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Putnam helps makers of diagnostic instruments, consumables, arrays, reagents, molecular tests and similar products for the medical community and clinical researchers. For one diagnostics company developing an automated system for molecular identifi cation and analysis, the fi rm had to fi gure out the best way to market it to laboratory researchers. Putnam segmented the customer base, created price ranges, then benchmarked those prices against other diagnostics companies. The client went on to become a leading supplier of molecular diagnostic tests.

GETTING HIRED

Putnam recruiters can be found on top undergrad campuses across the country, battling the bigger fi sh for the same top talent. Where they set themselves apart, though, is their huge focus on fi t. “The thing that sets offers apart from rejects is often the sincere desire to work for the fi rm,” one consultant explains. “Anyone coming out of a local university can respond to the demands of the work, given enough time,” another echoes, “but we go the extra mile to make sure we actually want to work with the people we hire.” The takeaway message? High GPA and academic success matter, but when it comes down to it, you’ve got to want to work at Putnam to work at Putnam.

Favored applicants travel to a Putnam offi ce for a round of four to fi ve interviews with current staffers, including a lunch where candidates mingle and socialize with would-be colleagues. While interviews and more explicit examinations are meant to affi rm basic aptitudes and capabilities, the focus remains on culture and personality. The fi rm wants “exceptional people of integrity” and, as always, fi t trumps all else; “it’s easily the most important factor,” a senior consultant notes.

OUR SURVEY SAYS

Corporate Atmosphere

Vault’s Verdict: Besides having to put on a tie in the morning, Putnam consultants genuinely enjoy going to the offi ce each day—largely because of the invigorating work and the “smart, motivated, but down-to-earth people” they work with.

Overall Satisfaction

• “Putnam is a great place to work. Smart, motivated, but down-to-earth people, a dynamic mix of case work, and a strategic focus on an industry that continues to expand and prosper even in this economy.” – Consultant

• “I am defi nitely happy at Putnam. Our work in health care is interesting and we are given a great deal of responsibility early on. The small size Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition

Putnam Associates

of the fi rm and the collaborative environment make Putnam a great place to work. They expect a lot from you, but care about you as a person and your growth at the fi rm.” – First-year

• “Great culture, steep learning curve with a lot of opportunity for growth and to contribute” – Senior source

Firm Culture

• “The fi rm is a collegial, friendly, easygoing place. You feel like you fi t in soon after joining.” – Associate

• “Putnam’s culture is very young and energizing. People here are truly excited about the work that they’re doing, making Putnam a very enjoyable place to work.” – Junior source

• “The analysts like each other a lot, but management is closed off and the environment is somewhat hierarchical.” – Consultant

Supervisor Relationships

• “The managers and consultants here are the saving grace—they keep it all together.” – Analyst

• “Supervisors are incredibly approachable and, on the whole, care greatly about their staff.” – Midlevel consultant

• “We have an open-door policy, and I feel comfortable going to my manager or even some other senior members of the fi rm that I know well if I am having a problem or would like advice.” – Entry-level staffer

Interaction with Clients

• “At Putnam we place a huge emphasis on our client relationships. The returns are evidenced in the high volume of repeat work we have.” – Senior source

• “Client relationships vary: Some partners let you develop them, others are very protective of their clients.” – Experienced consultant

• “Compared to my friends at larger fi rms, or even other small fi rms, you get much less client exposure here.” – Analyst

Hours & Pay

Vault’s Verdict: Face time requirements are typically sources of resentment among consultants, but Putnam has reversed the trend, largely leaving consultants free to roam after offi ce hours.

