McKinsey will pay staff to leave

One of America’s leading consulting firms, McKinsey, is offering its senior UK managers paid leave to seek new jobs amid sector-wide challenges, as reported by The Times.

McKinsey is restructuring its workforce as the entire consulting industry faces a downturn. Even though it had a record revenue of $16 billion, McKinsey laid off 1,400 support staff last year.

Here’s the deal
McKinsey managers in Britain can spend up to nine months “on search,” meaning they can look for new jobs and still get paid.

While on the hunt for new jobs, the staff will receive career coaching and assistance with CV updates. They can also use McKinsey’s office resources like computers and email to find work.

If someone fails to secure a new position within this timeframe, they will still have to depart from the firm.

Similar offers with variations in the search period have been made to the company’s US managers, too. The initiative, usually reserved for underperforming staff, now includes high-performing employees.

After the pandemic-era hiring boom, companies have been trying to reduce staff. Last year, McKinsey pushed back the start dates for its new hires.