As a crypto investor with a background in technology and experience working for a large software company, I see Intuit’s decision to lay off employees and focus on AI as a necessary step towards innovation and staying competitive in the industry. However, I also understand the impact this will have on the lives of those who are affected.
As a researcher studying the business landscape, I’ve come across some intriguing news regarding Intuit. Known for their financial software solutions like QuickBooks and TurboTax, this tech giant is planning to reduce its workforce by approximately 1,800 employees, which represents around 10% of their total headcount. Their intention? To restructure their operations with a stronger focus on artificial intelligence (AI) projects.
I’m an expert in paraphrasing and I’d suggest this: “About 1,050 employees, including myself if I didn’t meet the performance expectations at Intuit, were let go. We believe that these individuals will thrive elsewhere.”
— Dare Obasanjo🐀 (@Carnage4Life) July 10, 2024
Sasan Goodarzi, Intuit’s CEO, underscores that the ongoing layoffs are not about cost-reduction but rather an essential component of their corporate strategy to delve deeper into AI technologies. In parallel, Intuit intends to hire a commensurate number of new employees in engineering, product management, and customer support, with a distinct emphasis on recruiting professionals versed in artificial intelligence.
As a researcher, I’ve discovered that around 1,050 staff members received notice that their work didn’t measure up to the company standards, and unfortunately, we had to let go of approximately 300 positions. Additionally, Intuit is making some changes at the executive level by reducing the number of leadership roles by roughly 10%.
As a result of the company’s restructuring plan, the Edmonton, Canada, and Boise, Idaho branches, which house office operations, will be closed down. Simultaneously, the tech department intends to relocate 80 technology-related jobs to enhance their presence in Atlanta, Bangalore, New York, Tel Aviv, and Toronto.
Intuit projected that its restructuring would cost between $250 million and $260 million. This disclosure caused a 3.6% drop in the company’s stock price. Nevertheless, Goodarzi asserted that Intuit remained financially robust, with reported revenues of $14.4 billion during fiscal year 2023.
US employees who are leaving the company will be given a severance deal featuring a minimum compensation of sixteen weeks’ salary, along with an extra fortnight for every year they’ve worked – up to a maximum of twelve weeks. Their last day with the organization will be on September 9, but they have two months (60 days) following their departure date to make any necessary arrangements.
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2024-07-11 04:52