These are tough times, not just for the ones following lockdown sitting in homes but also to industries. This time is marked by job losses, salary cuts and bad news from all around.
Multinational companies are registering unprecedented losses, with top giants laying people off and cutting salaries of their employees to bring down company expenses and costs.
Today, we bring in news to you from the global IT and professional services company Accenture.
The Dublin based company has decided to restrain hiring and put a hold on all the promotion process, during these times of Covid-19 pandemic.
Accenture Postpones New Joinings
Accenture is among the largest employers in the IT sector in India. It recorded a hiring of about 2,500 people every month in the country, as of last year, on an average.
Earlier, it was reported about Accenture that the company had decided to honour job offers made to freshers, or new recruits.
However now, announced to halt the joining of new recruits for some time.
The Chief Executive Officer of the company, Julie Sweet informed on an earnings call that the new hiring will focus on the replacement of subcontractors.
Accenture to Retrain Existing Employees
Instead of hiring new employees and letting new recruits start their positions, Accenture has decided to continue to retrain the current employees in areas like technology and cloud services.
Since the crisis started in March, Accenture has retrained about 37,000 of its existing employees until now, in those areas.
Earnings and Cost Cuttings
Sweet also informed on the earnings call that they will be carrying on some cost structural cuts, which are actually helping.
As and when things move forward, the company will start functioning as though it is in its annual performance process.
Accenture has also relocated employees in its strategy and consulting divisions to help public-sector clients improve their operations.
It announced adjusted third-quarter profit of $1.90 a share, which beat the $1.85 average estimate of 22 analysts surveyed by Bloomberg.