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McKinsey Plans to Eliminate About 2000 Jobs in One of Its Biggest Rounds of Cuts

bloomberg.com

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Re: McKinsey Plans to Eliminate About 2000 Jobs in One of Its Biggest Rounds of Cuts

#41

Post by hgsgm »

midoridensha wrote: post #39
JCM9 wrote: post #13

McKinsey’s brand has taken a beating these last few years with the company going from scandal to scandal. The NY Times has been doing a whole string of stories on the firm’s questionable business practices and ethics. Funny though how it sounds like, per their own admission, McKinsey badly mismanaged running their own internal operation and woke up to realize they need mass layoffs. Sort of causes one to question how…

>Most had never actually run a business or done the thing they were offering up advice on, and it showed. "Those who can, do. Those who can't, teach."

"Those who don't even know how, manage."

Re: McKinsey Plans to Eliminate About 2000 Jobs in One of Its Biggest Rounds of Cuts

#42

Post by achow »

JCM9 wrote: post #13

McKinsey’s brand has taken a beating these last few years with the company going from scandal to scandal. The NY Times has been doing a whole string of stories on the firm’s questionable business practices and ethics. Funny though how it sounds like, per their own admission, McKinsey badly mismanaged running their own internal operation and woke up to realize they need mass layoffs. Sort of causes one to question how…

This recently published book should be of interest:

The Big Con by Mariana Mazzucato and Rosie Collington review – how consultancy firms cash in

https://www.theguardian.com/books/2023/feb/16/the-big-con-by...

Re: McKinsey Plans to Eliminate About 2000 Jobs in One of Its Biggest Rounds of Cuts

#43

Post by epicureanideal »

hn_throwaway_99 wrote: post #30
JCM9 wrote: post #13

McKinsey’s brand has taken a beating these last few years with the company going from scandal to scandal. The NY Times has been doing a whole string of stories on the firm’s questionable business practices and ethics. Funny though how it sounds like, per their own admission, McKinsey badly mismanaged running their own internal operation and woke up to realize they need mass layoffs. Sort of causes one to question how…

> Mass layoffs generally don’t follow strong management execution. I realize that's a common sentiment on HN, but it's not really among executive leadership in US businesses. Sure, nobody wants to do layoffs, but then you're essentially left with 2 choices: 1. Potentially underhire despite growing business opportunity. 2. Potentially overhire to take advantage of business opportunities that may not eventually come to…

Why not hire contractors or contract-to-hire for those bursty work needs? Or spin up a separate company and buy services from them?

Re: McKinsey Plans to Eliminate About 2000 Jobs in One of Its Biggest Rounds of Cuts

#45

Post by ilrwbwrkhv »

spamizbad wrote: post #40
JCM9 wrote: post #13

McKinsey’s brand has taken a beating these last few years with the company going from scandal to scandal. The NY Times has been doing a whole string of stories on the firm’s questionable business practices and ethics. Funny though how it sounds like, per their own admission, McKinsey badly mismanaged running their own internal operation and woke up to realize they need mass layoffs. Sort of causes one to question how…

If you were competent at running businesses why would you be an associate at McKinsey when you could be a COO or VP or something?

Because you get all of the benefits with none of the blame.

Re: McKinsey Plans to Eliminate About 2000 Jobs in One of Its Biggest Rounds of Cuts

#46

Post by oneoff786 »

spamizbad wrote: post #40
JCM9 wrote: post #13

McKinsey’s brand has taken a beating these last few years with the company going from scandal to scandal. The NY Times has been doing a whole string of stories on the firm’s questionable business practices and ethics. Funny though how it sounds like, per their own admission, McKinsey badly mismanaged running their own internal operation and woke up to realize they need mass layoffs. Sort of causes one to question how…

If you were competent at running businesses why would you be an associate at McKinsey when you could be a COO or VP or something?

An associate is typically a fresh MBA grad or someone with a few years of tenure out of school.

Awkward imbalance of levels aside, I enjoy the consulting lifestyle personally. It’s interesting to work with many different clients and have enough political clout to get things done on a fast timeline.

Re: McKinsey Plans to Eliminate About 2000 Jobs in One of Its Biggest Rounds of Cuts

#48

Post by cbtacy »

1) they're taking advantage of market conditions to top grade 2) they need to protect partner payouts 3) they will replace these folks over the coming 18 months with cheaper, younger versions (but won't get anywhere near the absurdly low average annual comp of Accenture)

Re: McKinsey Plans to Eliminate About 2000 Jobs in One of Its Biggest Rounds of Cuts

#50

Post by davidwihl »

cbtacy wrote: post #48

1) they're taking advantage of market conditions to top grade 2) they need to protect partner payouts 3) they will replace these folks over the coming 18 months with cheaper, younger versions (but won't get anywhere near the absurdly low average annual comp of Accenture)

4) They have enormous fines to payout 5) This was mostly backoffice not consultants
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