Hello, Memo readers!
Consulting firm McKinsey & Co. is paying its underperforming staffers to embark on the job hunt.
Instead of taking on new projects, managers at the consultancy’s U.K. offices will receive nine months of pay and continue to have access to its career-coaching services while looking for a new position. There are some strings attached, however: If managers don’t find another job at the end of the nine months, they have to leave the firm.
A McKinsey spokesperson told Quartz that McKinsey’s core mission is to help its employees “grow into leaders, whether they stay at McKinsey or continue their careers elsewhere” and that the actions are part of an “ongoing effort to ensure our performance management and development approach is as effective as possible, and to do so in a caring and supportive way.”
Read more about the strategy here.
One big number: 303,000
How many new jobs the U.S. economy added in March
That way surpassed estimates, which had pegged that number closer to 205,000. And of course, it fueled hope that the Fed will lower interest rates later this year.
Quotable: Mercedes-Benz is facing a union election
“I’m still young, but I’m already having serious problems with my shoulders and hands. When you’re still in your twenties and your body is breaking down, that’s not right.” — Moesha Chandler, an assembly team member at a Mercedes-Benz’s assembly plant in Tuscaloosa, Alabama.
A supermajority of the 5,000 workers at the factory filed a petition with the U.S. National Labor Relations Board (NLRB) for a union election to join the United Auto Workers. Read more about the effort and Mercedes’ response.
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Send questions, comments, and a name for billionaire city to talk@qz.com. This edition of The Memo was written by Rocio Fabbro and Morgan Haefner.