...
...
Next Story

McKinsey layoffs: Company to cut 360 jobs affecting these roles as demand slows

McKinsey layoffs: The job cuts will affect around 3 per cent of its specialist and technically-skilled workforce.

Updated on: Apr 11, 2024, 14:30:02 IST
By HT News Desk
Prefer HTon Google
Advertisement

McKinsey layoffs: Global consulting firm McKinsey & Co. announced plans to eliminate almost 360 jobs globally. This will affect around 3 per cent of its specialist and technically-skilled workforce and will impact employees across various divisions, including design, data engineering, cloud, and software, Bloomberg reported citing people in the know.

McKinsey layoffs: What the company said on job cuts?

McKinsey layoffs: A logo of American multinational corporation McKinsey & Company on the first day of the Mobile World Congress (MWC), the telecom industry's biggest annual gathering, in Barcelona. (AFP)
McKinsey layoffs: A logo of American multinational corporation McKinsey & Company on the first day of the Mobile World Congress (MWC), the telecom industry's biggest annual gathering, in Barcelona. (AFP)

A McKinsey spokesperson said as per the report, “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.”

Read more: McKinsey layoffs: Firm offers staff 9 months' salary to quit, report claims

McKinsey layoffs: Why is the company cutting jobs?

The reductions are part of the McKinsey's efforts to adjust the size of certain capabilities to match its clients' evolving priorities and come as the consulting industry grapples with a slowdown in demand for its services.

Read more: Elon Musk admits he has this secret account on X where he ‘pretends to be a child’

McKinsey layoffs: Will job cuts impact traditional consulting staff?

The firm has a global workforce of more than 45,000 employees in 130 cities around the world.

Have other companies in the sector resorted to job cuts?

Hiring sprees were common during the Covid pandemic following which companies like Ernst & Young, PricewaterhouseCoopers and Accenture Plc have cut jobs as some clients scaled back their investments.

What other measures has McKinsey taken?

McKinsey has also taken steps to address performance concerns and has warned around 3,000 of its consultants that performance needs to improve.

 
ABOUT THE AUTHOR
HT News Desk

Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.

mckinseymckinsey & co.jobs
Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.
Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.
Home/Business/McKinsey layoffs: Company to cut 360 jobs affecting these roles as demand slows
SHARE THIS ARTICLE ON
Hindustantimes wants to start sending you push notifications. Click allow to subscribe