“McKinsey to Cut 360 Jobs Globally as Consulting Demand Slows”
McKinsey & Co., a prominent global consulting firm, has recently announced plans to reduce its workforce by approximately 360 jobs worldwide. The layoffs, affecting around 3% of its specialist and technically skilled employees, will impact various divisions such as design, data engineering, cloud, and software.
According to Bloomberg’s sources, McKinsey stated, “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.”
These job cuts come as McKinsey aims to align the size of certain capabilities with its clients’ changing needs. The consulting industry has been experiencing a slowdown in demand for its services, prompting McKinsey to make adjustments.
It’s important to note that these layoffs are not expected to affect McKinsey’s traditional consulting staff, as mentioned in the report.
McKinsey currently employs over 45,000 people globally across 130 cities.
Similar to McKinsey, other companies in the sector, including Ernst & Young, PricewaterhouseCoopers, and Accenture Plc, have also resorted to job cuts after experiencing hiring sprees during the Covid-19 pandemic. Some clients have scaled back their investments, leading to a decrease in demand for consulting services.
In addition to the layoffs, McKinsey has also addressed performance concerns by warning around 3,000 of its consultants that their performance needs to improve.
