Intuit, a software company will cut approximately 1800 employees globally or 10% of its total workforce, the spokesperson also said that company plans to hire 1800 new strategic functional skilled person in various field.
updated on Jul 11, 2024 9:04 PM IST
Chief Executive Officer, Sasan Goodarzi; source: Instagram
Intuit
summary:
- An overview
- About employees reduction and hiring
- Compensations for laid off employee’s
- Investment in generative AI
It is a multinational software company which offers products like QuickBooks, Credit Karma, TurboTax, has offices in various countries like –
Intuit offices:
- United States: Intuit’s headquarters is in Mountain View, California, and it has offices in various U.S. cities, including Atlanta, Los Angeles, New York City, Plano, Reno, San Diego, San Francisco, and Tucson.
- Canada: has an office in Edmonton, Alberta
- Ireland: EMEA (Europe, Middle East, and Africa) office is located in Dublin.
- United Kingdom: The London office serves the UK market.
- France: operates from Paris.
- Israel: has an office in Petach Tikva.
- India: Intuit Technology Services Private Limited is based in Bangalore.
- Australia: The Sydney office serves the Australian market.
Intuit is consolidating 80 tech roles to sites like Atlanta, Bangalore, New York, Tel Aviv, and Toronto.
The company earned $14.4 billion in revenue in its fiscal year 2023.For the period ending April 30, Intuit reported revenue of $6.7 billion, up 12%.
The company is closing two sites in Edmonton and Boise that have over 250 employees, some relocating to other intuit office and others are leaving.
Approx. 1800 employees (10% of total workforce) are departing the company. Intuit is also reducing the number of executives- director, SVPs and EVPs. So, executive roles and responsibilities will also expand.
The company will hire 1,800 skilled people in the field of engineering, product, and customer-facing roles such as sales, customer success, and marketing.
“This timing allows everyone leaving to reach their July vesting date for restricted stock units and the July 31 eligibility date for annual IPI bonuses,” Goodarzi writes.
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The company announced a package for all departing employees, a minimum of 16 weeks of pay, plus two additional weeks for every year of service.
“We do not do layoffs to cut costs, and that remains true in this case,” Goodarzi writes. The company wants to increase investments in various arena of generative AI, such as its GenAI-powered financial assistant called Intuit Assist, and reimagining its products from traditional workflows to AI-native experiences
