McKinsey Layoffs

Mostly of SMEs Link : https://www.bloomberg.com/news/articles/2024-04-10/mckinsey-begins-hundreds-of-job-cuts-with-client-demand-muted

Current recession giving ‘08 vibes to consulting companies in India: - Accenture Strategy considering layoffs - Deloitte (Consulting) considering layoffs - Mckinsey - already have done non-consulting layoffs - MBB - expected to push out joining dates for new hires by at least ~6 months (most likely new joiners who were expecting to join in July-Aug 23’ to join only starting Jan 24’) Slow pace of new projects, ramp down of existing big clients, massively over hiring in 2022 (key reason) has led to most people being on the bench. Wouldn’t be surprised if the ‘Up or Out’ model comes into action more aggressively for the upcoming appraisal review cycle(s). Brace for impact! (all unconfirmed, heard through ‘grapevine’)

Heard from people I know at Bain that they are laying off. This is mostly the first time an MBB is doing layoffs (earlier they would silently fire, or delay onboarding) A friend got impacted. Seems like this could be 10-15% of their consultants. Unprecedented.

"If you have to conduct layoffs, which is always a regrettable thing, there's kind of three things that are very important. One is to communicate well with your employees in order to help them understand why it is you're doing, and how. Second is to make sure that the employees who are part of the go forward, understand kind of what happened and are not like the ground doesn't keep moving. It's like, okay, we did that, we're moving forward, here we go. And then for the employees that you unfortunately have to let go, try to provide as much support for them as possible." ~ Reid Hoffman

https://m-economictimes-com.cdn.ampproject.org/v/s/m.economictimes.com/tech/technology/accenture-to-cut-19000-jobs-trims-forecasts/amp_articleshow/98943110.cms?amp_js_v=0.1#webview=1&cap=swipe

Meesho to layoff 15% workforce today.

With big corporate giants like Google, Apple, Bain, Tesla, Amazon etc. laying off staff in the name of cost reduction, automation&innovation and restructuring while at the same time tech companies like Accenture not awarding any yearly hikes to professionals for 2 consecutive years now, where do you see the IT/Tech/Consulting industry heading towards in next couple years down the line? By when is the market expected to revive? Which companies are still committed to ensuring job security along with high pay standards or is that a thing of the past? Please enlighten me😊

Extremely sad. Labelling laid off folks as underperformers in public. Getting hired in this market would be a huge challenge for them now.