Branding
Not Just Another Manic Monday
From the same people who brought you brand names such as Orange and Powwow now comes their newest creation — Monday.
When PwC Consulting was looking for a company to help them select a new identity, they turned to Wolff Olins, a veteran branding firm based in England. And while Monday may seem like an offbeat name to some, here's a sampling of Wolff Olins' client list: Marbles, Rocket, Sky, Spring, Goldfish, and Unique.
"I don't think you'd go with a company with a roster of names like that if you want something more traditional. When you choose a branding agency, you know their work," says Erin Jurew, who has over 20 years of marketing and branding experience. She is managing director and co-founder of BitFlip, which develops interactive media and Web sites for firms such as PwC.
Accenture, the last high-profile Big Five legacy firm to rebrand itself, came up with a name that at the time seemed a little peculiar, but still gave off a different feel than everyone's least favorite day of the week does.
"At least from the Accenture campaign, there was a feeling," Jurew says. "While the name was a little obscure, it was serious, steady, and professional."
"If they [PwC] come out guns blazing, do great work, and attract great coverage, they can be almost any name," she says. "Then the name takes on the attributes of the company, as opposed to the company taking on the attributes of the name."
If not, Monday management may soon be wishing it was Friday.
Business Organization
Former Andersen Consultants Bid Partnership Model Good-bye
When the largest group of partners to break away from the imploding Andersen organization last May formed their own firm, they wanted to make sure that the culture of the new set them apart from their past.
"We're not going to be a partnership," says Gary E. Holdren, the president of the Chicago-based Huron Consulting Group, which includes 25 former partners and 250 billable consultants from Andersen.
The corporation model gives Huron various liquidation and exit strategies if needed, and allows Huron to be more performance-based, says Holdren, 52, who spent his entire 30-year consulting career at Andersen. "When people perform, even at a young level, they'll get rewarded, and they don't have to wait to be a partner to get rewarded."
Shortly after Andersen was indicted in early March, about 20 partners approached Holdren, who was a senior partner in client development, and asked him if he'd be willing to lead the group in a new venture.
Within eight weeks, the group (not all were from the original 20) negotiated a settlement that permitted them to take their clients with them, received a significant equity commitment by Lake Capital, and found space for their offices in Chicago, Boston, Houston, New York, and San Francisco. The new firm already has more than 75 clients.
The 35 directors of the fledgling firm met for two days planning the firm's structure and vision for its culture.
"Our culture is going to be about being performance-based, taking care of people, and taking care of our clients," says Holdren. "I'm sure everyone says that, but if we can walk the talk and do that, I think we can establish our own culture at Huron."
Consultancy Query
Given the economic environment over the last year, how have you adjusted your compensation plans?
KPMG Consulting chief financial officer Robert Lamb: "From the most global perspective, the step we did not want to take is to cut head count. Unfortunately, we have had to do that to match the demand environment, but for those people who have stayed with us, we have every quarter this year added something to our bonus accrual. What our focus has been on is the promise we made to our investors, and we do everything possible to carry that out. I think people internally understand that and realize that confidence among the investor population will ultimately offer a much bigger payout."
Accenture chief operating officer Steve James: "We have been looking at our compensation scheme to make sure … we have the best mechanisms in place to reward the people who are making the highest contribution in any one year or two years. Second, once you've determined what their performance is, then the question becomes: How do you actually compensate them? And we're going to shift to a slightly more variable component. There will still be a large fixed component in terms of cash payment based on performance, and then, based on the performance of the organization, there will be a higher variable component that will be a combination of cash and equity. … Now, in terms of equity, it has not been really worked out whether this would be options or stock grants in the form of our issues. That's really more of a financial decision, but we are going to a more variable compensation structure, which the vast majority of our partners are highly supportive of."
Workplace
"All Downhill Since the Loincloth"
MIT Sloan School of Management alumni split right down the fashion runway when it came to picking the worst trend in business clothing. Forty-six percent named the trend toward casual dress in the workplace, while 43 percent said a return to formal business attire was the worst trend.
The survey, which was conducted in connection with MIT Sloan's 50th anniversary, drew more than 600 e-mail responses from across the world and from alumni in a wide range of business sectors. About half the respondents graduated between 1950 and 1990, while half had left Sloan since 1991. About 20 percent were women.
Worst Business Clothing Trends
• Clip-on belt phone or Blackberry holsters
• "50-year-olds with ponytails dressed in all black (like me)"
• "Expensive designer golf clothing"
• Engraved belt buckles
• High-heeled shoes for women, "as proved by any manufacturing plant tour involving catwalks, or a surprise winter snowstorm"
• Corporate logo wear and
• Bermuda shorts with suit jackets ("they do wear them there, and frankly, men's knees and a suit jacket were never meant to be seen simultaneously")
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