Interviews
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KPMG’s Restructuring Services group just got a lot stronger. On July 16, KPMG acquired Grant Thornton’s supply chain advisory practice, effectively doubling the size of its core restructuring team and broadened its service offerings.
- »One on One with Ed Hess
Grow or Die. It’s probably the most common business axiom, and the least accurate, according to the new book “Smart Growth: Building an Enduring Business by Managing the Risks of Growth” (Columbia Business School Publishing). To better understand the book’s implications for firms, Consulting’s One-on-One sat down with the book’s author, Ed Hess, a former Arthur Andersen strategy consultant and current professor at the University of Virginia's Darden Graduate School of Business.
- »One on One with Summit's David Litherland
When prospective employees interview for a job, they obsess over making a good, lasting impression. Firms should do the same. To learn how firms can avoid typical pitfalls, Consulting’s One on One sat down with David Litherland, managing partner of Summit Search Group, an executive search firm specializing in placing professionals within professional service firms.
- »One on One with PwC's Tom Craren
Senior executives are becoming immune to traditional marketing. Marketing consultants tell us that to pierce through the white noise of corporate communication, firms should consider “content marketing”. Instead of more traditional marketing, providing valuable insight and perspective in a blog or electronic newsletter can serve as a more effective door opener. One of the best examples is PricewaterhouseCoopers’ “10-Minute” series. For almost three years, PwC has boiled down complex thought leadership into small electronic pieces an executive can read in about ten minutes. To learn more about PwC’s marketing efforts, Consulting’s One-on-One sat down with Tom Craren, the firm’s brand strategy and thought leadership leader. His team of 20 writers produces between two to three 10-minute pieces each month, along with more detailed white papers.
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10
15
2009
»One on One with Point B's EJ Blanchfield
 As the economy improves, most consulting firms will brace themselves for a spike in staff attrition. Firms that have sacrificed firm culture and employee satisfaction in the hopes of driving greater profitability during the downturn, probably have the most to fear. Other firms, like Seattle-based Point B Solutions Group, who have remained focused on retention efforts throughout the downturn, probably have less to worry about. To find out more about why Point B has one of the profession’s lowest rates of employee attrition, Consulting’s One-on-One sat down with the firm’s Chief People and Talent Officer E.J. Blanchfield.
Consulting: How has Point B’s value proposition to current and prospective employees evolved?
Blanchfield: A few years ago, we decided we needed to come up with a bigger picture, a bigger promise to our employees. At the time, we had a number of initiatives, but wanted to come up with a cohesive package. We started with a set of guiding principals that serve as a framework to help us make decisions. It keeps us on course. And, in the end, helps us to communicate the change.
We decided to focus on firm culture and be disappointed if we’re not seen as a leader in culture. And we used that goal to direct our investments and business decisions. We asked ourselves if we truly knew what our associates would like and value. We want them to think of Point B as a long-term employer. And we want employees to be stronger as a result of tenure at Point B. And we stick to those goals. We don’t pursue business opportunities that run counter that. We are not afraid to turn away work.
Consulting: What’s the result of these efforts?
Blanchfield: Currently, we have a six percent attrition rate – that’s total attrition, voluntary and involuntary. It’s down a little bit because of the economy, but it’s been in the single digits the last four years—usually in the seven to nine percent range.
That number includes those that we’ve counseled out. But it also includes those that have left because of amazing opportunities. We lost someone to become the CIO at a great healthcare company; another is a CEO of a new start-up. Part of building up our consultants’ skill sets is to build leaders. And that’s okay with us because they become our buyers. We put a lot of emphasis on alumni events and make sure that everyone that leaves has a very soft landing.
Consulting: When a lot of firms talk about attrition, it’s really about compensation. What role do salaries play at Point B?
Blanchfield: We don’t want money to be the reason why someone joins or leaves our firm. Compensation is important, but if someone is trying to earn the most in the profession, this may not be the best firm.
What we think is more important is how we incent behavior through our annual bonuses. For us, it’s all about outcomes. If you’re tapped with deploying a system, you’re incented based on the client’s results, not the number of hours you spent on the project. The bonus is quantified by documenting all the work our associates are doing and measuring the outcomes. Every associate sits down with a senior or practice director and discusses their individual bonus. We discuss what led to the client outcome and how that translates into the compensation.
Consulting: How is career development treated differently at Point B?
Blanchfield: After that bonus conversation, the partner or practice director then asks, ‘What do you want to achieve this year?’ Some of our consultants want to start a family and therefore might want to work less. Others say they are saving up for a house and would like to work more. We strive to accommodate their needs.
We then check in on the progression of that goal somewhere in the middle of the year. And throughout the year, we encourage communication. Development and work/life balance needs can change at anytime. And we want folks to let us know when they want to be more or less involved. I got married just before my first year at Point B. I wanted to enjoy the first phase of married life. I took a few months off to travel. And then, after awhile, I asked to get plugged in more and got more involved in recruiting and orientation. The next year I lead orientation.
Before coming to Point B I worked for a large, more-traditional consulting firm. If I had said that I wanted to take time off to travel at my prior firm, my manager and I would have both felt that I was not a good fit. But at Point B, that level of flexibility is encouraged.
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