Tech Industry
Yesterday
3607
Crossed a line with my boss
Tech Industry
Yesterday
2725
I am starting to think Chinese interviewers currently fail non-Chinese candidates on purpose.
Health & Wellness
13h
456
Do you sleep before 12 am?
Software Engineering Career
Yesterday
1866
Cleared Amazon onsite, but lowballed.
Tech Industry
7h
1927
Asians - what are your thoughts on asian female white male ?
I wonder if a consulting firm hires another consulting firm to help with their layoffs. "McKinsey & Co. has warned about 3,000 of the firm’s consultants that their performance was unsatisfactory and will need to improve. The firm gave these employees a so-called “concerns” rating as part of their performance reviews in recent months, according to people familiar with the matter. With that rating, employees are typically given about three months to show improved performance. If they’re unable to do so, the firm may begin counseling some of them to leave the company entirely." https://www.bloomberg.com/news/articles/2024-02-08/mckinsey-puts-about-3-000-staffers-on-review-as-economies-slow
It's literally McKinsey. They signed up for that.
A company that advises old school companies looks at tech and thinks “we need to follow them”
They learned that ChatGPT can make Powerpoint slides better than their Ivy League consultants.
Spot on, Apple. I would not be surprised if this is the true story. With new AI tools, one consultant can easily do the ‘synthesize notes into pithy catch phrases and deck bullets’ work that previously required a small team.
A terrible company does terrible things. This is just further evidence that stack ranking needs to be more closely scrutinized under the law, considering that it negatively affects employees. TC: 105K
Mckinsey PIPs all the time. If you don't get promoted quickly enough, you get managed out. At partner level, you are directly in charge of bringing in revenue, where I guess PIP still happens, but it'd be tied to a direct metric. You could say lots of bad things about McKinsey, and I would agree with you, but hypocrisy in employee performance management is not one of them.
True but the up or out policy is slightly different than PIP. Large law firms all do this as well and it seems to be the MO for how partnerships are run. Either you’re partner material or you leave to make room for others. However law and consulting firms do “manage out” but they usually try to keep it small over time. The reason is that their business is all about reputation and appearances. They need to look strong to attract clients. If they are downsizing it’s a bad look.
3 months plus severance though. Not bad.
Why is it so hard for companies to just tell the truth: business is not doing well and we need to downsize? We are not getting enough projects, hence we don’t need so many people. Isn’t this pretty straightforward, instead of blaming 3000 people claiming they are not performing??
Better world when 90% of management consultants get laid off
They are just dog fooding a practice they helped to invent.
lmao mckinsey is 2 years up or out. and most people expect to leave after that 2 years anyway. maybe they’re upping the ratio a bit; but 3000 people is a blip in the radar for them given how many people they have globally
Depending on which stats you believe it’s about 10% so not really nothing.
i mean, every year, 25% of their staff turns over. this is probably why they do military style recruiting at colleges and fight for fresh blood with the investment banks. you would assume that if the company was stable with no turnover, they wouldn’t need to spend so much money on recruiting people naturally leave, whether to go into industry or to do their mbas. i think what should be compared is how many people get managed out every year vs the publicized numbers you see today. i would wager it’s not that different. maybe it used to be 2500 people every year. now it’s an explicit stated 3000. hardly a difference when you consider how many offices they have around the world
Layoffs for business reasons but telling the employees it’s their performance. Got it
Happened at my last job. Really messed with my head and self confidence for a long time.
Capital One is the king of this.