(MENAFN) In a significant reunion marking their first in-person meeting in two years, McKinsey's 3,000 partners convened last week in Copenhagen. Amidst a backdrop of cautious optimism about the consulting market's recovery after a period of sluggish growth, the company's leadership delivered a positive message. However, within the halls of the gathering, there lingered a sense of unease as the pace of recovery failed to forestall another round of substantial staff cuts at the multinational firm, which boasts a workforce of 45,000 employees.
Currently, McKinsey is navigating through a challenging phase of employee evaluations, with all consultants slated to undergo assessments this month. Those deemed underperformers according to McKinsey's criteria face the prospect of being "persuaded" to exit the company. This shift marks a departure from recent years, during which mid-year performance reviews were more informal, often serving as less significant touchpoints compared to the end-of-year evaluations typically conducted around October. Sources suggest that reinstating a formal classification system midway through the year serves as a mechanism to expedite the departure of a larger number of employees.
The current environment contrasts starkly with the landscape of two years ago, marked by what was dubbed the "big resignation." During that period, a robust job market coupled with the reverberating effects of the pandemic prompted a significant portion of the workforce to seek opportunities elsewhere. Now, with conditions evolving, McKinsey finds itself in a notably altered landscape, grappling with the imperative to align its workforce with evolving market dynamics while striving to maintain its competitive edge in the consulting industry.
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