According to reports, the up-and-coming management consulting firm landed the most prestigious mandate that Swiss banking has to offer. Switzerland boss Joris D'Incà tells finews.com he has another challenge on his hands: Finding talent.
If Oliver Wyman's Switzerland boss Joris D'Incà is to be believed, the firm's brand is «the best-kept secret» in the consulting industry. That notion, however, has been dispelled in recent weeks as media reports indicate the firm has been commissioned by UBS CEO Sergio Ermotti to accompany the integration of Credit Suisse, a major coup to be sure.
All the more so as the company has prevailed against larger and more prominent competitors, especially McKinsey. The consulting firm had been a fixture at the «old» Credit Suisse for entire generations of managers. In the first-ever merger of two globally system-relevant banks, the «Mackies» are for once not the leading contender.
Partners Forced to Hot Desk
Oliver Wyman, a subsidiary of the Marsh & McLennan Companies in the US, may be younger than some of its competitors, having been founded in 1984. Still, the firm is already too big for the classic outsider role, with over 7,000 employees active in over 50 offices worldwide.
In Switzerland, the company says it has experienced rapid growth, with around 100 consultants working out of Zurich, with office space so tight that even partners are forced to hot-desk. Soon, the firm will move to new offices where more space is available.
Over the medium term, the Swiss workforce is expected to double to 200 positions, says country head Joris D'Incà in an interview, "we are recruiting". Because: in the consulting business, the customers come for the people you hire. Oliver Wyman generates about half of its revenue in Switzerland with companies from the financial sector. However, its expertise extends to various other industries, such as transportation and logistics, automotive suppliers, technology, and utilities. The life science division is currently being built.
Airborne Experts
As a result, the Swiss partners are also making a name for themselves throughout the Group. According to D'Incà, Switzerland has grown the fastest among all European markets in recent years with the hub function of the location being particularly important. Therein lies a special feature of the company, with consultants having to decide early on for a single industry. After becoming subject matter experts, they are flown around the globe when a local client needs their specific advice, D'Incà says in an interview.
This eliminates the training period, and the consultants can get started right away, he says explaining the approach. Oliver Wyman also maintains a single income statement worldwide saving reams of paperwork and rivalries between individual national companies.
Cooperation Versus of Dictates
Did the approach win the firm the UBS contract? In the consulting profession, there is an ironclad code of omerta when it comes to reporting mandate wins in the press, and D'Incà is no different. He does, however, note that consultants are increasingly becoming catalysts for corporate transformation, and their influence on management is increasing.
Two approaches are available to implement. The consultant tells the client what to do, or you try to work cooperatively with the client to come up with better solutions. Oliver Wyman is committed to the latter method, he says.
Large Mandates and Growth Pressure
To attract the best talent to achieve such goals, he believes more visibility is needed in Switzerland. Large mandates lead to growing pressure, explains D'Incà, and to counter this the company not only brings in professionals from competitors but also trains consultants and recruits from graduates.
As far as visibility is concerned, he shouldn't worry too much. At the latest with the coverage of UBS and Oliver Wyman, that has taken care of itself.
