McKinsey Is Offering Employees 9 Months Salary to Quit the Firm

By Jace Dela Cruz

Apr 02, 2024 02:32 AM EDT

McKinsey & Co. has introduced a unique offer to some of its employees: Accept nine months' pay and leave the company.

According to Bloomberg, the offer, which also includes career coaching services and other resources, is being extended to select UK staff members who want to leave the company. 

This photograph shows a logo of American multinational corporation McKinsey & Company on the first day of the Mobile World Congress (MWC), the telecom industry's biggest annual gathering, in Barcelona on February 26, 2024.
(Photo : PAU BARRENA/AFP via Getty Images)

McKinsey Is Paying Some Workers to Leave

The move, first reported by The Times of London on Saturday, marks another adjustment in the management consulting firm, renowned for advising CEOs and government leaders. 

It happened after McKinsey cautioned some consultants in the US about the narrowing window to win promotion. McKinsey and its consulting counterparts have adjusted their workforce size, postponed start dates, and moderated hiring activity over the past year in response to dwindling client demand.

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Why McKinsey Is Offering Workers to Leave

According to The Times, McKinsey is letting some workers dedicate nine months to finding a new job before they lose their jobs at the consulting firm.

A McKinsey spokesperson told Bloomberg that these measures are part of the ongoing effort to refine performance management and professional development practices while maintaining a supportive environment. 

He added that McKinsey's mission encompasses nurturing individuals to evolve as leaders, whether they continue their journey within the firm or pursue opportunities elsewhere.

This proposal targets engagement managers, who are responsible for overseeing consultant teams on client projects, as well as associate partners. 

According to sources familiar with the matter, similar offers have been extended to managers in the US. However, the exact number of eligible staff members remains undisclosed. 

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