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James O'Dowd
@jamesodowdpm
Headhunter and Founder @patrickmorganuk
Improving social mobility through @pmfoundationuk
London
Joined January 2023
118 Following
80 Followers
146 Posts
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Introducing… Lessons In Leadership! 🎥
I am really excited to announce the launch of our new interview series today and I am thrilled to begin with the wonderful @MagicCarmel.
Boston Consulting Group (BCG) has outperformed McKinsey & Company in Partner promotions in 2023. While McKinsey’s new Partner count has fallen by 35%, BCG achieved a double-digit percentage increase in such promotions.
Earlier this year McKinsey initiated a restructuring, resulting in the elimination of approximately 1,400 roles. The firm also postponed start dates for new M.B.A. hires and implemented a partial deferral of Partner compensation, echoing a strategy used earlier in the pandemic to enhance financial flexibility amid economic challenges.
In recent months, Bob Sternfels, Global Managing Partner at McKinsey, has focused on accelerating decision-making and steering the firm past recent reputational issues, particularly as the downturn in economic activity has impacted consulting demand.
In contrast, at BCG, Partner promotions have increased by over 10%, with similar growth expected in 2024. BCG has also set an ambitious target of 50/50 gender representation by 2030.
For decades, McKinsey has held the title of largest strategy consulting firm. However, these recent developments raise the question: Is the industry's dynamic evolving?
Source: The Wall Street Journal
#McKinsey #BCG #Consulting
I learned with great sadness this morning about the passing of Charlie Munger. Growing up, I spent countless hours absorbing his insights, reading his books, and eagerly tuning into the Berkshire Hathaway annual meetings.
I hold great respect for the people of Munger's generation. They were straightforward, well-mannered and modest, always honest if they didn't know something. Since I was young, I've been deeply inspired by Munger's ability to demystify market dynamics using simple language for the average person. Such exemplary leaders are quite uncommon these days.
'Spend each day trying to be a little wiser than you were when you woke up. Day by day, and at the end of the day - if you live long enough - like most people, you will get out of life what you deserve.'
Charlie Munger lived an incredible life, and his legacy is truly remarkable. He will be remembered as one of the greatest business thinkers of our time.
#CharlieMunger
Poor mental health is something that I have suffered with at different stages of my life. The reality is there is no quick fix, and, in my opinion, poor mental health has much to do with our experiences in earlier life and the emotional responses that we once developed to deal with them.
That said, I notice a huge decrease in my mental health when I stop taking action. To commemorate World Mental Health Day, I'd like to share a few habits I've cultivated to enhance my well-being:
1. Physical Health: Regular exercise, even a brief walk, paired with mindful eating can do wonders for your mood and mental sharpness. I've often found that a rigorous workout pulls me out of a slump.
2. Curate Your Information: Be discerning about what you consume, both news-wise and on social media. Overloading on negative or misleading content can adversely affect our mental health. I’ve deliberately avoided platforms like Instagram and TikTok, certain that I’m healthier without the constant influx of comparison.
3. Stay with Difficult Feelings: Emotions like boredom, frustration, and sadness are natural. I used to sidestep them through distractions, but now, I endeavour to sit with them and comprehend their origins.
4. Manage Sleep Patterns: An erratic circadian rhythm is a leading cause of depression. Personally, I strive to be in bed between 9.30pm and 10.30pm nightly. While I might not be the best sleeper, I aim for 7 hours+, even if it involves lying awake for extended durations.
5. Have Someone to Talk to: I've benefitted from therapy over the years. However, be it a therapist, friend, or family, it’s priceless to have a trusted person to converse with — especially during the good times. Communicating my feelings has been essential.
6. Avoid Casual Drinking: While refraining might seem obvious, it's not easy in today's society. Alcohol serves as a depressant and hampers sleep. A hangover is a notable productivity killer. For me, extended abstention brings a profound sense of accomplishment and mental clarity.
7. Combat Negative Self-talk: Pervasive negative self-talk can foster a detrimental self-image. While I admit my flaws to myself, I consistently motivate myself using uplifting language and back my convictions.
We all have our unique journeys with mental health, and what works for one may not work for another. The important thing is to find what helps you and prioritise self-care. Happy World Mental Health Day, and remember, you're not alone in this journey.
#WorldMentalHealthDay2023
Today, I ticked an item off my career bucket list by having the opportunity to share some of my perspectives in this morning’s edition of the @FT Times.
An excellent piece by Robert Wright focuses on the challenges posed by unexpectedly low staff turnover within the UK’s Big Four firms.
https://t.co/RjJmI6FYfA
#FinancialTimes #Big4
After a relaxed, fun-filled summer with perhaps a little too much food and drink, I managed to step back into my routine last week. The impact on my mental health has been remarkable and almost immediate.
I have realised that a structured, albeit slightly repetitive, routine fosters a sense of well-being over time in me, gearing me up to take on the world. This comes despite a nagging sensation urging me to break free from the monotony – a kind of ‘boredom’ that persistently seeks to take over.
