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My MBA Career: McKinsey to Cut Hundreds of Jobs



Last Updated on April 12, 2024 by Robert C. Hoopes

Consultancy giant McKinsey has announced plans to cut around 360 jobs in various divisions as a response to a decrease in demand for consultancy services. The affected divisions include design, data engineering, cloud, and software, with traditional consultant roles expected to be unaffected in this round of layoffs. Last year, McKinsey eliminated 1,400 jobs in back-office and support functions.

These cuts are anticipated to impact approximately 3% of the company’s 12,000 specialists and technical experts. Despite this news, McKinsey has seen significant growth over the past few years, currently employing around 45,000 staff globally and generating a record $16 billion in revenue last year.

The consulting industry as a whole is facing challenges, with a decline in clients looking to increase spending on professional consultancy services. While demand for consultants spiked during the pandemic, it has since stabilized, leading to job cuts at other firms like Ernst & Young, PwC, and Accenture.

In response to the layoffs, McKinsey has reportedly offered impacted staff nine months’ pay and career-coaching services to help them transition out of the company. This move highlights the shifting landscape of the consultancy industry and the need for firms to adapt to changing client needs and market conditions.

Dina J. Miller is an accomplished writer and editor with a passion for business and education. With over a decade of experience in the industry, she has established herself as a leading voice in the MBA community. Her work can be found in a variety of MBA magazines and college publications, where she provides insightful commentary on current trends and issues in the field. Dina's expertise in business and education stems from her extensive academic background. She holds a Master's degree in Business Administration from a top-tier business school, where she excelled in her studies and developed a deep understanding of the complexities of the business world. Her academic achievements have been recognized with numerous awards and honors, including induction into several prestigious academic societies.

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