Amid a sector-wide downturn, McKinsey, a global management consulting firm plans to offer compensation to numerous senior employees opting to depart, aiming to trim its workforce.
This initiative reflects McKinsey’s strategy to mitigate the impact of the downturn on its operations while allowing affected employees the opportunity to explore other career paths with financial support.
According to The Times London, employees participating in this “job search” initiative at McKinsey won’t be assigned client projects. Instead, they’ll dedicate all working hours to finding new opportunities.
Throughout the nine-month period, these employees will receive full salaries and access to the company’s resources and career coaching services.
This arrangement underscores McKinsey’s commitment to supporting its workforce during their transition while they pursue alternative career paths.
McKinsey layoffs in 2023
In 2023, As reported by Bloomberg, McKinsey and Company eliminated 1,400 positions in response to a worldwide economic decline. The restructuring reflects the company’s strategy to adapt to challenging economic conditions by reducing its workforce significantly.
Recently, Byju’s, an edtech company, commenced layoffs via phone calls, bypassing performance improvement plans (PIP), as reported by Moneycontrol. Employees are reportedly not required to serve a notice period.
The company’s latest layoffs, as per the report, might affect 100 to 500 employees, primarily impacting the sales department within the company.
So far in 2024, there have been 416 layoffs at tech companies with 78,335 people impacted (833 people per day). In 2023, there were 2,001 layoffs at tech companies and 428,836 people impacted (1,175 people per day).
Note: We are also on WhatsApp and YouTube, to get the latest news updates, Join our Channels. WhatsApp– Click here, to subscribe to YouTube – Click Here, and for LinkedIn– Click here.
