McKinsey cut jobs-One of its biggest layoffs...
One of the largest sets of layoffs ever for the consulting behemoth will see McKinsey & Co. shed nearly 2,000 positions. According to those with knowledge of the situation, the company known for creating staff reduction plans for its clients is laying off some of its own employees, with the move expected to concentrate on support staff in positions that don't have direct client interaction.
The management team is attempting to protect the pay pool for its partners through a scheme known as Project Magnolia, according to the persons who asked to remain anonymous because the material is confidential. The company, which has had substantial expansion in headcount over the previous ten years, intends to reorganise the way its support teams are set up in order to consolidate some of the roles.
The plan is anticipated to be completed in the upcoming weeks, and one of the persons said the precise number of positions to be cut from its 45,000 employees may yet alter. This number has increased from 17,000 in 2012 and 28,000 just five years ago.
For the first time in more than a decade, "we are rethinking the way our non-client-serving teams operate, so that these teams may successfully support and scale alongside our firm," dj Carella, a company spokesman, wrote in an email. Carella stated that the company is still seeking qualified individuals who work closely with clients.
