Breaking: Accenture announces massive job cuts
Tech firms continue to lay off employees due to global economic difficulties. After tech giants like Amazon, Twitter, and Meta, Accenture has also decided to cut 19,000 jobs to trim some of its expenses.
Accenture Plc is one of the most famous tech consultancy companies in the world, and it is the home of thousands of employees. However, the company has lowered its annual revenue and profit forecasts, which led to a massive layoff. Accenture wants to cut 19,000 jobs, approximately 2.5% of its workforce. Over half of the employees in this 2.5% workforce are in non-billable corporate functions.
“For the second quarter of fiscal 2023, attrition, excluding involuntary terminations, was 12%, down from 18% in the second quarter of fiscal 2022. We evaluate voluntary attrition, adjust levels of new hiring, and use involuntary terminations as a means to keep our supply of skills and resources in balance with changes in client demand,” Accenture said.
According to the announcement, Accenture expects annual growth to be between 8% and 10%. Its earlier projections were an 8% to 11% increase. The firm also added that their results of operations have been affected by economic conditions, including macroeconomic conditions, the overall inflationary environment, and levels of business confidence.
Accenture is a global professional services company that offers a wide range of consulting, technology, and outsourcing services to clients in various industries. The company serves clients across various industries, including financial services, healthcare, technology, consumer goods, and energy. It is known for its innovative approach to consulting, using data analytics, artificial intelligence, and other technologies to help clients transform their businesses and stay ahead of the competition.
Since last year, thousands of employees have been laid off, not only in tech giants but also in small companies. The tech industry is getting hit after hit due to global economic conditions, and people are, unfortunately, losing their jobs. Almost all tech companies are tightening their belts to keep their sustainability. For instance, Apple decided to freeze its hiring processes and lowered the year bonus amount from two to one.
Some of the significant layoffs from tech giants are as follows:
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Another sign of corporate greed. Their earnings went up and are going strong, this has no justification other than C level bonuses and stock market gains.
Another symptom of Bidenflation.
Another sign of the global economic picture.