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Business News/ Companies / News/  Tech layoffs 2024: Xerox announces to reduce workforce by 15%. Here is why
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Tech layoffs 2024: Xerox announces to reduce workforce by 15%. Here is why

Xerox plans to reduce its workforce by 15% in order to introduce a new organizational structure and operating model.

With the workforce cut over 3000 employees are expected to be impacted.Premium
With the workforce cut over 3000 employees are expected to be impacted.

On January 3, Xerox revealed its intention to reduce its workforce by 15 per cent as part of a strategic initiative to introduce a new organizational structure and operating model.

“By implementing this new operating model, the company will take action this quarter, targeting a 15 per cent workforce reduction. Proposed reductions will be subject to formal consultation with local works councils and employee representative bodies where applicable. Xerox is committed to providing transition support for affected employees," the company announced in an official statement.

Also Read | Tech majors may be staring at the end of their life cycles

As of December 31, 2022, Xerox, specializing in digital printing and document management technologies, had approximately 20,500 employees, as disclosed in a filing with the US Securities and Exchange Commission. With this figure as a reference, the workforce reduction announced on Wednesday is expected to impact around 3,075 employees.

Also Read | Over 100 Indian startups laid off more than 15,000 staff this year: Report

“The evolution of Xerox’s Reinvention aligns our resources in three key areas – improvement and stabilization of our core print business, increased productivity and efficiency through the formation of a new Global Business Services organization, and disciplined execution in revenue diversification," said Steven Bandrowczak, Chief Executive Officer at Xerox, said in an official release.

Also Read | The Long Goodbye: Why Laid-Off Employees Are Still on the Job

“The shift to a business unit operating model is a continuation of our client-focused, balanced execution priorities and is designed to accelerate product and services, go-to-market, and corporate functions’ operating efficiencies across all geographies we serve," he further added.

Moreover, Joanne Collins Smee, executive vice president and president of Americas, and Tracey Koziol, executive vice president of Global Offering Solutions and chief product officer, have departed the company effective December 31, 2023.

 

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Published: 04 Jan 2024, 09:45 AM IST
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