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Global consulting giant McKinsey & Co. has unveiled plans to cut nearly 360 jobs worldwide, affecting about 3% of its specialist and technically-skilled workforce. This move comes as McKinsey adjusts its capabilities to align with shifting client priorities amid a slowdown in demand for its services.
The job cuts will impact employees across various divisions, including design, data engineering, cloud, and software, according to reports from Bloomberg citing sources familiar with the matter.
In response to inquiries about the layoffs, a McKinsey spokesperson stated, “We invest to grow capabilities that match our clients’ 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.”
This strategic restructuring reflects McKinsey’s ongoing efforts to realign its workforce with evolving market demands. However, traditional consulting staff at McKinsey may not be affected by these job cuts.
The consulting industry has faced challenges due to changing client needs and economic conditions. Other major firms like Ernst & Young, PricewaterhouseCoopers, and Accenture Plc have also resorted to job cuts as clients scaled back investments post-pandemic.
Apart from layoffs, McKinsey has taken additional measures to address performance concerns within its workforce. Around 3,000 consultants have been cautioned about the need to improve performance standards.
McKinsey, known for its global footprint with over 45,000 employees in 130 cities worldwide, continues to navigate industry challenges while focusing on adapting to the evolving landscape of client demands and market dynamics.
Sources By Agencies
