McKinsey’s plan to conduct its biggest round of layoffs will be finalized in the coming weeks, and the final roles that will be eliminated could still change.
Global management consulting firm McKinsey & Co is planning one of its biggest layoffs that may involve 2,000 job cuts, reported Bloomberg news.
The firm, which is known for devising staff-reduction plans for its clients, is now letting go of some of its own. Sources quoted in the news report said the move is expected to focus on support staff in roles that do not have direct contact with clients.
McKinsey’s management team is hoping that the move will help preserve the compensation pool for its partners. The firm is reportedly looking to restructure how it organizes its support teams to centralize some of the roles, after it saw a sharp growth in positions in the past 10 years.
The plan to conduct its biggest round of layoffs will be finalized in the coming weeks, and the final roles that will be eliminated could still change, according to one of the persons quoted in the report. As of now, McKinsey has a total headcount of 45,000, up from 28,000 just five years ago and 17,000 in 2012.
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DJ Carella, a company representative, said in an emailed statement to Bloomberg that the company is “redesigning the way” its non-client-serving teams operate for the first time in more than a decade.
McKinsey posted a record $15 billion in revenue in 2021 and surpassed that figure in 2022, according to one of the people quoted in the report.
Over the past few months, several top companies across the globe, ranging from finance to technology, have been reducing staff aggressively in the wake of a worsening global slowdown and growing fear of a recession.
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Wilmer Bode
Benny Borer
Cakra News