McKinsey is offering its staff 9 months' salary to quit the firm: Report

According to reports, this move underlines McKinsey's efforts to manage its workforce in response to changing dynamics in the business industry.

McKinsey and company is offering hundreds of its senior employees nine months'  salary along with other incentives to quit and pursue alternative job opportunities, The Times reported.

The employees in UK are being presented with an unusual opportunity to spend up to nine months to look for a new job. The company referred to it as a focused "job search" period. During this period, employees will not be required to engage in client projects and will have the flexibility to use their working hours to exclusively seek new job opportunities, the publication reported.

The employees will continue to receive their full salary for up to nine months and will have access to the firm's resources and career coaching services. But McKinsey also clarified that employees who fail to get new jobs during the designated period will still need to leave the company.

According to reports, this move underlines McKinsey's efforts to manage its workforce in response to changing dynamics in the business industry. In 2023,it had announced that it would cut down approximately 1,400 jobs, constituting about three per cent of its workforce, Bloomberg reported. Last month, during the company's appraisal process, it evaluated the performance of 3,000 employees and providing them with a window to either improve their performance or consider to quit voluntarily.

'When McKinsey rejected me, I was heartbroken,' shares IIT-IIM graduate from Bengaluru

In related news and in the aftermath of a 25-year-old McKinsey employee dying by suicide following extreme pressure at work, an IIT Bombay and IIM Ahmedabad alumnus opened up about how devastated he felt when he failed to get an opportunity to work with the global management consultant.

"It was the company that everybody in IIM wanted to work with. And an internship with the company would have given me the opportunity to convert it into a possible job offer.  It would also have meant that I could spend my final year in college without having to worry about landing a job after graduation," he said.

That's why Bala left no stone unturned to prepare for his interviews. He cracked the first level and was invited to a second round. "That's why when they rejected me... I was heartbroken. I thought I wasn’t good enough," he said.