What’s going on McKinsey? Why the contrast?


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What is the average pay for Dialysis Technicians
Ever did that??
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How easy is it to switch offices in Bain?
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We didn’t have a 1.6b fine to pay out. That’s probably most of the difference.
We had several smaller ones. No moral high ground here
10% sounds like normal ctl numbers
This is net net, which is not definitely NOT normal.
The -10% global figure hides a waterfall chart I think. We’ve definitely reduced headcount of non-consulting staff, endless debates on the McK bowl whether that was a good thing or not. There was some managed attrition of consultants, including some service lines being cut completely, but we continue to hire and I think overall consulting staff is up over the last two years. Without going into details, profitability is certainly going up.
Also downsizing in certain geographies e.g., Greater China
Yes, we continue to hire: however the size of hiring class is small now.
BCG cut hard and fast after the Covid boom ended. We didn’t and instead waited for people to attrit over time (some with extra encouragement). Bain didn’t cut, haven’t cut and Partners are bearing the brunt of the dead weight.
It’s a nothing burger as usual.
Counselled To Leave, AKA "involuntary attrition"
Old news. The non consulting staff cuts in 2023 were atypical. Everything else is business as usual - 10% departure of consulting staff annually is the long term norm.
More people took package + ctl’s than expected in 2024. Running lean is better in this economy