Careers at Oliver Wyman
Oliver Wyman’s mission is to bring exceptional people together to create value by making lasting contributions to clients, industries, and societies.
In 1984 the financial industry had just been deregulated, leaving many major competitors in the field uncertain about the economics of their businesses. Alex Oliver and Bill Wyman, former partners at Booz Allen Hamilton, saw the situation as an ideal opportunity to offer services helping the firms gain more clarity. So that year they founded consultancy Oliver, Wyman & Company in New York.
Professional services firm Marsh McLennan Companies (MMC) acquired consulting firm Temple, Barker, & Sloane in 1987 and Strategic Planning Associates in 1990. It combined the two to form a new firm, naming it Mercer Management Consulting. It then acquired Delta Consulting in 2000 (naming it Mercer Delta) and Oliver, Wyman & Company in 2003, naming it Mercer Oliver Wyman.
Each subsidiary had its specialty. Mercer Oliver Wyman focused on banks, financial services, and insurance. Mercer Delta focused on board effectiveness, CEO leadership development, and organizational transformation. And Mercer Management Consulting focused on services and industry clients. In 2007 all three were combined, with the new firm named Oliver Wyman.
Business model of Oliver Wyman
Oliver Wyman has a mass market business model, with no significant differentiation between customers. The company targets its offerings at firms of all industries and sizes desiring management, economic, and brand consulting services.
Oliver Wyman offers three primary value propositions: customization, accessibility, and brand/status.
The company offers customization through its specialization. It has experts on staff with deep knowledge in specific industries, enabling it to provide a higher, tailored level of expertise for clients.
The company creates accessibility by offering a wide range of options. It has acquired numerous firms over time, including Corven, an energy consultancy, Bonfire Communications, an employee engagement and internal communications agency, and OC&C Strategy Consultants, a consultancy specializing in information services, business media, and education sectors. These additions have enabled it to add several new capabilities to its portfolio.
The company has established a strong brand as a result of its success. It bills itself as one of the fastest-growing strategy consultancies, with over 4,000 professionals operating in over 50 offices in 26 countries. It has several clients in the Global 1000. Many of its employee alumni are prominent individuals, including Richard Lui, a news anchor for MSNBC; J. Randolph Babbitt, a former administrator with the Federal Aviation Administration; and Jeffrey Zients, President Obama’s Chief Performance Officer. Lastly, it has won many honors, including recognition as “One of the Best Workplaces for Millennials“ by Fortune magazine, one of the“Top Places to Work“ by Financial Times, and placement on the Corporate Equality Index.
Oliver Wyman’s main channel is its website. The company promotes its offering through its social media pages and events such as roundtables, forums, summits, and symposiums.
Oliver Wyman’s customer relationship is primarily of a dedicated personal assistance nature. It has its teams work closely with clients to solve their problems, and offers phone and e-mail support. That said, there is a self-service component. The company’s website features a wide variety of self-help resources, including articles, research reports, white papers, and books.
Oliver Wyman’s business model entails designing and providing problem-solving services for clients.
Oliver Wyman maintains strategic partnerships with NERA Economic Consulting, an economic consultancy, and Lippincott, a brand strategy and design consultancy.
Oliver Wyman’s main resources are its staff of industry experts. The company also has Oliver Wyman Labs, a program consisting of 100 team members who utilize data analytics and apply innovative approaches to technology to produce actionable insights for clients.
Lastly, as part of the Marsh & McLennan Companies, it has access to employees at its sister companies Marsh, Mercer, and Guy Carpenter, who maintain expertise in brand and identity management, microeconomics, human capital strategies, and insurance.
Oliver Wyman has a value-driven structure, aiming to provide a premium proposition through significant personal service. Its biggest cost driver is likely cost of services, a variable expense. Other major drivers are in the areas of customer support and operations and administration, both fixed costs.
Oliver Wyman has one revenue stream, the fees charged to its clients for its range of services. These fees vary by type of client and individual project.
info: Scott earned degrees in Economics and Finance from McGill University and in International Relations from Cambridge University. He previously served as Managing Partner of the Financial Services practice at Oliver Wyman.
info: Jeremy earned a Masters in Engineering from St. Edmund Hall, Oxford University. He was a founding member of Oliver Wyman’s Strategic IT and Operations practice, and continues to serve as a Senior Consulting Partner in the Financial Services practice.
info: Jacques earned a B.A. in Economics at La Sorbonne, a Master’s in Science at Ecole Centrale des Arts et Manufacture, and an MBA at Stanford University. He previously served as Head of Consumer and Industrial Value Transformation at Oliver Wyman.
info: Matthew earned an AB in Economics at Princeton University. He previously served as Head of Finance and Operations for the Financial Services practice at Oliver Wyman. He leads operational finance and financial planning and analysis at the firm.
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