Accenture plans to cut 19,000 jobs worldwide over the next 18 months to cut costs in a turbulent economic environment.
Most of the cuts will impact those working in the company’s non-billable corporate roles, Accenture said in a Thursday filing with the Securities and Exchange Commission (SEC).
Overall, the layoffs will equate to about 2.5% of its global workforce.
“During the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs,” Accenture said in the filing.
The company – which helps businesses and governments worldwide optimize their operations, also consolidated office space in its effort to minimize overhead costs.
In total, Accenture expects this plan to cost $1.5 billion.
The company still plans to hire for certain roles, “especially to support our strategic growth priorities” Accenture said.
The move comes as layoffs are spread across technology and other sectors. In recent months, companies like Amazon, Alphabet, the parent company of Google, Twitter and Microsoft have been desperate to tighten their belts after running out of staff during the COVID-19 pandemic.
businesses have benefited from increased demand for their products and services as people are forced to work remotely.
More than 152,000 tech workers worldwide have been laid off since January, according to Layoffs.fyi, a website that tracks industry layoffs.