Employee Turnover at McKinsey & Company
Contributions to staff retention at McKinsey & Company
About McKinsey & Company
McKinsey & Company is a global management consulting firm. We are the trusted advisor to the world's leading businesses, governments, and institutions. We work with leading organizations across the private, public and social sectors. Our scale, scope, and knowledge allow us to address problems ...
What is "Avoidable" turnover?
Employee retention at McKinsey & Company is unusually high compared to other similar companies. Employee turnover is normal. Employees come and go for many reasons, including personal reasons and reasons that have nothing to do with a specific company. That being said, McKinsey & Company seems to be doing better than most of their immediate competitors.
What is driving turnover at McKinsey & Company?
Employee turnover at Mckinsey & Company is primarily driven by employer brand reputation and company size. Employees and job seekers generally have a positive view of the company culture and the employer's values. Employees are more likely to stay with a company with a high employer brand reputation than a company with a low employer brand reputation. Companies with a high employer brand reputation are able to keep their employees more engaged and loyal, which in turn helps them achieve greater success. McKinsey & Company is a larger company than most of the companies in its industry. Employees are more loyal to their employers at smaller companies. It also means that employees are less likely to leave for another job, which can be beneficial to the company's reputation and bottom line. With lower employee turnover, employers can save money on recruitment and training costs.
The numbers reported here are based on statistical analysis of publicly available employment data of current and past employees of the company. We determine mean tenure based on how long past employees have stayed at the company and how long current employees have been employed. We determine the annual turnover percentage as (1/tenure * 100). We analyse a sample of the employees at a company. We make an effort to sample in a representative way but some bias is unavoidable. Some types of employees may be overrepresented in our sample based on their job, their online activity, and their geographic location. We expect our number to have a confidence interval of approximately 1 year. In other words, if the mean tenure reported is 4 years, the true value lies between 3 and 5 with 98% confidence. Similarly if the average turnover reported is 20% we expect the true value to be between 15% and 25%.
We make an effort to report accurate information and to be transparent regarding our methodology. However, we make no warranty of any kind as to the accuracy of these reports. Use at your own risk. If you feel that any of the information reported here is inaccurate for any reason, please let us know.