I wanted to make a quick post about the McKinsey news regarding severance and layoffs. They offered UK senior employees the option of 9 months severance instead of being laid off.

They were also offered assistance in searching for a job. They are also offering other career coaching assistance. There has also reportedly been a similar offer to staff in the United States, but the details aren’t clear yet.

McKinsey cut 1,400 of their staff last year which is equal to 3% of their workforce.

This should come as no surprise to anyone following the big 4 accounting firms as the big 4 have been laying off consultants for over a year. Consultants always face the toughest job markets during a downturn because their services are cut first. Clients don’t do big reorgs or big software purchases in years where their businesses slow down.

The big 4 also copy the consulting firms, so they will most likely offer a similar plan soon.