In another round of layoffs — that has spanned across industries like technology, media, and investment banking — consulting firm McKinsey & Co. will eliminate up to 2,000 jobs within the next couple of months, according to multiple reports.
This news comes after the consulting firm has added 17,000 new employees over the past 5 years.
It will be one of the company’s biggest round of job cuts in its history.
McKinsey has said that it is: “redesigning the way our non-client-serving teams operate for the first time in more than a decade, so that these teams can effectively support and scale with our firm.”
A Bloomberg report on Tuesday stated that these layoffs are part of Project Magnolia. This is aimed at preserving the compensation pool of its partners.
The exact number of job reductions has not been specified yet.
Departments such as technology and human resources are expected to be hit the hardest, reports say.
Alexia Pedersen, VP of EMEA at O’Reilly, says:
“Following the recent news regarding Goldman Sachs laying off thousands of people, it is a reminder for all of us to take a moment and reflect on our own careers and consider what our onward journey may consist of.
“One of the best ways to invest in ourselves for the future is through learning and upskilling. Lifelong learning is broadly defined as the ongoing, voluntary, and self-motivated pursuit of knowledge for either personal or professional reasons. Having the drive to take ownership of learning and embrace new skills will pay dividends to both employers and employees, as gaining new skills can lead to new conversations, new job roles, and new projects. As companies rapidly embrace new technologies, it is essential that employees invest in themselves to adapt to the new skill sets required to meet the needs of new projects and innovation.
“As the digital skills gap continues, now is the time to capitalise and invest in L&D. 2023 is an opportunity to sign up for a new course, learn a new skill, mentor a colleague or reach out for on-the-job support and training from others. What new skill would you like to achieve this year?”
Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.