Rapper Eminem was on the playlist when McKinsey partners met in Denmark in April. Kevin Kane/Getty Images
McKinsey & Co. held an internal event to rally partners during a difficult year, Bloomberg reports.
The event featured Eminem, Bob Marley and a 1990s British cult classic.
Like many other major consulting firms, McKinsey has announced layoffs as demand for its services has fallen.
A report from Bloomberg According to the management consulting giant McKinsey turned to the music of Eminem and Bob Marley to cheer up his disgruntled partners. The company, which has struggled over the past eighteen months, held an event for around 750 senior partners in Copenhagen in early April, the report said.
During the event, Bob Sternfels, Global Managing Partner at McKinsey, reportedly admitted that the past 18 months had been difficult, but that 2024 was looking better for the firm.
According to a source who spoke to Bloomberg, McKinsey was at a “tipping point,” Sternfels announced at the event. To underline the positive message, hits by American rapper Eminem and singer Bob Marley were played during the evening, reports Bloomberg.
The playlist also included the cult song “Tubthumping” by the British band Chumbawamba from 1997. The song is famous for its refrain: “I get knocked down, but I get up again. You are never gonna keep me down.” In German: “I get knocked down, but get back up.” You’ll never get me down.”
McKinsey Managing Partner Bob Sternfels makes a statement to the U.S. Senate about the company’s work with Saudi Arabia, February 2024. Screenshot from C-SPAN
McKinsey is not the only consulting firm struggling. Large consulting companies all Art are seeing dwindling demand for their services. After the hiring spree of the pandemic period, the downturn has led to an oversized workforce for many companies.
In April, McKinsey gave poor performance ratings to about 3,000 employees, which it described internally as “concerning.” Employees who receive a “concern” typically have three months to improve their performance or be “asked to leave.”
The company also announced hundreds of layoffs and layoffs across various departments, including its technology division. To the youngest Efforts to reduce staffing levels, included offers of nine months’ salary and career coaching services. “The irony of my time at McKinsey is that they constantly give advice to their clients about the right size, but they themselves are completely wrong,” a former employee told Business Insider.
But McKinsey partners were reportedly unhappy with the way management handled the job cuts, people familiar with the matter told Bloomberg. Sternfels appeared to address the complaints, telling the audience: “I hope we scream. I hope we get involved. I hope we wrestle with things together.”
In addition to the firings, McKinsey is also facing a criminal investigation. Last week it was reported that the US Department of Justice an investigation on McKinsey’s role in the opioid epidemic in the United States.
Two days later, a former partner filed a lawsuit against the company, accusing it of defamation and scapegoating for its work with opioid manufacturers such as Purdue Pharma. The lawsuit seeks damages from McKinsey and Sternfels. McKinsey did not immediately respond to a request for comment from BI.
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