Accenture Layoffs 19,000 Employees. A leading global professional services company, Accenture company has announced it would layoffs employees which represents the 2.5 per cent of its workforce.
Accenture Layoffs 19,000 Employees
The layoffs will affect approximately half of the company’s non-billable corporate functions. The layoffs will take place over the next 18 months, according to CNBC.
The company reported $15.8 billion in revenues for the second quarter of fiscal 2023, up 5% in dollars and 9% in local currency over the same period last year.
In a statement, Julie Sweet, Chair and CEO of Accenture, noted, “Our strong financial results demonstrate our ability to bring together industry, functional, and technology expertise with managed services.”
Having record bookings demonstrates our clients’ confidence and trust that we can help them transform quickly and create value. As part of our efforts to capture the significant growth opportunities ahead, “We are also taking steps to lower our costs in fiscal year 2024 and beyond while continuing to invest in our business and our people to capture the significant growth opportunities ahead,” Julie Sweet, Chair and CEO, Accenture, said in a statement.
The company said in a statement, “During the second quarter of fiscal 2023, Accenture initiated actions to streamline operations, transform non-billable corporate functions and consolidate office space to reduce costs.”
“The company recorded $244 million in business optimization costs during the second quarter and expects to record total costs of approximately $1.5 billion through fiscal 2024”, the statement added.
Accenture currently employs nearly 738,000 people serving clients in more than 120 countries. The company has joined the layoff wave of other IT companies.
The move of layoffs is part of a larger trend of tech companies cutting jobs and slowing hiring as investors become increasingly fearful of a recession. Tech companies have either frozen the hiring process or laid off many employees.
Amazon sacked 27,000 employees in the last three months. Recently, the company announced to layoff of 9000 employees. The major companies that laid off employees include Infosys, Amazon, Google, Byju’s, Wipro, and Salesforce laid off a maximum number of workers globally.
So far in 2023, there have been 686 layoffs at tech companies with 190,729 people impacted (2,326 people per day). In 2022, there were 1,535 layoffs at tech companies 241,176 people were impacted.
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