Accenture slashing 19,000 jobs, streamlining operations

Accenture has announced deep job cuts as the consulting giant continues to navigate challenging economic conditions.

In a filing to the U.S. Securities and Exchange Commission (SEC) on March 23, the professional services company said it plans to lay off around 19,000 employees, or 2.5 per cent of its workforce, over the next 18 months.

“While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs,” the company said in the SEC filing.

Accenture added that its operations have been affected by “macroeconomic conditions, the overall inflationary environment, and levels of business confidence.”

“There continues to be significant economic and geopolitical uncertainty in many markets around the world, which has impacted and may continue to impact our business, particularly with regard to wage inflation and volatility in foreign currency exchange rates. In some cases, these conditions have slowed the pace and level of client spending.”

As of February 28, 2023, Accenture claims that it employed a total workforce of approximately 738,000 people.

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Impact on Canadian staff

Accenture didn’t disclose how many Canadian employees are affected by the latest round of cuts.

The professional services company has offices in a number of major cities across the country, including Toronto, Ottawa, Montreal, Calgary, and Vancouver.

According to LinkedIn, Accenture employs more than 6,700 people Canada.

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