Almost 2,000 employees from KPMG’s workforce in the US may be laid off. The multinational professional services firm has about 39,000 people in its US workforce. That means, it will lay off about five per cent of the US team, amidst the economic slowdown, keeping in mind the interest of the business in the long run.
This is the second round of layoffs at the firm. However, the firm appears confident that it will continue to grow.
The impacted employees will be given severance, as well as health benefits. They will also receive outplacement support.
While members of the tax and audit practices teams will be informed of their termination right away, employees in the advisory and other divisions will be sent their notices in a couple of months.
Earlier this year, in February, about 700 employees of KPMG were affected as the organisation did away with two per cent of its workforce in the US. At the time, the primary impact was on the advisory division. This time, however, other divisions are also going to bear the brunt of the downsizing exercise. Before resorting to layoffs, it is reported that the company had been trying to convince employees to put in their resignations voluntarily.
Last year, KPMG posted a revenue of about $11.4 billion in the US, which was 14 per cent higher than the previous year, that is, 2021.