McKinsey & Co. is offering its UK staff nine months' pay as part of an exit deal amidst reported layoffs
McKinsey & Co. is reportedly offering some of its UK staff a deal to take nine months' pay and leave. Last year the consulting firm had eliminated nearly 3 per cent of its workforce and had given an extended warning to nearly 3000 consultants earlier this year.
This offer, which includes career coaching services and other support, comes at a time when several companies have announced massive layoffs. As per a report by the Times of London, this news follows McKinsey's recent warning to some US consultants about promotion deadlines.
“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,” a company spokesman stated in an email cited by Bloomberg. “A core part of our mission is helping people learn and grow into leaders, whether they stay at McKinsey or continue their careers elsewhere.”
McKinsey's offer, as per reports, will target its engagement managers who are responsible for leading consultant teams on client projects, and associate partners. Similar offers have also been extended to managers based in the US.
Employees in client-facing positions who don't meet expectations typically leave after receiving counseling to do so, indicating the company's preference for them not to work on client projects and explore other opportunities.
However, employees in good standing are voluntarily choosing to leave. Those who opt for the nine months of pay would still be required to depart, even if they are unable to secure a new job within that timeframe.