McKinsey & Company has seen a significant staff reduction of approximately 5,000 employees, representing more than a 10% decline in its workforce since the pandemic hiring spree. As of late 2023, McKinsey's workforce was 45,100, significantly down to around 40,000. This reduction is attributed to the firm's longstanding performance management process, which led to negative performance ratings for around 3,000 employees. Contrary to layoffs, some were offered leave incentives. This shift follows aggressive hiring during increased demand in the pandemic.
In February 2024, McKinsey gave some 3,000 staffers poor performance ratings, known internally as "concerns". Employees who receive these ratings are typically told they have about three months to shape up or they'll be "counseled to leave" the firm.
The decrease in employee numbers is related to the consulting firm's traditional performance management process and is not the result of layoffs, the person familiar with McKinsey's staffing said.
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