'An aspirational goal' | McKinsey's manager method: Is reskilling a viable alternative to layoffs?

It’s probably not escaped your attention that there’s a lot of layoffs going on right now.

And in the middle of tough economic conditions, it's unsurprising that consulting firms are being swept up in the tide. The Big Four collectively planned to make nearly 2,000 cuts in 2023 alone, and McKinsey announced a move to cut 1,400 jobs, around three per cent of its headcount.

In 2024, however, McKinsey is taking a different approach to trimming the fat: Paying its workers to find a job elsewhere.

The unorthodox tactic involves keeping hundreds of engagement managers in its UK office – as well as US-based managers who are reportedly receiving similar offers – on the payroll for nine months whilst they try to secure a new gig rather than completing usual client-focused projects. At the end of the nine months, the “on search” employees will have to leave the company if they have not done so already.