As I navigate this, I am reintegrating a few ‘habits’ into my daily life:
Regular Exercise: Whether it’s hitting the gym, playing sports, or taking walks during breaks, I am dedicating at least an hour each day.
Healthy Eating: I’ve renewed my subscription to Fresh Fitness Food. With meals readily prepared and delivered to my doorstep, there are hardly any excuses left for not eating healthily!
Quality Sleep: I am making a conscious effort to be in bed by 10pm. Achieving over 8 hours of sleep in a night always feels like a true accomplishment.
Limiting Alcohol: This is challenging given that many activities I enjoy usually involve ‘having a drink’. I am establishing clear boundaries to succeed in this area, whether it's post-football celebrations or dinners out.
Early Starts at Work: Fortunately, this is less of a challenge for me. I love my job and find myself naturally active and productive in the early hours.
Here's to boring routines and a balanced life!!
#SuicidePreventionDay #mentalhealth #Wellbeing
Boston Consulting Group (BCG): Key Statistics & A Brief History.
Revenue: $11.7 billion in 2022. with underlying revenue growth of 11%. Over the past decade, BCG has more than tripled in revenues.
Headcount: 30,000 in 2022, up from 25,000 in 2021.
History:
1963: Bruce D. Henderson founded BCG as a subsidiary of The Boston Company. The firm starts with a team of just two consultants.
1970s: BCG introduces the Growth-Share Matrix, a strategic management tool that helps companies decide where to allocate their resources among their business units. It categorises business units as Stars, Cash Cows, Question Marks, and Dogs based on their relative market share and market growth rate.
1980s: The firm spreads its wings internationally, opening offices in Europe and Asia. This period marks significant global expansion.
1990s: BCG continues its rapid growth trajectory and introduces several pioneering business concepts like "time-based competition".
2000s: BCG solidifies its reputation as a top-tier consulting firm. During this period, the firm expands its service offerings, delving into areas like digital innovation and sustainability.
2010: According to statistics, BCG has over 6,200 consultants operating from 82 offices in 46 countries.
2013: BCG celebrates its 50th anniversary. By this point, the company has grown not just in size but in the range of services it offers, venturing into realms like digital ventures and public sector transformation.
2021: With a deep commitment to diversity and inclusion, BCG reported that 46% of its staff are women. The firm continues to champion gender equality and diverse representation.
Notable Alumni:
1. Indra Nooyi: She served as the CEO of PepsiCo and is revered as one of the most significant business leaders globally, having steered PepsiCo through substantial transformations.
2. Benjamin Netanyahu: While predominantly known for his political leadership as the Prime Minister of Israel, Netanyahu worked at BCG early in his career.
3. Jim Koch: The founder of The Boston Beer Company Company, Koch leveraged his experience at BCG to build one of the most recognized beer brands in the U.S., the Samuel Adams line of beers.
4. Mitt Romney: Before embarking on a prominent political career, which included serving as the Governor of Massachusetts and running as the 2012 Republican nominee for President of the United States, Romney was a consultant at BCG. Later, he co-founded Bain Capital, a private equity firm that stemmed out of Bain & Company.
5. John Legend: Known globally as a Grammy-winning singer and songwriter, Legend worked at BCG early in his career before pursuing his successful journey in the music industry.
6. Angela Ahrendts: Ahrendts served as the CEO of Burberry and later as the Senior Vice President of Retail at Apple, playing a vital role in Burberry's transformation into a globally recognised luxury brand.
#BCG #BostonConsultingGroup
Check out the latest article in my newsletter: Key People Moves: August
https://t.co/BXOJllejGj via @LinkedIn
🚨 INCREDIBLE: The World's Leading Wealth Manager, UBS, Managing an Impressive $5.1 Trillion in Assets, Achieves a Record-breaking $28.8 Billion Profit - Fueled by Remarkable Gains Following Their Strategic Acquisition of Credit Suisse 🚀
UBS experienced a significant windfall, attributed to an exceptional one-time gain, as Credit Suisse's valuation surpassed the acquisition price – echoing the successes of JPMorgan Chase & Co. and First Republic.
The renowned wealth management division of UBS saw a substantial influx of $16 billion in net new investments, with promising expectations for continuous growth.
Additionally, they have unveiled their decision to retain Credit Suisse's domestic bank while implementing a strategic restructuring plan that includes a reduction of 3,000 positions, aiming to achieve $10 billion in cost savings by 2026.
These stellar results propelled UBS shares to surge by 6%, reaching heights reminiscent of 2008, marking a remarkable year-to-date increase of +36%. 📈🎉
#UBS #creditsuisse
You've Heard Of "Quiet Quitting", But What About "Quiet Cutting"?
In today's rapidly evolving business landscape, it's not just about employees discreetly looking for other opportunities and leaving without much fuss. Companies too have adopted subtle strategies, one of which has been dubbed by The Wall Street Journal as "Quiet Cutting".
"Quiet Cutting" refers to the practice of moving an employee to a less desirable role rather than outright terminating their employment. At first glance, it might seem like a benevolent gesture - a way to retain employees during tough times. However, it can have far-reaching implications on employee morale, productivity, and loyalty.
