McKinsey has cut about 3 per cent of its local workforce as part of a rare round of global redundancies aimed at offsetting a pullback in client demand.
, also roughly three per cent of the firm’s 47,000 staff. That total employee number is up almost 70 per cent from 28,000 five years ago.AdvertisementMcKinsey is one of a number of business service firms that have cut staff numbers in response to slowing demand from corporate clients.announced it would cut 19,000 employees, or 2.5 per cent of its global workforce, and big four consulting firm KPMG said it would cut 2 per cent of its US workforce, or about 700 roles.
The McKinsey cuts are focused on roles held by staff working in functions such as information technology, finance, communications and human resources. The cuts are typical of a review that the firm’s consultants would conduct for a client wanting to reduce costs and increase the efficiency of back-office functions.
The firm’s local operation has hired 90 new consultants so far this year, on par with its highest-ever local intake last year.The new hires include 35 undergraduates, along with a mix of Masters of Business Administration graduates and experienced hires. The firm has offered a “small bonus” to its Australia and New Zealand graduatesThe Professional Life newsletter is delivered every Wednesday morning and features the latest news about the major consulting firms – Deloitte, EY, KPMG and PwC.
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