Consulting Giant Has Offer for So-So Employees

McKinsey will provide 9 months' pay, career counseling to get mediocre workers to leave
By John Johnson,  Newser Staff
Posted Apr 2, 2024 1:38 PM CDT
McKinsey to So-So Employees: We'll Pay You to Leave
Stock photo.   (Getty/fizkes)

The bad news for underperforming employees at consulting giant McKinsey & Co. is that their days are numbered at the firm. The good news is that the company isn't exactly in a hurry to rush them out the door. The details:

  • An offer: Over the weekend, the UK Times reported that McKinsey has told some of its managers that they can continue to draw a paycheck for nine months and devote that time to finding a new job with the help of the company's career-coaching services. They will not, however, be working on client projects, per Quartz.

  • Numbers: It's not clear how many employees received this unusual notice. Fox Business reports that McKinsey had 45,000 employees last year, and Bloomberg reported in February that 3,000 had just received unsatisfactory reviews. The Times story focused on UK employees, but the offer also was extended to US employees, though possibly with slightly different details, per Business Insider.
  • Context: The management consulting industry in general is in a slowdown, with McKinsey shrinking its payroll by 1,400 in 2023, per Bloomberg. The company competes against the likes of Bain & Company, Boston Consulting Group, and Accenture.
  • Happy spin: McKinsey isn't denying the offer was made. A spokesperson says the company wants to help staffers "grow into leaders," even if it's not at McKinsey. It's part of an "ongoing effort to ensure our performance management and development approach is as effective as possible, and to do so in a caring and supportive way," the spokesperson tells Quartz.
(More McKinsey & Co. stories.)

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