Xerox To Trim Workforce By 15%

Xerox, a US-based digital printing and document management technology firm, is set to furlough 15 percent of the work force in the current quarter as part of overhauling its organizational structure and operating model. The company has also disclosed plans to appoint new executives. The layoffs are expected to affect over 3,000 employees, given that the company employs around 20,500 individuals.

The announcement took a toll on its share price, which saw a 12 percent intraday fall. In order to make the operating model client-centric, the company created a restructuring policy that encompasses streamlining its core print business products, enhancing efficiency in global business services, and amplifying its focus on IT and other digital services, which is expected to expedite operating efficiencies across all regions served, emphasizing the improvement and stabilization of the core print business, heightened productivity through a new Global Business Services organization, and disciplined execution in revenue diversification.

“The evolution of Xerox”s Reinvention aligns our resources in three key areas: improvement and stabilization of our core print business, increased productivity and efficiency through the formation of a new Global Business Services organization, and disciplined execution in revenue diversification,” Xerox”s CEO, Steven Bandrowczak, said.

Last year, the world witnessed a record number of layoffs, with more than 2.61 lakh people receiving notices. India accounted for 16,400, which is the second-highest number of job cuts last year, with the United States, where companies furloughed as many as 1.79 lakh employees, or 70% of the total global layoffs, topping the list; Germany, with 13,000 job cuts, being third; Sweden (11,100); and the United Kingdom (9400), reaching the top five.