin America’s unique advantages, such as a large proportion of its population under 40 and the prevalence of family-owned businesses with long-term visions. These companies are less focused on short-term gains, which Sternfels believes leads to better long-term performance.
McKinsey’s Role in Energy and Climate Change
As McKinsey approaches its 100th anniversary, the firm reflects on its purpose and values. Sternfels addresses criticisms regarding McKinsey’s work with energy sector clients, arguing that the firm contributes to making energy more affordable, clean, and secure. He asserts that improving energy company efficiency is crucial for addressing global energy challenges.
The Value of Expertise and Data Interpretation
McKinsey prides itself on its expertise and data-driven approach, integrating diverse teams to provide comprehensive insights for clients. The firm invests over a billion dollars annually in generating knowledge on critical topics, such as women’s health. McKinsey acknowledges the increasing scrutiny of experts’ roles but remains committed to defending the value of expertise in solving complex problems.
Key Questions and Answers
- What is McKinsey’s primary goal for Mexico’s growth? McKinsey aims to contribute to Mexico’s annual growth rate of 5%, up from the current 1-2%.
- How does McKinsey approach talent acquisition? McKinsey seeks not only top academic performers but also individuals with diverse backgrounds, adaptability, and teamwork skills.
- What advantages does Latin America have for business growth? Latin America boasts a large young population and family-owned businesses with long-term visions, focusing less on short-term gains.
- How does McKinsey respond to criticisms about its work with energy sector clients? McKinsey argues that its role is to improve energy company efficiency, making energy more affordable, clean, and secure.
- What is McKinsey’s stance on the role of experts in today’s world? McKinsey remains committed to defending the value of expertise in addressing complex problems, acknowledging the need for humility when mistakes are made.
