UKG Layoffs: US-Based Software Firm Announces Massive Layoff Round, Cuts Over 2,200 Jobs as Part of Organisational Changes To Focus on Growth Areas
UKG, a software company based in US, announced a massive round of layoff that affected more than 2,200 employees, about 14% of the total workforce. The latest round of UKG layoffs was initiated as a part of organisational changes to focus on growth areas.
Weston, July 4: UKG, a US-based software company, reportedly laid off over thousands of people on July 3, 2024 in its latest round. According to a report, UKG's mass layoff began right before the 4th of July holiday, when the company let go around 14% of its workforce. The 14% of employees affected by the UKG layoffs were estimated to be more than 2,200, if looked as per the total employee count.
Business Journal reported about the UKG layoffs, highlighting how the Florida-based software company reduced its workforce by implementing such a mass layoff round. The report mentioned that the UKG CEO Chris Todd's email reviewed by it highlighted that the company had cut around 14% of its workforce. It mentioned that UKG, one of the largest software developers with a presence in multiple countries, employed a total of 15,882 employees. Microsoft Layoffs Continue: Tech Giant Reportedly Lays Off Unspecified People From Various Departments and Locations To Focus on Future Investment, Increase Profit Margin.
A UKG spokesperson stated that the company initiated layoffs as part of organizational changes that aim to help focus on critical growth areas and support long-term strategy. The spokesperson further said that the workforce reduction will allow UKG to redirect its resources and invest them into key areas of product innovation and enhance customer support. The spokesperson added that the company would help the employees affected by the UKG layoffs in transition.
UKG CEO Chris Todd announced that the tech layoffs were to be announced next week, but due to news and speculations circulating internally, the company had to rush its action. Chris Todd also confirmed that the job cuts would be limited to the United States across all departments. Unacademy Layoffs: After Layoffs, Unacademy CEO Gaurav Munjal Denies Rumours of Merger and Acquisition, Says ‘Ignore the Rumours’.
The software company was previously known as Kronos and was based in Lowell, but it was rebranded as UKG (Ultimate Kronos Group) after merging with Ultimate Software in 2020. The report mentioned that last month, UKG employed more than 1,600 workers in Massachusetts. In 2023, the company reduced around 1.7% of its global workforce, which led to 265 people leaving their jobs.
(The above story first appeared on LatestLY on Jul 04, 2024 06:31 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).