McKinsey Offers Staff 9-Month Severance Pay To Quit: Report
Amidst industry-wide challenges, McKinsey, a prominent global management consulting firm, is reportedly offering compensation to senior employees who choose to depart. According to reports, managers within the UK division have been presented with the option of dedicating up to nine months to a "job search" period. During this time, they are permitted to focus on exploring new job opportunities without the obligation to participate in client projects.
Notably, employees opting for this option will continue to receive their full salary throughout the duration of the job search period, potentially amounting to hundreds of thousands of pounds if the entire nine-month period is utilised. Additionally, these managers will have access to McKinsey's resources and career coaching services to support their transition.
However, even if employees are unable to secure new employment during this period, they will still be required to leave McKinsey as part of the arrangement. This initiative follows McKinsey's previous efforts to streamline its workforce, including plans announced in 2023 to cut approximately 1,400 jobs, representing about 3 per cent of its total workforce, as reported by Bloomberg.
Furthermore, in February of the current year, McKinsey reportedly gave poor performance ratings to 3,000 employees. These individuals were subsequently given around three months to enhance their performance or face the possibility of leaving the company, as detailed in the report.
