McKinsey & Co. Announces Layoffs; To Cut Around 360 Jobs

New Delhi: Global consulting powerhouse McKinsey & Co. has revealed plans to eliminate approximately 360 jobs worldwide, affecting around 3 percent of its specialist and technically skilled workforce. The decision was made public on April 11, as reported by Bloomberg.

Divisions That Will Be Impacted

The job cuts will have repercussions across various divisions within McKinsey, including design, data engineering, cloud, and software, according to sources familiar with the matter cited by Bloomberg. (Also Read: Swiggy Delivery Partner Caught Stealing Shoes in Viral Video, Company Reacts: Watch)

Official Statement

As per the report, a spokesperson for McKinsey said in an inquiry, "We invest to grow capabilities that match our client’s priorities and adjust the size of a small number of others as appropriate. As part of this process, some roles will be eliminated within this small number of capabilities." (Also Read: Setback For OnePlus? Mobile Retailers' Body Threatens To Stop Sales From May 1)

What Is The Reason Behind This Move?

The reductions are part of McKinsey’s strategy to align the size of certain capabilities with the evolving priorities of its clients. This move comes amidst a slowdown in demand for consulting services across the industry.

Impact On Traditional Consulting Staff

Contrary to concerns, it is reported that the job cuts may not significantly impact McKinsey’s traditional consulting staff.

Other Concerns

In addition to workforce reductions, McKinsey has also taken steps to address performance concerns. Approximately 3,000 consultants have been cautioned about the need to improve performance standards within the organization.

Global Workforce

McKinsey boasts a global workforce of over 45,000 employees spread across 130 cities worldwide.