UKG, the multinational software firm based in Massachusetts, US, has trimmed its workforce by 14 per cent, cutting 2,220 jobs recently from a total of about 15,882 last month. This is part of a restructuring exercise aimed at allowing the firm to focus on the key areas of business growth, innovation and long-term profitability.
This UKG layoff is not the first one. A year ago, about 1.7 per cent of the company’s global workforce had been let go, affecting about 265 jobs.
The company intends to support the impacted staff members through this transition.
Chris Todd, CEO, UKG, admitted that the initial plan was to announce these job cuts this week, but it was announced earlier because of speculations and rumours that were doing the rounds within the organization. In an official mail, Todd also revealed that only various departments across the US had been impacted by this round of layoffs.
UKG, short for Ultimate Kronos Group, was formerly known as Kronos before it merged with Ultimate Software of Florida and got rebranded as UKG.
In June 2021, the company had acquired EverythingBenefits to expand into the benefits technology sector. The latter is a platform that connects employers to all information pertaining to insurance, retirement and other benefits of their employees. This was UKG’s first big acquisition after Ultimate Software and Kronos came together with the Group. The acquisition allowed UKG to incorporate EverythingBenefits’ end-to-end tech solutions into its suite of payroll, HR service delivery and workforce-management products.