Professional services company Accenture plans to cut 19,000 jobs worldwide over the next 18 months in order to trim costs amid the tumultuous economic environment.
Most of the cuts will impact those working in the company's non-billable corporate roles, Accenture said in a Thursday filing with the Securities and Exchange Commission (SEC).
Overall, the layoffs will equate to about 2.5% of its global workforce.
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"During the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs," Accenture said in the filing.
The company – which helps businesses and governments worldwide optimize their operations, also consolidated office space in its effort to minimize overhead costs.
In total, Accenture expects this plan to cost $1.5 billion.
The company still plans to hire for certain roles, "especially to support our strategic growth priorities" Accenture said.
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The move comes as layoffs sweep technology and other sectors.
In recent months, companies including Amazon, Google parent Alphabet, Twitter and Microsoft are feverishly trying to tighten their belts after over-hiring during the COVID-19 pandemic.
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The companies benefited from a surge in demand for their products and services when people were forced to work remotely.
Since January, more than 152,000 global tech workers have been laid off, according to Layoffs.fyi, a website that tracks job cuts in the industry.
The Associated Press contributed to this report.
