“during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs.
Over the next 18 months, these actions are expected to result in the departure of approximately 19,000 people (or 2.5% of our current workforce), and we expect over half of these departures will consist of people in our non-billable corporate functions.”
The company further cited “economic conditions, including macroeconomic conditions, the overall inflationary environment, and levels of business confidence,” as KPIs resulting in the trimming of the sails.
Throwing salt in what’s sure to already be a fresh wound, the same filing noted that the company’s attrition rate, save for involuntary terminations, in the second quarter of fiscal 2023 was down from 18% to 12% year-over-year, and that "In our managed services business, revenues for the second quarter of fiscal 2023 increased 12% in U.S. dollars and 16% in local currency compared to the second quarter
of fiscal 2022"