Accenture To Lay Off 19,000 People

Another tech giant Accenture is in plans to lay off around 19,000 employees after Amazon and Facebook recently announced a huge layoff.

The tech consultancy giant plans to cut 19,000 jobs, which is roughly 2.5 percent of its workforce. Accenture has lowered its annual revenue and profit forecasts and is intended to trim expenses amid global economic conditions.

Accenture has increased its workforce by 38,0000 in the financial year ending February 2023 to cater to the increased demand for its services and solutions.

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 wrote in the SEC filing.

The company mentions that it expects annual revenue growth for the fiscal year 2023 to be between 8% to 10% down from *% to 11%.

More than half of the slashed roles would be among back-office staff. Accenture has 738,000 employees globally.