A global management consulting firm, McKinsey & Co is planning to cut about 2,000 jobs. This is in one of its biggest rounds of layoffs.
The company’s job cuts could affect more than 4% of the workforce. McKinsey & Co currently employs nearly 44,000 employees. The headcount of the company has grown up from 28,000 just five years ago and 17,000 in 2012.
A company spokesperson said in an emailed statement to Reuters, “We are redesigning the way our non-client-serving teams operate for the first time in more than a decade so that these teams can effectively support and scale with our firm.”
According to reports, McKinsey & Co layoffs are expected to affect the support staff who do not have direct contact with clients of the company.
Last week, the Financial Times reported that KPMG was cutting close to 2% of its workforce in the United States, a move which made it the first of the world’s four biggest accountancy firms to slash jobs in the country.
As per recent reports, So far in 2023, there have been 507 layoffs at tech companies with 144,042 people impacted (2,718 people per day). In 2022, there were 1,535 layoffs at tech companies 241,176 people were impacted.
Tech companies have either frozen the hiring process or laid off many employees. The major companies that laid off employees include Infosys, Amazon, Google, Microsoft, Byju’s, Wipro, and Salesforce laid off a maximum number of workers globally.
Earlier in November, Amazon announced that will be layoff 10,000 employees. However, the company further added 8,000 employees, and the total layoffs were announced as 18,000 employees. On the other hand, Google sacked roughly 12,000 staff and Salesforce laid off 7,000 employees.