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Not from LEK, but if it staved off layoffs would you be ok with it? I believe I would.
If this was the only way to keep my job vs. Getting laid off I would absolutely choose this...
Here’s everything that’s occurred at LEK so far:
Monday, Mar. 23rd:
a) Student co-ops, like our program with Northeastern, ended
b) April full-time start class delayed until early June
c) July full-time start class merged with October full-time start class
Wednesday, Mar. 25th:
a) Summer internships canceled; all interns receive full-time offers automatically
b) Bonuses from current and next 6-month review period reduced
c) All consulting staff taking 3 weeks of unpaid leave with benefits intact during Q2 (Apr. 1st to June 30th)
@C4 that's the thing, we don't know if lay offs are still on the horizon. Words are empty these days
All correct
Or K.A.L.E consulting partners to attract the millennial workforce. Very torn.
They also rescinded all summer offers yikesssss
F
Yes confirm heard from friend who works there
Does this furlough include the core services (internal) people?
MBAs with summer internships have had offers replaced with full time offers starting a year later
I mean it sucks you don’t get paid the ~$30K you would’ve made that summer and could’ve been an opportunity to see what the firm is like before joining FT.
If that’s furlough you can still get unemployment right? Honestly I would happily be furloughed with the guarantee that I get my job back when this is all over and collect the unemployment benefits. Way better than lay off
Partner communication suggests that they are trying to make all tough decisions up front so that there is not a trickle of cuts over the coming months. Obviously worrying but global leadership has continued to emphasize their commitment to keeping the full team and they were able to avoid any layoffs in 2008 (as far as I know the only consulting firm to do so)
There are a number of ways to reduce headcount and one is simply reducing the number of “up” spots in an up or out organization. The net effect is the same, but you get to say “no layoffs” ;)
How did it get so bad so soon? How was the business in Jan/ feb? Surely you had some cash on hand
The cash gets paid out to partners. Some firms obviously have better positions than others. I’d be interested to know what firms are hoarding cash. I’m guessing relatively few.
Look at a firm like FTI. They have ~3 months of salaries in cash.
This is what happens when almost half your business is PE DDs and no one is doing deals rn 😓
Is Kearney next?
I'm not concerned even as Kearney as evolved throughout time, we still continue to have some of our best years coming out of a recession. I see no difference here, I believe we are arguably better positioned due to the firm doubling down on its ops practice.
Wouldn’t shock me if everyone on the bench was asked to.
What the....
Omg this is crazy
I'm assuming unpaid leave also means you have to pay for benefits out of pocket?
Pretty sure benefits will still be covered during that time - just no salary. We have yet to receive an official email with the written details.
LEK must be holding on by a thread if all of this is true. Too bad
:)
Is this for all LEK offices? Or is it specific to the US?
Communication suggests similar moves are being made globally, but these are US specific