McKinsey Layoffs: 360 jobs being axed as demand cools

What’s happening at McKinsey & Company?

McKinsey & Company (McKinsey) is reportedly laying off approximately 360 workers as it grapples with a slowdown in demand.

“We invest to grow capabilities that match our clients’ priorities, and adjust the size of a small number of others as appropriate,” a spokesperson told The Business Times in an e-mailed statement.

“As part of this process, some roles will be eliminated within this small number of capabilities.”

The development comes after reports surfaced that the consulting giant was offering certain staffers nine months of pay to find another job.

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• Citigroup to lay off 20,000 workers over the ‘medium-term’

Impact on Canadian staff

It remains unclear if any Canadian employees are affected by the reduction at McKinsey.

According to the company’s LinkedIn page, it has more than 840 workers in the country.

Termination agreements for employees at McKinsey & Company

In Canada, non-unionized employees at McKinsey are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business.

This includes individuals working full-time, part-time, or hourly in Ontario, Alberta, and B.C.

People working “on contract” or as a contractor may also be owed severance pay — given that many employees in Canada are often misclassified as independent contractors.

Severance can be as much as 24 months’ pay, depending on a number of factors.

WATCH: Employment lawyer Lior Samfiru explains why you are still owed severance if you have been downsized on an episode of the Employment Law Show.

Before accepting a severance offer, double-check the amount using our firm’s free Severance Pay Calculator. It has helped millions of Canadians determine their entitlements.

In addition to your salary, make sure to factor in any other elements of your compensation (i.e. bonuses, commission, etc.).

If your employer’s offer falls short of what our Severance Pay Calculator says you are owed, it’s very likely that you have been wrongfully dismissed and should contact an experienced employment lawyer at Samfiru Tumarkin LLP.

Non-unionized employees in Canada have up to two years from the date of their dismissal to pursue proper severance pay.

LEARN MORE
• Severance pay for provincially regulated employees
• Rights to severance during mass layoffs
• Severance entitlements in a recession

Major layoffs continue

The job cuts at McKinsey come amid a flurry of layoffs in 2024.

Big names, including Netflix, EXL Service, Best Buy, Relic Entertainment, Ubisoft, Intel, Amazon, Telus, Canada Goose, Dell, Unilever, IBM, and TC Energy, have pulled out the axe as they continue to navigate challenging economic conditions.

SEE ALSO
• Shell to lay off 20% of deals division, part of restructuring
• Walmart Canada cuts jobs amid restructuring, shift to Spark: Reports
• Where are layoffs happening in Canada?

Lost your job? Talk to an employment lawyer

If you have been fired or let go for any reason, contact the experienced employment law team at Samfiru Tumarkin LLP.

Our lawyers in Ontario, Alberta, and B.C. have successfully represented tens of thousands of non-unionized individuals.

In addition to severance package negotiations, we can assist you on a broad range of employment matters, including:

If you are a non-unionized employee who needs help with a workplace issue, contact us or call 1-855-821-5900 to get the advice you need and the compensation you deserve.