McKinsey offers pay and career coaching to employees if they leave the company

• McKinsey reportedly provides retirement benefits and career coaching services to some executives.
• Managers can take up to nine months to find work while still on the McKinsey payroll.
• Staff will also have access to McKinsey resources and career coaching services.

Management consulting giant McKinsey & Co. is dangling career coaching services and nine months’ salary to staff who want to leave the company, The Times reported on Saturday.

Managers at McKinsey & Co.’s U.K. office could spend up to nine months looking for work instead of working on client projects, the Times reported, citing people familiar with the situation.

In addition to continuing to receive a salary, managers will also have access to McKinsey resources and career coaching services, according to the Times. But even if the job search doesn’t go well, the staff will have to leave McKinsey.

A similar offer was reportedly extended to managers working in McKinsey’s U.S. offices, although the pay period offered could vary, the Times reported.

A McKinsey spokesperson declined to confirm the details of the Times report, but said the company’s mission is to “develop our employees into leaders, whether they stay at McKinsey or continue their careers elsewhere.” He said that his goal remains the same.

“These measures are part of our ongoing efforts to ensure that our performance management and development approaches are as effective as possible and are done in a caring and supportive manner,” the spokesperson continued. Ta.

This isn’t the first time McKinsey has tried to cut staff amid a downturn in the consulting industry. According to Bloomberg, the company announced last year that it would cut about 1,400 jobs, or about 3% of its workforce.

Bloomberg reported in February that McKinsey had given 3,000 employees poor performance reviews. Employees who receive such reviews will have about three months to improve their performance or be “recommended to resign” from McKinsey, the paper said.

According to Bloomberg, McKinsey told senior employees last month that they had only 2 1/2 years to advance, increasing pressure on employees to get promoted or leave the company.

Representatives for McKinsey did not immediately respond to Business Insider’s request for comment outside of normal business hours.