According to data from AlphaSense, a leading financial research platform, mentions of "reassignment" or related terms during company earnings calls have more than tripled between last August and this month. This suggests a growing trend, but why are companies adopting this approach?
A few possible reasons:
● Avoiding Severance Costs: By not firing an employee, companies might save on severance packages or potential legal battles.
● Flexibility: In uncertain times, "Quiet Cutting" could allow companies to retain talent and easily re-shift them back to desirable roles when needed.
● Public Perception: Layoffs can harm a company's reputation. Quietly moving employees around can be less conspicuous.
However, it's crucial for companies to weigh these benefits against potential drawbacks. Decreased motivation, resentment, and the undermining of trust can create a toxic work environment and might lead to reduced output.
So, the question remains: Is your company practising this? Is it a strategy that genuinely benefits the organisation, or does it merely serve as a short-term solution with long-term repercussions?
From $28M last year to a projected $1 BILLION in annual recurring revenue this year! 🚀
Major growth for #OpenAI, the creators of ChatGPT.
#TechGrowth
ChatGPT is down.
The realisation that I no longer trust myself to write emails...
#ChatGPT账号 #chatgpt4 #OpenAI
On August 28th, 2018, I decided to take the plunge by hiring my first employee. I had been introduced to a young, unassuming lad from Suffolk, interestingly also named James, which felt like a safe bet!
Looking back, I might have painted a slightly rosier picture of the role. The upscale restaurant where I chose to hold our final interview might have set some high expectations. Understandably, James appeared a tad underwhelmed when he first saw our modest 6x8 office that lacked the charm of any windows.
But from where I stand, I couldn't possibly have made a better decision. Over the past 5 years, James has been the backbone of Patrick Morgan's growth journey. His dedication is unquestionable: consistently the first to arrive, the last to leave, and always at the ready to tackle any challenge.
As the Founder, it's often the case that I get to take a lot of the credit when things are going well, receiving praise, and getting to engage in the more exciting aspects of the business. But as many business leaders would concur, the foundation of any successful venture is its people. James doesn't just fill a role; he leads our team with passion, constantly questions and refines our strategies, and is relentless in upholding the highest standards.
Thank you so much, James. Happy 5-year anniversary! We truly wouldn't be where we are today without you.
(Photo is of James on his first day!)
#happyanniversary
🚨 Last week, Warren Buffett's iconic investment firm, Berkshire Hathaway, reached a monumental milestone by surpassing $1 TRILLION in assets!
The most astounding part? Starting from a modest capital of nearly $30 million, Buffett has magnified Berkshire's assets by a staggering 33,000 times.
Truly a testament to unmatched financial acumen. 🚀
#WarrenBuffett #BerkshireHathaway
🚀 How We Are Revolutionising Our Recruitment Processes:
Diving deep into a candidate's character, work style, and motivation lets us predict their success in client firms. Boosting our strategy, we've trained our teams in occupational psychology and have begun using personality tests like the Hogan Assessment as part of our Searches.
What we found?
🌟 Faster hiring decisions with more confidence.
🌟 Drastically reduced turnover for placed candidates.
🌟 Real-world performance that aligns with specific personality traits, allowing precise role-personality mapping.
Keen on the intersection of recruitment and psychology? Let’s connect! 🤝
#recruitment #HoganAssessment #Revolution
Are Salaries Coming Down? 📉
After years of salary hikes, many businesses across the economy are now reporting reductions in starting salaries for new recruits.
Among postings for over 20,000 job titles on @ZipRecruiter's site this year, the average pay for a majority of roles has declined compared to last year.
Wages, particularly for those who switched jobs, have risen in recent years. Companies were vying for talent to fill the gaps caused by pandemic-induced labour shortages.
However, as the job market cools down and businesses adopt a more cautious hiring approach, many are offering new recruits lower salaries than they did just a few months ago—in some cases, substantially lower.
Are job-seekers about to adjust their financial expectations when considering a job change? I certainly think so…
#HiringTrends #Salaries #EconomicShift
Did you know Ibiza Airport has the most missed flights worldwide?
My intended 3-day weekend turned into a 10-night stay after missing another flight!
Shoutout to everyone I met on this unexpected journey. Can't wait to return next year! Safe travels ✈️.
#ExtendedVacation #Ibiza2023
WeWork's Valuation Timeline:
• 2010 - $440 million
• 2013 - $5 billion
• 2015 - $10 billion
• 2017 - $21 billion
• 2019 - $47 billion
• 2020 - $2.9 billion
• 2021 - $9 billion
• 2023 - $360.9 million
As of Q2 2023, WeWork is bleeding $400M per quarter and has approximately $250M cash reserves. The company's outlook appears bleak.
The majority of the cost is spent subsidising long lease-holds, paid to commercial landlords. In essence, WeWork has been subsidising the financial statements of its Landlords by absorbing a $1B/year loss, which allows its Landlords to show an inflated profit leading to inflated property values.
As the demand for commercial spaces diminishes and mortgage costs rise, a significant debt repayment issue and subsequent property devaluation could well be on the horizon...
#WeWork #collapse
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