Where have all the graduate jobs gone \u2014 and will they come back?<\/a><\/p>\n\u201cWe\u2019re continuing to add folks who are client-deployed and we see an ever-increasing need for that and we\u2019re aggressively in the market right now trying to expand that,\u201d Sternfels, 55, said. \u201cBut we are rethinking our centre-based operations by leveraging all of this new technology.\u201d<\/p>\n
Others have come to the same conclusion about how new technologies change the need for human workers, particularly in back-office roles. Marc Benioff, the boss of Salesforce, the software maker, said in August it had cut 4,000 of its customer support roles because \u201cI need less heads\u201d, while Klarna, the buy-now, pay-later company, effectively halved its workforce and replaced them with AI.<\/p>\n
At McKinsey, it is understood that discussions around shrinking its support teams are still at an early stage and no final decisions have been made about the size of the cull or which countries will be most affected. McKinsey employs 2,000 people in the UK, some of whom will be considered \u201cnon-client-facing\u201d.<\/p>\n
The need to streamline operations reflects improvements in technology but is also partly in response to an industry-wide slowdown in client demand for advice over the past couple of years. Companies, wary of the geopolitical and economic uncertainty, have reined in their spending on consultants, having invested heavily immediately after the pandemic.<\/p>\n
McKinsey\u2019s Big Four rivals at Deloitte, EY, KPMG and PwC have all seen their revenue growth stall of late and have trimmed their workforces in response. McKinsey\u2019s annual revenue has stagnated at $15 billion to $16 billion in the past five years, although Sternfels, at the firm\u2019s annual partner meeting in Chicago in October, said he was more optimistic about future growth.<\/p>\n","protected":false},"excerpt":{"rendered":"McKinsey, the consultancy that regularly advises companies on cutting costs, is taking its own advice and drawing up…\n","protected":false},"author":2,"featured_media":350688,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[256,254,255,64,63,105],"class_list":{"0":"post-350687","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-artificial-intelligence","8":"tag-ai","9":"tag-artificial-intelligence","10":"tag-artificialintelligence","11":"tag-au","12":"tag-australia","13":"tag-technology"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/350687","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=350687"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/350687\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/350688"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=350687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=350687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=350687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}