Since the layoffs 2023 trend continues, next in line are the McKinsey layoffs. In one of its biggest ever job cuts; McKinsey & Co. reportedly plans to trim around 2,000 jobs as the global management consulting firm battles tricky economic landscape.
According to a Bloomberg report, McKinsey & Co., a firm known for coming up with best of management solutions, including staff reduction plans, is now hammering itself by indulging in mass layoffs. It adds that these McKinsey layoffs are expected to focus on support staff, roles that largely don’t have direct contact with clients.
As of now, McKinsey reportedly has a workforce of around 45,000 people. However, since the headline McKinsey layoffs have not actually started yet, the plan is reportedly expected to be finalized in the coming weeks.
According to the publication, for McKinsey & Co. layoffs, a plan called Project Magnolia has been initiated. Under this, the management team is hoping that the mass layoffs spree may help preserve the compensation pool for its partners. It adds, “The firm, which has seen rapid growth in its headcount during the past decade, is looking to restructure how to organize its support teams to centralize some of the roles.”
McKinsey layoffs add to the list of globally acclaimed MNCs that have laid off staff in an effort to cut costs, among various other reasons. Before this, even Goldman Sachs, Morgan Stanley and other top banks have eliminated thousands of jobs in line with other big companies like Twitter, Amazon, Microsoft and so on. As global economy slows down, experts expect the trend of mass layoffs to continue in 2023.