McKinsey Layoffs: Global consulting firm McKinsey & Co. has announced plans to eliminate approximately 360 jobs globally, affecting around 3 per cent of its specialist and technically-skilled workforce, on April 11.
This will impact employees across various divisions, including design, data engineering, cloud, and software, Bloomberg reported citing people in the know.
A McKinsey spokesperson said as per the report, “We invest to grow capabilities that match our clients’ priorities, and adjust the size of a small number of others as appropriate. As part of this process, some roles will be eliminated within this small number of capabilities.”
The reductions are part of McKinsey’s efforts to adjust the size of certain capabilities to match its clients’ evolving priorities and come as the consulting industry grapples with a slowdown in demand for its services.
McKinsey layoffs: Will job cuts impact traditional consulting staff?
No, the job cuts may not impact McKinsey’s traditional consulting staff, the report added.
McKinsey layoffs: What is the company’s workforce?
The firm has a global workforce of more than 45,000 employees in 130 cities around the world.
Have other companies in the sector resorted to job cuts?
Hiring sprees were common during the Covid pandemic following which companies like Ernst & Young, PricewaterhouseCoopers and Accenture Plc have cut jobs as some clients scaled back their investments.
McKinsey has also taken steps to address performance concerns and has warned around 3,000 of its consultants that performance needs to improve.
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