McKinsey Employees Offered Incentive to Explore New Career Opportunities

Last Updated on April 2, 2024 by Robert C. Hoopes

McKinsey & Co. Goes the Extra Mile for Underperforming Staff

Consulting giant McKinsey & Co. has implemented a new initiative to support underperforming employees in finding new job opportunities. Managers at the U.K. offices who are not meeting expectations will receive nine months of pay and access to career-coaching services while they search for new positions. If they are unable to secure new employment within the nine months, they will be required to leave the firm.

While the same opportunity is available at U.S. offices, the specific details of the program have not been disclosed. A spokesperson for McKinsey emphasized that the firm’s primary goal is to help employees grow into leaders, whether they remain at McKinsey or pursue other career opportunities. This new initiative is an extension of the firm’s existing “counseled to leave” approach for underperforming employees.

In recent months, approximately 3,000 consultants at McKinsey received concerns ratings for unsatisfactory performance, leading them to be placed on the “counseled to leave” program. With a staff size of around 45,000 employees – a 60% increase from 2018 – McKinsey, like many major consulting firms, has been making efforts to reduce headcounts after a hiring spree during the pandemic.

In March 2023, McKinsey announced a significant headcount reduction, cutting 1,400 jobs. The firm’s willingness to provide support and resources to underperforming employees as they search for new opportunities reflects a commitment to employee development and career growth.