Accenture will cut 19,000 jobs

Tech consulting giant Accenture plans to cut 19,000 jobs, or 2.5% of its workforce, and lowered its full-year revenue and profit forecast, becoming the latest juggernaut to cut spending following deteriorating global economic conditions.

The job cuts, more than half of which affect people in non-billable corporate functions, will be undertaken over the next 18 months, Accenture said in a filing with the SEC (PDF) on Thursday. The company increased its workforce by 38,000 people in the year ending February 2023 to meet increased demand for its services and solutions, he said.

“For the second quarter of fiscal 2023, attrition excluding involuntary layoffs was 12%, compared to 18% in the second quarter of fiscal 2022. We are assessing voluntary attrition, adjusting levels new hires and use involuntary layoffs as a way to keep our supply of skills and resources in balance with changing client demand,” Accenture wrote.

The company said it now expects annual revenue growth for fiscal 2023 to be between 8% and 10%, down from 8% to 11%.