Accenture Cuts 19,000 Jobs

More stories for you

U.S. Planned Layoffs Plummet 53% In November, But Still Outpace 2024 Levels

9 hours ago

U.S. Weekly Jobless Claims Fall To Three-Year Low Amid Mixed Labor Market Signals

9 hours ago

U.S. Department Of Health And Human Services Makes It Harder For Federal Employees With Disabilities To Work Remotely

10 hours ago

Boomerang Generation Sees One In Three Young Workers Moving Home, Struggling With Pay And Career Credibility

10 hours ago

What’s going on:   

Accenture announced it would be slashing its workforce by 2.5%, which translates to 19,000 jobs. This news follows the trend of declining global economic conditions and IT services spending.  

Over half of those layoffs will be in their non-billable corporate functions. On Thursday, their shares increased 6.4% despite the unfortunate news.  

Advertisements

Why it matters:  

The tech industry as a whole has been greatly impacted, leading to hundreds of thousands of job losses caused by rising inflation and interest rates, according to CNBC.    

A U.S.-based Enterprise Technology Research survey of over one thousand IT decision makers revealed that their budget growth for 2023 will be scaled back. 

Advertisements

How it’ll impact the future:  

Accenture now anticipates an annual revenue expansion of 8-10%, a shift from their initial projection of 8-11%. Additionally, $1.2 billion in severance costs are expected over the upcoming fiscal years of 2023 and 2024. 

Advertisements