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- McKinsey & Co. held an internal event to rally partners amid a challenging year, Bloomberg reports.
- The event was soundtracked by Bob Marley, Eminem, and a 1990s cult British classic.
- Like many major consulting firms, McKinsey has announced layoffs as demand for its services has fallen.
The management consulting giant McKinsey has turned to the music of Eminem and Bob Marley to try to pump up its disgruntled partners, according to a report from Bloomberg.
The firm, which has faced a challenging eighteen months, held an event earlier in April in Copenhagen for around 750 senior partners, the report said.
During the event, Bob Sternfels, global managing partner at McKinsey, reportedly admitted that the last 18 months had been challenging but said that 2024 was looking better for the firm.
According to a source who spoke to Bloomberg, McKinsey was at a “turn the page” moment, Sternfels announced at the event.
To accompany the positive message hits by the American rapper Eminem and singer Bob Marley were played during the night, Bloomberg reported.
Also on the playlist was 1997 cult hit “Tubthumping” by British band Chumbawamba, famed for its chorus: “I get knocked down, but I get up again. You are never gonna keep me down.”
McKinsey is not alone in facing difficulties. Major consulting firms across the board are seeing waning demand for their services. After pandemic-era hiring sprees, the slowdown has left staff numbers at many firms bloated.
In April, McKinsey gave some 3,000 staffers poor performance ratings, which are internally known as “concerns.” Employees who receive a “concern” generally have about three months to improve their performance, or they will be “counseled to leave.”
The company has also announced hundreds of redundancies and layoffs in its technology and other divisions. Recent efforts to cut headcount have included offers for nine months’ worth of pay and career-coaching services.
“The irony of my time at McKinsey is that they’re constantly giving right-sizing advice to their clients but completely miss the mark themselves,” one former employee previously told Business Insider.
But McKinsey partners have reportedly been unhappy with how leadership has handled the role reductions, people familiar with the matter told Bloomberg.
Sternfels appeared to address their grievances, reportedly telling the audience, “I hope we shout out. I hope we engage. I hope we wrestle with stuff together.”
Alongside redundancies, McKinsey is also facing a criminal investigation.
Last week, it was reported that the US Department of Justice was conducting an investigation into McKinsey’s role in the US opioid epidemic.
Two days later, a former partner filed a lawsuit against the firm, accusing it of defamation and scapegoating him for its work with opioid manufacturers like Purdue Pharma. The suit seeks damages from McKinsey and Sternfels.
McKinsey did not immediately respond to a request for comment from BI.
