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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.
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.
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.
