Global tech consultancy firm Accenture will be cutting around 19,000 jobs, or 2.5 percent of its workforce, spread over the next 18 months, as part of cost reduction measures.
In a regulatory filing, the company headquartered in Dublin said it expects to incur $1.5 billion in costs as a result of the downsizing, including $1.2 billion in direct costs for the layoffs.
The company also has operations in the Philippines. It could be known yet if its Philippine operations will be affected by the workforce reduction.
About half of the jobs lost are in administrative or support functions, not in areas that lead to billing of customers, the company said.
“While we continue to hire, especially to support our strategic growth priorities… we initiated actions to streamline our operations,” the company said in a release.
Accenture’s most recent annual report said it had 721,000 employees in 2022.
The tech consulting and optimization company hired about 100,000 people in its 2022 fiscal year, ending in August last year.
“We’re going after structural costs, right, to ensure that we’re in a better position,” chief executive Julie Sweet said on an earnings call Thursday.
CURRENTPH NEWS SERVICE
