Bain & Company today is defined by Romney, and that says a lot for his capabilities as a leader.
Romney was brought on as CEO in 1991 to save the company from financial collapse. In 12 months, he completely turned the company around, bringing it back to profitability and avoiding layoffs by fixing the governance structure and creating more transparency. For example, he allowed managers to see each other's salaries. After handing off the firm to new leadership, he went back to his old job at Bain Capital.
A recent profile by New York Mag's Benjamin Wallace-Wells revealed what it was like to work with Romney. No one would ever curse or drink around him, and "they understood that his social life would be his family life," although he never talked about his Mormonism. People saw him "as a handsome guy with a great handshake," and a former colleague told New York: “I always felt that Mitt viewed himself as one of the chosen few.”
Although Romney was a "cautious executive" and a "reactive thinker," according to the New York profile, he was also "an extremely hard worker and an egalitarian boss... [who] inspired intense loyalty, and there are still members of his circle who describe him as a perfect CEO." Romney was a popular leader despite a reputation for frugality and his willingness to cut jobs.
This admirable culture seems to have stuck.
This week Bain & Co was named the best company to work for in America by a longshot, rating 4.7 out of 5 on Glassdoor's extensive survey.
Pros of working there include "Opportunity to learn about a variety of industries, amazing firm culture with smart, fun, passionate yet down-to-earth people. Amazing training where you get to meet peers from all over the world," according to one anonymous employee review.
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