McKinsey Offers Employees Career Coaching and Nine-Month Pay…If They Quit

McKinsey & Company is taking an unusual approach to layoffs in its UK offices.

The consultancy giant  is offering nine-months’ pay and career coaching to consultants who issue their resignation.

The offer has been reportedly extended to around 3,000 consultants who are currently engaged in projects with clients.

McKinsey’s unorthodox move, initially disclosed by the Times of London, follows reports of the company laying off 3% of its staff in 2023.

A McKinsey spokesperson told Bloomberg that the primary goal of offering career coaching is to help employees develop and grow as leaders, whether they choose to remain at McKinsey or pursue opportunities elsewhere.

It remains unclear whether McKinsey will terminate consultants who decline its offer.

Employees who opt for the nine-month pay package will be required to leave their positions, even if they are unable to secure alternative employment within the designated timeframe.

The majority of individuals who lost their jobs at McKinsey last year were support staff rather than consultants directly involved in client interactions. Consultants who work on client projects are considered vital to McKinsey’s operations. If they fail to meet performance expectations, they are swiftly replaced.

Despite recent workforce reductions, McKinsey’s financial performance has remained robust. The company reported record revenues of US$16 billion last year. Its workforce has nearly doubled over the past five years, growing from 28,000 to 47,000 employees.