Oliver Wyman's Matthew Bennett: Recruiting Strategies
Oliver Wyman's Matthew Bennett: Recruiting StrategiesAs Head of North American Recruiting for the General Management Consulting Track for newly formed Oliver Wyman, Matthew Bennett has a pretty big challenge. Oliver Wyman, which broke off from Mercer in May, is growing so rapidly these days that the new-talent pipeline has to be constantly flowing. And a new brand means a new story to tell to each recruit. Is Bennett worried? Nope. Here, he discusses the new brand as it applies to his stomping grounds: recruiting and retention.
Consulting: As a firm, Oliver Wyman has existed only since May when Mercer Oliver Wyman, Mercer Management Consulting and Mercer Delta were combined. Doesn't having a new brand make recruiting more difficult?
Bennett: We look at the re-branding as a wonderful opportunity. From a recruiting standpoint, we're spending a lot time really focused on how we get our story out. Our first focus is making the brand as strong as we can in the markets we're in. Then, when we sit down with recruits, we want to make sure that we're being crystal clear about what Oliver Wyman is now.We recruit as one firm, but candidates can apply to both the General Management track or the Financial Services track. The General Management track allows you to work in a variety of industries such as aviation and retail, and consultants specialize at their own pace. The Financial Services track lets you focus on a wide range of financial services sectors, across retail banking, investment banking, insurance, private equity and hedge funds, with deeper specialization after year three. This ability of our people to specialize is another way that Oliver Wyman accelerates growth and a path to partnership, it's part of the story that we're telling.
Consulting: What's the story you're telling?
Bennett: I don't think people realize how quickly we're closing the revenue gap with the largest management consulting firms. Oliver Wyman is one of the top consultancies out there. We're a $1.3 billion firm, and we're growing faster than any other top 10 management consultancy. We see our peer group as Bain, BCG and McKinsey. Ultimately, we want to double our business in terms of revenue by 2010. We see ourselves on that growth path. And we're going to need to feed that growth, so we'll be looking for a lot of very talented people.
Consulting: In such a challenging market, where does that additional talent come from?
Bennett: When you're always going for that top echelon of talent, it's always very difficult. It is a challenging market. One thing that helps us is that we're not too narrowly focused. We have a different model than most; we don't just hire people directly out of business schools. Any time we see exceptional talent, we go after it. With our aggressive growth strategy, we need to keep the talent pipeline open at all times.
Consulting: How is the Oliver Wyman model different from other firms?
Bennett: We do hire MBAs, but I think [the number is] probably much smaller than a lot of our competitors. We may go out and hire 30 MBAs this summer. It's very selective across a small number of schools. The MBA programs are very important to us, but our model is more appealing to undergraduates. A lot of firms bring people in for 24 months, and then they leave. The idea that every employee grows at the same pace, and therefore after two years you either stay or go doesn't make sense to us. And the idea that you need an MBA in order to be successful is just not true. People can come to Oliver Wyman and grow really quickly. That's what really sets us apart. Our model is also different because we don't just recruit people with the best grades; we recruit well-rounded people, people with lots of interests and passions. We have two programs that encourage employees to have well-rounded lives. One is called "The Ten/Eleventh Month Year." If they wish, employees can work 10 or 11 months and get paid 10/12 or 11/12 of their annual salary. They still get all of their accrued time in the program, but this allows them to recharge, or go off and pursue something else for one or two months a year. Another program is the "Nonprofit Fellowship." In this program, Oliver Wyman will pay 40 percent of your salary to go work at a nonprofit of your choice for six months. Allowing employees the chance to pursue other interests doesn't drive people away; it elongates their careers at Oliver Wyman. It also makes my recruiting job much easier.
Consulting: And I would guess it's very good from a retention standpoint?
Bennett: On the retention front, if you allow people to rocket up the ranks really fast, it becomes very attractive for them to stay. Every time you think about leaving, there may be a new opportunity. The people we hire thrive on challenge. If you keep giving them challenges and reward them for achieving them, it's hard for them to leave. Plus the fact that we're growing really aggressively, that's rocket fuel for your career. At Oliver Wyman, our promotion to partner is much faster than our competitors. There are a lot of people who make partner after just six years. And that's a pretty good recruiting and retention tool.
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