Accenture CEO Julie Sweet On Layoffs, Belt-Tightening, And Going After 'Structural Costs' - 3rd April 2023

Accenture CEO Julie Sweet On Layoffs, Belt-Tightening, And Going After 'Structural Costs'

  Contents News/Article Date: 3rd April   2023 Relating to which Act: The Indian Constitution grants the Central and state governments the powers to enact laws to protect the employees and foster a professional work environment. Based on the industry, nature of the work, number of employees in the company, location, and more, there are various legislations like the Industrial Disputes Act 1947 (ID Act), Factories Act 1948 (Factories Act), and Shops and Establishment Acts in relevant states (S&E Act).   Applicable to which State:  Acts and Rules are applicable to all States Type: Desi QnA Report  Pertains to: Establishments and Employees in all types of Organizations running businesses for profit or non-profit   Relevance of this news:  Karma Global is in the business of HR Services, Payroll, Outsourcing and Regulatory Compliances right from its inception in 2004 and since then, has brought in a lot of efficiencies and technological upgradations with experts on its role, to ease the hassles of Payroll Processing, Temp Staffing, On-boarding, Employee Life Cycle, Statutory, Regulatory, and Payroll compliances by providing customized solutions to all its elite clients. Now Karma Global is also fully in labour compliance for nearly 18 years and is helping both establishments and workers fulfillment of obligations as per the laws of the land.  It has over 200 staff, both direct and indirect on its rolls and operates on Pan India basis.  Recently, it has diversified into foreign shores as well, into countries like the US, UK, UAE, Canada, and South East Asia for handling payroll, outsourcing, recruitment, compliance, and governance. Karma Global handles the obligations of all provisions contained in the labour acts and rules. Employees are entitled to several benefits under the Employment Act, including annual paid leave, sick leave, maternity benefits, paid public holidays, etc. Employers must ensure that they meet all of the Act's standards and that the contract conditions reflect this.   Businesses must comply with the following requirements of the Act in particular:

• Minimum wage
• Maternity benefits
• Revision of wages
• Safer work environment
• Adaptive work culture
• Issuance of employment contracts
• Social contributions
• Health care and insurance
• Holidays and annual leave
• Termination, severance pay, grievance handling, redressal

  And in this instance: Accenture CEO Julie Sweet On Layoffs, Belt-Tightening, And Going After ‘Structural Costs’ Addressing a company optimization push that includes the layoffs of 19,000 employees, or 2.5 percent of the workforce, as well as real estate tightening, Accenture CEO Julie Sweet told Wall Street analysts the systems integration behemoth is going on a cost-cutting ‘offensive’ to get ahead of ‘structural issues that have been created over the last couple of years.’ And in the last instance: More than 17,400 employees in the tech industry have lost jobs in the month of February 2023 globally to date, with many workers in India receiving pink slips amid deepening global macroeconomic conditions. In 2023 so far, around 340 companies have laid off more than 1.10 lakh employees worldwide, and there appears to be no respite from job cuts. Subject: Accenture CEO says it is good to fire 25,000 innocent employees to increase profits 

Appended is the complete news item

 

Accenture CEO Julie Sweet On Layoffs, Belt-Tightening, And Going After 'Structural Costs'

Source: Desi QnA

Accenture's Ceo enjoys firing innocent employees in a recession, did not think about their families, and justifies saying that it is in the company's benefit to fire these 25000 employees, to increase profit. Accenture CEO Julie Sweet On Layoffs, Belt-Tightening, And Going After ‘Structural Costs’ Addressing a company optimization push that includes the layoffs of 19,000 employees, or 2.5 percent of the workforce, as well as real estate tightening, Accenture CEO Julie Sweet told Wall Street analysts the systems integration behemoth is going on a cost-cutting ‘offensive’ to get ahead of ‘structural issues that have been created over the last couple of years.’ Accenture CEO Julie Sweet told Wall Street analysts that the systems integration behemoth, ranked No. 1 on CRN’s 2022 Solution Provider 500, is using cost-cutting efforts, including the layoff round of 19,000 employees or 2.5 percent of the workforce, as a way to get ahead of “structural issues that have been created over the last couple of years.” The economic headwinds in the market have resulted in a “laser focus” on costs by customers with fewer smaller deals in strategy and consulting, sweet told analysts. “We’re seeing less of the smaller deals in S&C (Strategy and Consulting) and to some extent, SI (Systems Integration), particularly in North America, where we’re seeing more caution,” Sweet said. “North America had record sales this quarter, but in areas tending towards the bigger transformational deals, not the smaller S&C and to some extent, SI deals.”

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