AUGUST 10, 2023 — ORGANIZATIONAL RESTRUCTURING WITH UP TO 700 EMPLOYEES AT RISK OF LAYOFFS.
Thoughtworks has announced a restructuring plan that will lead to a reduction in force of 5-6% companywide.
According to an SEC filing, “Following a detailed review of its business, Thoughtworks is announcing a structural reorganization that will:
(i) move its operational functions from a geographic to a centralized model,
(ii) create a new organizational home for the majority of its client-facing workforce, our Digital Engineering Center, and
(iii) evolve its regional market structure. Centralizing operations globally will reduce overall costs, better align its resources to strategic priorities, right-size its operations, and increase operational efficiencies.
The new Digital Engineering Center will provide supply across the regional markets and allow the Company to optimize resource allocation globally to better align with clients’ needs. Finally, these changes will enable its regional markets to have a more client and industry-based go-to-market focus while continuing to fund our investments in demand generation.
The majority of the actions will be taken in the third quarter of 2023 and are expected to be completed within the next twelve months. Upon completion of the program, the Company expects to impact approximately 5% to 6% of our employee headcount globally. The majority of the annualized cost savings will come from reductions in operating spend, particularly in non-client, back-office functions.
MARCH 7, 2023 — Original Post…
Chicago, Illinois-based Thoughtworks, a technology company providing agile-based software design, tools, and consulting services, has announced a reduction in force.
The personnel realignment will impact 500 employees or approximately 4% of the company's workforce.
According to a company spokesperson, “We confirm that we have made the difficult decision to reduce our workforce by about four percent globally. We did not make this decision lightly and regret that we had to say goodbye to some talented and passionate Thoughtworkers. These changes were necessary to support the future growth of our business.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?