Global IT services firm Accenture cuts 19K jobs

Job portal Indeed lays off 2,200 employees

Global IT services firm Accenture, which has a large presence in India, on Thursday announced to lay off nearly 19,000 employees amid the challenging global macro-economic conditions and slow revenue growth.

Delivering its quarterly results for the second quarter of fiscal 2023, the company also reduced its annual revenue growth and profit forecasts.

“We are also taking steps to lower our costs in fiscal year 2024 and beyond while continuing to invest in our business and our people to capture the significant growth opportunities ahead,” Julie Sweet, Chair and CEO, Accenture, said in a statement.

The company said its revenues were $15.8 billion, an increase of 5 per cent in US dollars. The new bookings were at $22.1 billion, a 13 per cent increase.

During the second quarter of fiscal 2023, Accenture initiated actions to streamline operations, transform non-billable corporate functions and consolidate office space to reduce costs.

Logitech lays off 300 employees wiss technology firm Logitech has laid off 300 employees amid the challenging global macroeconomic environment, the media reported on Thursday.

In a major global reorganisation, the maker of computer accessories has decided to cut about 300 jobs, reports People Matters.

According to Logitech President and Chief Executive Officer Bracken Darrell, the slump in the business was due to challenging global broader macroeconomic environment and "lower enterprise and consumer spending".

SCall it ironic but leading job portal Indeed that helps thousands land their dream jobs has itself laid off 2,200 employees, or 15 per cent of its workforce.

An 'heartbroken' Indeed CEO Chris Hyams announced that job cuts come from nearly every team, function, level and region at Indeed and Indeed Flex. “We anticipate we will be letting approximately 2,200 people go. This is roughly 15 per cent of our team. The specific decisions on who and where to cut were extremely difficult, but they were made with great care,” he said in a blog post late on Wednesday.

“Leading a company whose mission is to help people get jobs, every single day I think about how important a job is in a person's life," he added.

The CEO said he will take a 25 per cent cut in base pay. Additionally, more than 75 per cent of “my total compensation is directly tied to Indeed revenue growth, and is at risk given current trends,” he said.