Business Services Industry
McKinsey ups ante;Consulting firm to offer pay raises, share of profits to retain talent as Internet start-ups beckon.(Brief Article)
Crain's New York Business, March, 2000 by walsh, mark
Seeking to stave off dot-com defections, McKinsey & Co., the world's top management consulting firm, is boosting its associates' pay and creating a new nonpartner position that will include equity participation in the firm. McKinsey associates, who earn between $100,000 and $400,000, stand to gain compensation increases of at least 15%, while the newly created position of associate principal will allow senior associates to share in firm profits, according to sources close to the company.
The compensation adjustments reflect wider efforts among traditional management consulting firms to attract and retain talent in the face of fierce competition from high-flying Internet start-ups and interactive consultants such as Agency.com Inc. and Razorfish Inc....
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