9 Months Salary and Career Coaching for Exiting Staff: Check This Company’s Unique Job Cut’s Approach (image source: Canva)
McKinesy: Management consulting firm McKinsey is offering career coaching services and up to nine months of pay to employees interested in leaving the firm, as reported by British newspaper The Times.
According to The Times report, managers at McKinsey’s UK offices can dedicate up to nine months to job hunting instead of working on client projects. During this period, they will continue to receive their salary and have access to McKinsey’s resources and career coaching services. However, employees must still leave McKinsey even if they are unsuccessful in finding a new job.
The same offer has reportedly been extended to managers in McKinsey’s US offices, although the duration of pay offered may vary, according the report.
McKinsey’s Response
While McKinsey did not confirm the specifics reported by The Times, a spokesperson stated that the company remains committed to helping its staff grow into leaders, whether they stay at McKinsey or pursue their careers elsewhere. The spokesperson emphasised that these actions are part of McKinsey’s efforts to improve its performance management and development approach in a supportive manner.
McKinsey’s Workforce Reduction Efforts
This initiative is not the first time McKinsey has sought to reduce its workforce amid industry challenges. Last year, the consulting giant announced plans to cut approximately 1,400 jobs, which represented about 3 per cent of its headcount.
In February, Bloomberg reported that McKinsey had given poor performance ratings to 3,000 employees, who were then given around three months to improve their performance or were advised to leave the company.
Recently, McKinsey informed senior employees that they have approximately two and a half years to secure a promotion, intensifying the pressure on staff to advance in their careers or seek opportunities elsewhere.