Work Hours

• “Other consulting companies make the analysts work until late hours at night every day, while at Putnam that only happens when there is a presentation coming up or a client meeting.” – First-year analyst

• “I am still able to participate in activities outside of work, like mentoring programs, cooking classes and personal travel.” – Consultant

• “Face time is expected everyday from 8:30 a.m. to 6:30 p.m., and often beyond. You can expense dinner if you work past 8 p.m.” – Senior consultant

Work/Life Balance

• “I think this is one of our key assets. Most employees here are committed to something outside of work, whether it is classes they are interested in, volunteer work or personal hobbies like painting or sports.” – Analyst

• “While we work hard when at the offi ce, there is no pressure to work late or work on weekends unless absolutely necessary. We also receive three weeks of vacation, which I fi nd generous.” – Entry-level source

• “Work/life balance has been a challenge for Putnam this past year, mostly due to a steady if not overwhelming fl ow of business and case work. I’d worked more reasonable hours in years past, but Putnam’s partners have acknowledged this and make sure that we know we’re appreciated.” – Consultant

Travel Requirements

• “We hardly travel, which makes moving to a new city more tolerable and exciting. You can get to know the place where you live instead of living out of a suitcase.” – First-year

• “Other than at senior levels, traveling is very rare. It’s nice in that it develops a strong culture at the offi ce, since everyone is usually around.” – Junior consultant

• “I have been here nearly three years and have never traveled for client work—it is a huge advantage.” – Analyst

Compensation

• “Compensation is generous relative to industry, but low relative to other consultancies.” – Analyst

• “Pay is probably about average, but the recession took a toll on us with regard to scheduled raises.” – Midlevel source

• “Salaries are OK—somewhat less than my friends at other fi rms. If this really was a lifestyle fi rm, comp would be decent. But for the hours, its Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition

Putnam Associates

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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition Putnam Associates

really not great.” – Consultant

Professional Development

Vault’s Verdict: While most insiders are satisfi ed by the fi rm’s onboarding training for new associates, they see formal training largely dropping off after that point. Most of what they learn beyond those sessions comes informally, on the job. And with a purely merit-based promotion system in place, consultants need to soak in as much information as they possibly can along the way.

Formal Training

• “There are 10 basic slide decks for entry-level starts. Nothing for anyone post entry level.” – Junior source

• “Training is mostly a hodgepodge of one-hour presentations that is very informal. Most of the training is done on the job.” – Experienced consultant

• “We don’t prioritize training. After the initial training, we don’t really have any more—either live or electronic. It just doesn’t exist.” – Analyst

Promotion Policies

• “It’s defi nitely not up and out. We value the long-term contributions our employees can make.” – Senior consultant

• “Analysts become associates in one year, and will then move up to senior associate in one to one-and-a-half years, assuming performance is good. Generally, Putnam is good about providing experiences for advancement and for building skills.” – Junior source

• “Though Putnam is not an “up or out” fi rm, promotion qualifi cations are not as well defi ned as in other fi rms.” – Associate

Diversity

Vault’s Verdict: While it may be true that Putnam’s relatively obscure, suburban location “does not attract a lot of diversity,” the fi rm is sorely lacking in this regard. Retention of women is certainly an area that needs improvement.

Diversity Issues With Respect to Women, Minorities, and GLBTs

• “We hire the best candidates that want to come here. Burlington, Mass., does not attract a lot of diversity.” – Consultant

• “We have a single woman in upper management, and two women in midlevel positions. We have very few minority positions.” – Analyst

• “Putnam is very children/family-friendly” – Senior source

Overall Business Outlook

Vault’s Verdict: Putnam was not terribly punished by the recession, and business should only get better as the economy recovers and health care reforms are implemented.

Overall Business Outlook

• “Putnam has been oversold all the way through the recession. The business has been, and continues to be, very strong.” – Analyst

• “We have more business than ever—strong repeat business with existing clients and a growing base of new clients. Putnam has outstanding prospects.” – Senior consultant

• “Putnam is especially well positioned considering its health care focus and all the questions and uncertainties regarding changes in the health care system.” – Entry-level source

Confi dence in Firm Leadership

• “[The leaders are] seasoned vets with an eye for the importance of fi rm culture.” – Strategy consultant

• “Based on my interaction with senior management, I believe in their abilities and their leadership. They are incredibly intelligent and actually try to have you learn from their experience and knowledge.” – Associate

• “It does not always seem to be a united front, but the fi rm has developed a strong track record and should continue to make prudent decisions.”

– Experienced consultant

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