McKinsey Plans to Eliminate About 2000 Jobs in One of Its Biggest Rounds of Cuts
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Re: McKinsey Plans to Eliminate About 2000 Jobs in One of Its Biggest Rounds of Cuts
#2Makes sense.
McK's back office practice has really grown over the past decade with (imo) little to show for it. Their whole QuantumBlack offering is utter bullshit, and they had a couple other back office boondoggles.
Also, doesn't help that companies don't hire Management Consultants as much anymore AND implementation firms like Accenture, WITCH, Deloitte, and EY have climbed up the value chain to offer bundled Management Consulting and Implementation, which McK only really started offering like 5-6 years ago.
On the other hand, f** Partners, having too make do with $700k instead of $1.4m:
"Under a plan dubbed Project Magnolia, the management team is hoping the move will help preserve the compensation pool for its partners, the people said, asking not to be identified discussing non-public information."
Re: McKinsey Plans to Eliminate About 2000 Jobs in One of Its Biggest Rounds of Cuts
#3Honestly I'm now wondering how much of these "startegy/management consultants" jobs could be automated with AI. I mean from my understanding their primary work product is a slide deck.
Re: McKinsey Plans to Eliminate About 2000 Jobs in One of Its Biggest Rounds of Cuts
#4Re: McKinsey Plans to Eliminate About 2000 Jobs in One of Its Biggest Rounds of Cuts
#5Honestly I'm now wondering how much of these "startegy/management consultants" jobs could be automated with AI. I mean from my understanding their primary work product is a slide deck.
I get the sense that the price you pay for the advice and the perceived work that goes into it has a direct relationship with how you take and act on that advice, at least for the people and orgs that consume these consulting services. Having an AI spit out slides would cheapen the effect, to the point where you might as well listen to the other people in the room with you instead of their AI.
Re: McKinsey Plans to Eliminate About 2000 Jobs in One of Its Biggest Rounds of Cuts
#6Wonder if they hired Bain or BCG to figure out how many to layoff
Re: McKinsey Plans to Eliminate About 2000 Jobs in One of Its Biggest Rounds of Cuts
#7Impossible, Gartner told me that the consulting industry would grow 11.2x in the next 6.4 years
Re: McKinsey Plans to Eliminate About 2000 Jobs in One of Its Biggest Rounds of Cuts
#8The bubble grows until it pops. Between 2020 and 2022 liquidity was high and global problems (COVID, Russia-Ukraine, US inflation) meant upper management needed more support.
So they hired lots of folks and (anecdotal evidence) even raised the signing bonus to attract more talent. However, growth wasn't as sustainable as it seemed to be.
Man, I miss Clayton Christensen. Would love to read his insights on the world right now, the role of consulting firms and the rise of AI-powered products.
Re: McKinsey Plans to Eliminate About 2000 Jobs in One of Its Biggest Rounds of Cuts
#9Impossible, Gartner told me that the consulting industry would grow 11.2x in the next 6.4 years
Let me tell you about the tens of thousands of open cyber security positions.
Re: McKinsey Plans to Eliminate About 2000 Jobs in One of Its Biggest Rounds of Cuts
#10Honestly I'm now wondering how much of these "startegy/management consultants" jobs could be automated with AI. I mean from my understanding their primary work product is a slide deck.
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