NO more than 600 words
Topic 4: You have been hired as special consultant to the director of Human Resources at McKinsey (or some other firm that hires many business students).
1. Based on the principles of mental accounting, how should McKinsey structure their compensation package to maximize the number of offers accepted (recruiting)? Of course, we are not looking for the following answer: “Increase salaries.” Assume that the total compensation is fixed (including the cost of benefits).
2. How should McKinsey structure compensation to retain employees? Again, take total compensation to be fixed. HINT: How does mental accounting suggest different compensation packages might be required for recruiting and retention?
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A maximum of 600 words may be used.
Topic 4: You have been hired as a special consultant to McKinsey’s director of Human Resources (or some other firm that hires many business students).
1. How should McKinsey structure their compensation package based on mental accounting principles to maximize the number of offers accepted (recruiting)? We are not, of course, looking for the following response: “Raise salaries.” Assume that the total compensation is constant (including the cost of benefits).
2. How should McKinsey structure employee compensation to keep them? Again, assume that total compensation is fixed. HINT: How does mental accounting suggest that different compensation packages for recruiting and retention may be required?
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