McKinsey & Company, a renowned consulting firm, has reportedly issued poor performance ratings, referred to as "concerns," to approximately 3,000 of its employees, signaling potential layoffs if improvements are not made within three months. This move follows a pandemic-induced hiring surge in the consulting industry, where firms expanded their workforce only to face a subsequent decrease in client demand. The global economic uncertainty has led many clients to scale back, leaving consultants with insufficient projects and, in some cases, idle time referred to as being "on the bench."
While McKinsey contends that the proportion of employees receiving poor ratings aligns with historical figures, some insiders argue that the fundamental issue lies in an oversupply of client service professionals compared to available work. Reports indicate consultants spending idle time on non-essential tasks and express concerns about the impact on their performance reviews. Despite the company’s assertion of maintaining high performance standards, discontent among staff suggests broader challenges tied to the current economic climate, with associates expressing a sense of "survival mode" within the firm.
