Intuit, the company behind popular financial products like QuickBooks and TurboTax, is undergoing a significant workforce transformation. The plan involves restructuring its workforce to focus on artificial intelligence (AI) and improve overall performance.
- 10% Workforce Reduction: Intuit will be reducing its global workforce by 1,800 employees. Which represents roughly 10% of its total staff.
- Focus on AI and Performance: The restructuring aims to prioritize investments in AI-powered products and services, while also identifying and removing underperforming employees.
- New Hires Planned: Despite the layoffs, Intuit expects its overall headcount to grow in fiscal year 2025. The company plans to hire approximately 1,800 new employees with skills in engineering, product development, and customer-facing roles.
- Performance-Based Departures: Over 1,000 employees identified through a formal performance management process will be leaving the company.
- Executive Streamlining: Intuit will layoffs the number of directors, SVPs, and EVPs by 10% to enhance decision-making speed.
- Consolidation and Closure: The company is consolidating tech roles in specific growing locations and closing offices in Edmonton and Boise, impacting over 250 employees.
- Generous Severance Package: Departing US employees will receive a minimum of 16 weeks of pay, plus additional benefits based on service tenure. This is considered the most generous severance package ever offered by Intuit.
This story was originally featured on Fortune.com
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