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McKinsey & Co is offering employees willing to leave the firm nine months worth of pay and career training.
The Times reported Saturday on the move based on anonymous sources and linked it to the management consulting firm’s staffing levels.
McKinsey has put forward the option to some “engagement managers” and “associate partners” located in the U.K., according to The Times.
UKRAINE – 2023/04/05: In this photo illustration, a McKinsey & Company logo is seen on a smartphone and on a pc screen. (Pavlo Gonchar/SOPA Images/LightRocket via Getty Images / Getty Images)
Under the initiative, McKinsey is letting some workers just dedicate their on-the-clock time to nailing a new gig for nine months before losing their jobs at the consulting firm, according to the U.K. media outlet. They reportedly have career coaching and other company-provided tools at their disposal to assist with their job search during that time.
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The outlet pegged the overall number of McKinsey workers facing the initiative to be in the three-figures across the U.K. and the U.S., where one akin to it has reportedly gone out too.
“We have always maintained a high bar for performance, and for attracting and developing exceptional people. This ensures we can provide distinctive support to our clients, as well as distinctive leadership and mentorship for our people,” a McKinsey spokesperson told FOX Business on Monday. “We routinely refine our approach to development and performance to ensure we continue to meet these goals, and we continue to recruit and hire robustly. These actions are part of our 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.”
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In total, over 45,000 people worked at McKinsey as of 2023, according to a fact-sheet published by the company.
The McKinsey & Company logo is seen during the first day of Mobile World Congress 2023 (MWC) at the Fira de Barcelona in Spain. The GSMA Mobile World Congress is an important technology and communications trade show held annually in Barcelona whe (Davide Bonaldo/SOPA Images/LightRocket via Getty Images / Getty Images)
The company, which is run by Bob Sternfels, is a major player in the consulting industry, where it competes with other companies like Bain & Company, Boston Consulting Group and Accenture. It reduced its headcount by about 1,400 last year, The Times reported.
McKinsey operates in over 65 countries around the world.
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It and other firms in the consulting space have been working to navigate an ongoing slowdown in the industry. The industry reportedly produces about $860 billion globally, according to Bloomberg.
