Xerox to lay off more than 3,000 employees: All the details

Xerox announced layoffs of 15% of its workforce as it adopts a new operational model in 2024. The company plans to target a 15 percent reduction in this quarter. The layoffs will be subject to consultation with local works councils.

Xerox aims to simplify its core products and increase investment in a partner-enabled go-to-market model. The CEO stated that the new model aligns resources in three key areas: core print business improvement, Global Business Services organization formation, and revenue diversification execution. Xerox announced layoffs of 15% of its workforce as it adopts a new operational model in 2024.

The company plans to target a 15 percent reduction in this quarter. The layoffs will be subject to consultation with local works councils. Xerox aims to simplify its core products and increase investment in a partner-enabled go-to-market model.

The CEO stated that the new model aligns resources in three key areas: core print business improvement, Global Business Services organization formation, and revenue diversification execution. 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. Explore Your Financial Landscape with Personalized Credit Insights. FOLLOW US ON SOCIAL MEDIA Visual Stories Previous Here’s how many users top telcos have in India Gadgets 5G smartphones with 10GB or more RAM under Rs 25,000 Gadgets 5G smartphones launching in 2024 Gadgets Top 5 AR/VR headset companies worldwide in Q3 23 Gadgets 5G smartphones with in-display fingerprint sensor Gadgets 10 ‘most popular’ YouTube Shorts in 2023 Gadgets 5G phones with IR blaster under Rs 30,000 Gadgets ISRO’s upcoming missions in 2024 Gadgets Reliance JioTV Premium subscription plans launched: All the details Gadgets 10 5G smartphones under Rs 35,000 Gadgets Next 1 2 3 Elections Chhattisgarh CM News MP CM News Rajasthan Election Results MP Election Result 2023 Chhattisgarh Election Result Mizoram Election Result TOP TRENDS Adani Hindenburg Case India Covid Cases Adani Case PM Modi Kerala Visit Lok Sabha Expulsion Air India News.