McKinsey tried to boost morale among senior executives by blasting Eminem and Bob Marley at an internal event
Management consulting giant McKinsey has turned to the music of Eminem and Bob Marley in an attempt to pump up its disgruntled partners, according to a Bloomberg report.
The firm, which has faced a difficult eighteen months, hosted an event in early April in Copenhagen for around 750 senior partners, according to the report.
At the event, Bob Sternfels, global managing partner at McKinsey, reportedly admitted that the last 18 months had been difficult, but said 2024 was looking better for the company.
According to a source who spoke to Bloomberg, McKinsey was about to “turn the page,” Sternfels announced at the event.
To accompany the positive message, hits by American rapper Eminem and singer Bob Marley were played during the night, Bloomberg reported.
Also on the playlist was the 1997 cult hit “Tubthumping” by British band Chumbawamba, famous for its refrain: “I’m knocked down, but I get back up. You’ll never keep me down.”
McKinsey Global Managing Partner Bob Sternfels delivers a statement to the U.S. Senate on the firm’s work with Saudi Arabia, February 2024. Screenshot from C-SPAN
McKinsey isn’t the only one facing challenges. Large consulting firms are seeing a decline in demand for their services. After waves of pandemic-era hiring, the downturn has left many companies’ headcounts bloated.
In April, McKinsey gave some 3,000 employees poor performance ratings, known internally as “concerns.” Employees who receive a “concern” are typically given about three months to improve their performance, or they will be “advised to leave.”
The company also announced hundreds of layoffs and furloughs across its technology and other divisions. Recent efforts to downsize have included offers of nine months’ salary and career coaching services.
“The irony of my time at McKinsey is that they constantly give tailored advice to their clients, but completely miss the mark themselves,” a former employee told Business Insider.
But McKinsey partners were reportedly unhappy with how executives handled the role reductions, people familiar with the matter told Bloomberg.
Sternfels appeared to address their grievances, telling the audience: “I hope we scream. I hope we engage. I hope we fight together.”
Along with the firings, McKinsey is also under 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 associate filed a lawsuit against the company, accusing it of defamation and scapegoating it for its work with opioid makers like Purdue Pharma. The suit seeks damages from McKinsey and Sternfels.
McKinsey did not immediately respond to a request for comment from BI.
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