US EditionMcKinsey's Staff Numbers Have Dropped by More than 10% in the Last 18 Months
- McKinsey & Company reduced its global workforce by more than 10%, cutting about 5,000 employees from 45,000 at the end of 2023 to roughly 40,000 today over the past 18 months.
- This reduction followed a period of rapid pandemic-era hiring and reflects a downturn in demand, costly legal settlements, and intensified performance management, not mass layoffs.
- The cuts included 1,400 back-office staff and 400 technical specialists in data and software engineering as McKinsey responded to changing client needs and digital transformation pressures.
- A McKinsey spokesperson clarified that the recent reduction in employee numbers was due to typical staff turnover and routine performance evaluations, not large-scale layoffs.
- Despite the reductions, McKinsey continues to hire thousands of new consultants, emphasizes generative AI productivity, and maintains a commitment to growth and talent development amid sector recalibration.
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McKinsey's staff numbers have dropped by more than 10% in the last 18 months
McKinsey is known for its rigorous performance management process.Davide Bonaldo/SOPA Images/LightRocket via Getty ImagesMcKinsey has reduced its global workforce by roughly 5,000 in the past 18 months.The consulting firm went on a major hiring spree during the pandemic.The fall in staff is related to McKinsey's performance management process, not layoffs, a source said.McKinsey's head count has fallen by more than 10% in the last eighteen month…
Paytm’s Vijay Shekhar Sharma criticises McKinsey amid job cut reports; firm responds
Vijay Shekhar Sharma, CEO, Paytm, sparked discussion online after taking a dig at consulting giant McKinsey & Company, which has reportedly reduced its workforce by over 5,000 in the past 18 months. Sharing a news article highlighting the decline, Sharma kind of mocked by suggesting that artificial intelligence, not traditional consultants, is now the go-to expert. His post implied that tools such as ChatGPT are increasingly replacing traditiona…
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Amid growing chatter around job cuts at leading consulting firm McKinsey & Company, Paytm Founder and CEO Vijay Shekhar Sharma took a satirical swipe, pointing to the rising influence of artificial intelligence. Sharing a snippet from a Financial Times article that claimed McKinsey had reduced its global workforce by over 5,000 in the past 18 months, Sharma posted on X (formerly Twitter), “There is a new consultant in town. The answer is: ChatGP…
McKinsey, the U.S. strategic consultant, has cut her workforce by more than 5,000 employees, according to Financial Times.
Is Gen-AI Behind McKinsey Mass Lay-off of 5000 Employees?
In a stark recalibration of strategy and scale, McKinsey has laid off over 5,000 employees—more than 10% of its global workforce. It is the largest workforce reduction in the firm’s 98-year history, and a telling sign of the forces reshaping the consulting industry. From 2018 to 2023, McKinsey rode the wave of post-pandemic transformation. The firm aggressively expanded its headcount—growing by nearly two-thirds—to meet the unprecedented demand…
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