Intuit Inc, the global financial technology platform has announced to lay off approximately 1,800 employees, which is 10% of the total workforce. In an open letter to employees, Intuit CEO Sasan Goodarzi, said that the layoff is not aimed to cut costs, but to reinvest in the necessary skills and capabilities to support their customers and drive growth.
Intuit’s CEO confirmed to hiring of approximately 1,800 new people primarily in engineering, product, and customer-facing roles such as sales, customer success, and marketing. With new hiring, Intuit expects an increase in its headcount in FY25 and beyond.
“It is never easy to say goodbye to our colleagues and friends and we are committed to treating everyone who has been impacted by these changes with the compassion and respect they deserve.
Approximately 1,050 employees leaving the company who are not meeting expectations.
“To continue increasing our velocity of decision-making and empowering our employees to deliver for our customers, we are reducing the number of executives (director and above) by approximately 10%, expanding certain executive roles and responsibilities.’
Intuit is also consolidating 80 technology roles to sites where they are strategically growing their technology teams and capabilities, including Atlanta, Bangalore, New York, Tel Aviv, and Toronto, aligned to Intuit’s site strategy. “This strategy allows us to better align these resources with the product and technology teams that are accountable for end-to-end ownership of discrete technology capabilities and critical customer problems. Related to this strategy, we have made the decision to close two of our sites in Edmonton and Boise, where we have over 250 employees, with a certain number of employees relocating to other sites within Intuit or leaving the company,” said Sasan Goodarzi.
Intuit is also eliminating more than 300 roles across the company to streamline work and reallocate resources toward key growth areas.
To support everyone leaving, Intuit is providing support. All US employees will receive a package that includes a minimum of 16 weeks of pay, plus two additional weeks for every year of service. All employees in the US will have 60 days before they leave the company with the last day of September 9, 2024. Employees outside the US will receive similar support, taking into account local requirements.
Intuit will also provide at least six months of health insurance coverage. Everyone leaving will also have access to the Employee Assistance Program to help with mental health support during the transition period.
Each impacted employee will have access to career transition and job placement services. Services include resume development, interviewing techniques, and recruiting and job search help.
For those who need immigration support, the extended transition period will allow individuals on visas extra time to look for other roles. Intuit will also provide access to external immigration experts for advice and support at no cost.