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Accenture plc, an Irish-American professional services company specializing in information technology (IT) services and consulting, is cutting jobs that will affect its offices around the world.
Accenture plans to carry out its global layoffs in the next 18 months, and it is taking this step to reduce costs in the midst of the turbulent economic environment today. The 19,000 workers that will be affected by the job cuts are said to be equivalent to around 2.5% of the IT company's total workforce worldwide.
In addition, Accenture stated last week in its regulatory filing with the Securities and Exchange Commission (SEC) that those working in non-billable corporate roles are the most affected by the imminent layoffs. Fox Business reported that the company also merged its office space to lessen overhead expenses as well.
Overall, the Dublin, Ireland-headquartered IT firm estimates the cost of this plan to be $1.5 billion. Despite the job cuts, the company is still looking to hire workers for some particular roles that will especially support its strategic growth priorities. It was noted that the move to terminate jobs comes as companies in the tech and other business sectors have also slimmed down their workforce.
"During the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," the company stated in its filing with the SEC.
Julie Sweet, chairman and chief executive officer at Accenture, also said via the second quarter earnings report last week, "We are also taking steps to lower our costs in the fiscal year 2024 and beyond while continuing to invest in our business and our people to capture the significant growth opportunities ahead."
Meanwhile, as per Reuters, Accenture also lowered its annual revenue and profit predictions. This move on top of the job cuts is said to be one of the latest signs that shows the worsening economic outlook worldwide as corporate spending on IT services is being reduced.
Photo by Ronnie Overgoor/Unsplash
