US-based Hyland Software has announced to lay off about 1,000 employees, a 20 per cent cut in its total workforce. According to Bill Priemer, President and CEO, Hyland, they are restructuring the organisation, removing layers of management, adjusting team sizes and reassigning responsibilities across departments and levels.
"These changes will reduce the size of our team by about 1,000 employees, which is approximately 20 per cent of our workforce," he said in a statement, according to IANS. The employees within the US received an email notification this week, outlining their status and next steps.
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"Those who will be leaving the company will receive a notification email that includes an invitation to a Zoom webinar. At that meeting, we will explain the offboarding process, including information about severance, healthcare coverage and outplacement services," explained the CEO.
Outside the US, this process will take longer due to local laws and practices. Hyland, like many technology companies, has been navigating the global economic situation and shifts in the market.
"We are transforming into a cloud company, which is essential to meet the needs of our current and future customers and advance our position in the content services space," said Priemer.
Gloomy Global Economic Conditions
This effort, he added, has required substantial investment in both people and systems.
"While we had planned for this investment, we did not anticipate the degree to which inflation, rising interest rates and wage increases would impact our expenses," the CEO lamented.
After much deliberation with our board and senior executive team, "we determined that streamlining the organisation, both operationally and financially, is necessary to ensure Hyland's long-term success".
