[UK] McKinsey offers career coaching and 9 months pay if staff will leave

Management consulting firm McKinsey is offering career-coaching services and nine months' worth of pay to employees willing to leave it, Business Insider reports.

According to reporting from The Times, managers for McKinsey's UK offices would be permitted to spend up to nine months looking for a new role rather than working on client projects.

In addition to receiving their usual salary, managers would reportedly have access to McKinsey's resources and career-coaching services, The Times said. However, those employees would be required to leave McKinsey whether or not their job hunt was successful.

McKinsey has offices in more than 130 cities across more than 65 countries. The offer has also been made to managers working at McKinsey's US offices, though pay duration could reportedly be different.

A McKinsey spokesperson did not confirm the specifics of The Times's reporting, however, it stated that the company's mission was to help employees "grow into leaders, whether they stay at McKinsey or continue their careers elsewhere."

"These actions are part of our ongoing effort to ensure our performance management and development approach is as effective as possible, and to do so in a caring and supportive way," the spokesperson said.

McKinsey has addressed its headcount before, in the wake of a slowdown in the consulting industry, in 2023 it said it would cut about 1,400 jobs (or about 3 per cent of its staff) according to Bloomberg reporting.

In February, Bloomberg reported that McKinsey had given poor performance ratings to 3,000 employees. The report said affected employees had about three months to improve their performance or they'd be "counselled to leave" the firm.

According to reporting from Bloomberg, McKinsey told some senior employees they had just 2 1/2 years to achieve promotion; increasing pressure on its talent to move up or out.

Source: Business Insider

(Links and quotes via original reporting)

Management consulting firm McKinsey is offering career-coaching services and nine months' worth of pay to employees willing to leave it, Business Insider reports.

According to reporting from The Times, managers for McKinsey's UK offices would be permitted to spend up to nine months looking for a new role rather than working on client projects.

In addition to receiving their usual salary, managers would reportedly have access to McKinsey's resources and career-coaching services, The Times said. However, those employees would be required to leave McKinsey whether or not their job hunt was successful.

McKinsey has offices in more than 130 cities across more than 65 countries. The offer has also been made to managers working at McKinsey's US offices, though pay duration could reportedly be different.

A McKinsey spokesperson did not confirm the specifics of The Times's reporting, however, it stated that the company's mission was to help employees "grow into leaders, whether they stay at McKinsey or continue their careers elsewhere."

"These actions are part of our ongoing effort to ensure our performance management and development approach is as effective as possible, and to do so in a caring and supportive way," the spokesperson said.

McKinsey has addressed its headcount before, in the wake of a slowdown in the consulting industry, in 2023 it said it would cut about 1,400 jobs (or about 3 per cent of its staff) according to Bloomberg reporting.

In February, Bloomberg reported that McKinsey had given poor performance ratings to 3,000 employees. The report said affected employees had about three months to improve their performance or they'd be "counselled to leave" the firm.

According to reporting from Bloomberg, McKinsey told some senior employees they had just 2 1/2 years to achieve promotion; increasing pressure on its talent to move up or out.

Source: Business Insider

(Links and quotes via original reporting)