McKinsey to cut 360 jobs globally; here are the roles to be affected

McKinsey, a global consulting firm has announced its plans to cut 360 jobs globally which would affect 3% of its specialist and technically-skilled workforce. As per Bloomberg, the job cut will affect employees across various divisions, including design, data engineering, cloud, and software. However, the firm's traditional consulting staff will not be affected.

McKinsey job cut

As per Bloomberg, the reduction in workforce comes as part of the firm's efforts to adjust the size of certain capabilities to match its clients' evolving priorities.

"We invest to grow capabilities that match our clients' priorities, and adjust the size of a small number of others as appropriate," a McKinsey spokesperson said in an email statement. “As part of this process, some roles will be eliminated within this small number of capabilities," as quoted by Bloomberg.

Also Read: McKinsey offers UK employees full pay for 9 months if they volunteer to quit

The move also comes at a time when the consulting industry is struggling with a slowdown in demand for its services. Other major consulting firms including Ernst & Young, PricewaterhouseCoopers, and Accenture Plc are also reducing the workforce after a hiring boom during the pandemic.

McKinsey that has a global workforce of more than 45,000 employees in 130 cities around the world has taken steps to address its performance concerns. This, despite generating a record $16 billion in revenue last year. The firm has given warning to around 3,000 of its consultants that their performance needs to improve, and has recently offered UK-based employees the option to take nine months' pay in exchange for their departure.