Introduction
It is no secret that Bain & Co. is one of the most prominent international consulting organizations that has achieved success and prosperity through its unique approach to communication, contact, and interaction with clients. Despite this fact, the enterprise continues to actively and continuously develop and improve by integrating new techniques, methods, tactics, and strategies in the field of consulting and providing recommendations. Consequently, the Old Family Bank is a large bank with colossal potential, opportunities for growth and evolution, as well as competitive abilities and capacities. Nevertheless, the firm has encountered difficulties and troubles in human resources, requiring immediate and rigorous solutions. This paper aims at a holistic and comprehensive analysis of Bain & Co. and the Old Family Bank from the point of view of internal and external aspects, approaches to work, and activities in a particular sphere.
Bain & Co: Investigation
The student entirely agrees with the principles of the relationship-consulting approach. Hence, it is one of the most influential, effective, and practical strategies for building long-term connections with customers and meeting all expectations of both parties (Barca, 2020). However, the Bible holds a similar opinion and says: “each of you should use whatever gift you have received to serve others” (King James Version Bible, 1988, 1 Peter 4:10). Nonetheless, currently, Bain’s practices are based on the five main elements: the right asset portfolio, bold ambitions, thoughtful financial choices, a roadmap for transformation, and an understanding of its advantages (Corporate strategy and finance, n.d.). Therefore, despite the success of the relationship-consulting approach, the company is not “content with little,” striving for steady and profitable growth.
Moreover, a company’s procedures through internal and external consultants differ in several aspects. As a rule, these components include clientele types, partnership time, degree of familiarity with a firm’s clients, the projects, and service costs (Indeed Editorial Team, 2021). Based on the process, external consultants have extensive work experience, giving an objective perspective and a quick boost. In contrast, internal “counsels” understand an enterprise better, quickly delve into the course of business, and similarly solve issues. From the point of view of minuses, external consultants generally do not understand a firm well enough, shifting responsibilities to other specialists. Internal advisors do not have a specific role and face various dilemmas.
The Old Family Bank
Problems
Primarily, one should state that the company’s main problems at the macro level include shortcomings in the correct distribution of finances in terms of total revenues and costs, as well as the risks of losing a good reputation due to employees’ low loyalty to the company. Furthermore, the Old Family Bank faces such micro-problems as high staff turnover, absenteeism of employees, and low staff productivity. In addition, incompetent management and control over the workflow, discrimination, and violation of ethical norms make undesirable and unpleasant conditions for check-sorting workers, creating additional hardships in the corporate and organizational culture.
Causes
Additionally, one of the reasons for the troubles mentioned above is the principle of management built based on conservatism, which does not imply a competent ratio of the labor spent, time, and effort with the salary and working conditions received. In this case, the firm does not strive for innovations, revolutionary solutions, and inventions in the administration field. Thus, such “rigid installations” prevent the eradication of existing issues, for example, in the unification of the team (Woolfe, 2002). In addition, the bank does not comprehend the importance and value of its culture and ethical, human, and moral aspects.
Systems Affected
Without any doubt, these problems affect managerial, organizational, and psychosocial systems. In this situation, the corporation has poor communication with staff and leaders’ lack of interest in the performers’ work. The Old Family Bank is not able to unite people; it has poor feedback and lacks clear direction. Some employees feel “coldness” on the part of their superiors, thinking that their work is not appreciated.
Alternatives
One of the alternative solutions is a conversation with employees about job satisfaction to draw certain conclusions. In this case, the Bible recommends treating subordinates competently: “whatever you do, work heartily, as for the Lord and not for men” (King James Version Bible, 1988, Colossians 3:23-24). Through labor market analysis, it is necessary to make sure that specialists’ salaries are decent among competitors to make an objective decision regarding wages. Furthermore, one can threaten employees to replace them with new, more motivated workers.
Recommendations
According to the student, H. Day is recommended to conduct additional research to determine the best strategies to improve employee job satisfaction. It is essential to take action to unite the team from a particular department, creating a positive atmosphere (Brown, 2011). He should talk to experts about salaries, analyze the labor market, and decide whether it is necessary to raise employees’ wages or not.
Conclusion
In conclusion, one should state that Bain & Co. is a firm that adheres to one of the most effective strategies for interacting with clients, seeking help from both external and internal consultants. Moreover, Bain & Co has acquired high achievements and the best results due to the competent and correct treatment of customers and personnel, as well as the desire for innovations and novelties. In contrast, the Old Family Bank faced several obstacles in its activities in human, financial, managerial, organizational, corporate, cultural, and other aspects. In particular, this phenomenon occurred mainly due to appealing to unactual practices and incorrect attitudes toward the company structure and its employees. Consequently, a thorough study of the organization and its employees’ opinions should be conducted to solve these problems.
References
Brown, D.R. (2011). An experiential approach to organization development (8th ed.). Pearson Prentice Hall.
Barca, A. (2020). 3 reasons why fostering client relationships is essential to your consulting business. Bullhorn. Web.
Corporate strategy and finance. (n.d.). Web.
Indeed Editorial Team. (2021). External vs. internal consultants: What’s the difference?. Indeed. Web.
King James Version Bible. (1988). B. B. Kirkbride Bible Company Inc.
Woolfe, L. (2002). The Bible on leadership. AMACOM Books.