Announcing Leading Consultancy Group Accenture in an SEC filing Will cut 19,000 jobs over the next 18 months to cut costs amid economic uncertainty.
This round of layoffs, the largest in a series of cuts among consulting firms, will affect about 2.5 percent of Accenture’s workforce.
with cut, tthat company announced a five percent increase in revenue, to US$15.8 billion, but slashed its annual revenue and profit growth guidance to between eight percent and 10 percent, from eight percent to 11 percent.
“We are taking steps to reduce our costs while continuing to invest in our business and our people to capture significant growth opportunities in fiscal 2024 and beyond,” said Julie Sweet, President and CEO at Accenture. Are.”
The company said this round of reductions would result in US$1.2 billion in severance costs and US$300 million in fees for the consolidation of office space.
Accenture, like many other IT giants, has hired more than 230,000 employees in recent years since 2020. In the year ending February 2023, the group plans to increase its workforce by 38,000.
The company said it continues to recruit, but has “initiated actions to streamline operations, Shifting non-billable corporate functions and consolidating office space to reduce costs.
Rivals KPMG and McKinsey also cut jobs last month as they struggle to cut costs and cope with declining client demand.
Yesterday, job search platform Indeed also announced it was cutting 2,200 jobs, or 15 percent of its workforce, joining the likes of Meta, Amazon, Google and Microsoft, which have took away thousands of jobs Since the beginning of 2023.