McKinsey reduces the number of new partners by 35% – Kommersant

Consulting giant McKinsey will reduce the number of partners by 35%: at the beginning of next year, 248 people will become new partners, while a year earlier – 380. About this The Wall Street Journal (WSJ) informed sources said. The publication notes that this is another sign of how difficult economic conditions are reducing the demand for expensive services of management consulting specialists.

Demand for consulting services was very high during the pandemic, when companies needed advice on restructuring their business models. And if before the pandemic, McKinsey annually promoted about 290 employees to partner level, then in 2021 about 420 people became partners. McKinsey now has almost 45 thousand employees around the world and about 3 thousand partners.

Against the backdrop of a slowing economy, many companies in a variety of industries have begun to revise their personnel policies and lay off office workers. McKinsey was no exception: at the beginning of the year, the company carried out a restructuring, laying off about 1.4 thousand people, which was one of the largest reductions in the entire history of the company. In addition, McKinsey, like some other consultants, delayed the start of new MBA hires to April 2024. McKinsey partners this year advocated deferring the payment of part of the compensation package, which allows increasing the company’s financial flexibility in difficult economic conditions.

Alena Miklashevskaya