One of the biggest management consulting firms in the world is creating a new way to layoff employees.
McKinsey and Company is reportedly giving hundreds of its senior employees paid time to look for other work, according to a report by UK-based newspaper The Times.
The report said that the firm’s workers in the UK are being given up to nine months to spend finding other employment while still being paid their full salary. They employees don’t need to work on any cases while they are in this position, which is being referred to internally as “on search.”
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Those who take longer than nine months will have to leave McKinsey and Co.
US-based McKinsey employees are also reportedly being given this opportunity, though the time in which they’re allowed to be “on search” is unclear.
The employees are also reportedly given access to company resources to help them in their search, which includes career coaching that can help them with their resumes. This type of system was reportedly already offered to poor performing staffers in the past, but the offer is now being given to those even with positive standing.
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This report comes as the world of consulting has struggled a bit as of late. McKinsey cut 1,400 jobs last year — or about 3% of its staff — while other consulting firms have slowed down hiring.
This has even had an effect on graduating MBA students such as those in Harvard. Of those seeking employment in the 2023 graduating class of Harvard Business School, 86% were offered a job — which is down from at least 95% over the last two years.
The slow down in hiring or the pushback of hiring dates in the consulting industry was the major driver to this decline as about a quarter of the graduates were seeking jobs in consulting.
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