New York, April 2: McKinsey & Company, a multinational strategy and management consulting firm, reportedly offered its hundreds of senior employees payment if they wish to leave the company. McKinsey layoffs were announced due to a "sector-wide downturn" and in an attempt to reduce the headcount of the employees who would look for other jobs. According to a report, McKinsey offered the staff nine months of salary to quit their jobs and look for new employment opportunities. 

According to a report by The Times, McKinsey offered to pay hundreds of its senior employees to leave the company and find work elsewhere in its latest attempt to reduce headcount. The report mentioned that the McKinsey managers were allowed to spend up to nine months on job search. The staff members would receive full salary when they spent their time searching for new work. However, the company would not let them work on any client projects. Layoffs 2024: US States Missouri and Michigan Hit by Mass Layoffs in Automobile, Manufacturing and Other Sectors, More Employees To Be Affected.

If the employees could utilise their nine months, it could amount to hundreds of thousands of pounds. According to a report by Hindustan Times, McKinsey managers would be allowed to access the company's resources and career coaching services. If the McKinsey staff members could not find any job during the given "nine months" of time, they would still have to leave the company. Nithin Kamath on Work From Home: Zerodha CEO Explains Why WFH Did Not Work Well for All Employees.

The report highlighted that previously McKinsey layoffs were implemented to reduce headcounts in 2023 by cutting 3% of the workforce, about 1,400 jobs. It also mentioned that the over 3,000 McKinsey employees were given poor performance ratings and given nine months to leave the company. McKinsey gave them nine months to improve their overall performance, and if they could not do so, they would have to leave the company and search for jobs elsewhere. In 2024, many companies adopted new strategies to lay off employees, such as voluntary layoffs and seven or 10-minute video call layoffs. 

(The above story first appeared on LatestLY on Apr 02, 2024 09:03 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).