McKinsey Layoff

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.

Meesho to layoff 15% workforce today.

"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

Leadership is clueless and one of the most toxic workplaces where people are bullied and no boundaries are considered .Just a week before the appraisal cycle, the let go of 100+ folks both billed onsite and offsite without even informing anyone in the team which impacted the work and morale of existing people. When asked about this to the management, all they cared about was the reviews on the ambition box and Glassdoor being low. They asked employees to give good reviews and when it was not working they used the marketing team to give good reviews, you can check the reviews yourself to verify this. The next big thing is , keeping org wide evaluations from manager level also and calling it some development program and mandating the employees to take it along with delivery work. So we can expect more rounds to happen going forward. What is more sad is the blackmailing and forcing employees to take down reviews and employees who are planning to goo

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