Xerox to lay off more than 3,000 employees
2023 saw a slew of companies lay off thousands of employees across board. And now it looks like 2024 is starting on the same note as Xerox has announced it is laying off 15% of its total workforce. In a press release, Xerox said that it is adopting a new operational model. By implementing this new operating model, the company will take action this quarter, targeting a 15 percent workforce reduction.“Proposed reductions will be subject to formal consultation with local works councils and employee representative bodies where applicable. Xerox is committed to providing transition support for affected employees,” the company noted in the release.
According to a report by CNBC, Xerox had close to 20,500 employees. This indicates that more than 3,000 employees have been laid off by Xerox.
Steven Bandrowczak, chief executive officer at Xerox, said
“The shift to a business unit operating model is a continuation of our client-focused, balanced execution priorities and is designed to accelerate product and services, go-to-market, and corporate functions’ operating efficiencies across all geographies we serve.”
Furthermore the company shed light on how it wants to approach the printing business. Xerox said that it wants to simplify its core products to align with the needs of economic buyers of today’s hybrid workplace. It also wants to increase investment in a partner-enabled go-to-market model that supports how clients prefer to procure their print solutions. “With partners, pursue strategic market share gains by increasing reach, improving cost to serve, and enhancing profitability,” Xerox said.
“The evolution of Xerox’s Reinvention aligns our resources in three key areas – improvement and stabilisation of our core print business, increased productivity and efficiency through the formation of a new Global Business Services organisation, and disciplined execution in revenue diversification,” said Bandrowczak.
The employee layoffs will take place in this quarter, noted Xerox.