Thread regarding Intuit Inc. layoffs

Intuit Lays Off 715 Staff, Plans Revamp of Certain Sectors (JUNE 22, 2020)

TurboTax-maker Intuit Inc has cut 715 jobs, its Chief Executive Officer Sasan Goodarzi said in a note to employees on Monday, a move that is a part of the company's ongoing strategy to become an AI-driven platform.

The income-tax filing software firm also said it will revamp its customer experience, technology and sales strategies, among others, as a part of the transformation announced early last year.

All impacted employees will receive a minimum of four weeks of pay, and two additional weeks for every year of service, the CEO said in a note that was posted on the company's blog https://www.intuit.com/blog/news-social/a-message-from-intuit-ceo-sasan-goodarzi-to-intuit-employees/?amp=1.

"We took a careful review of the company, looking for redundancies in tools, systems and for roles that were not aligned to where we are investing for the future", Goodarzi said in the note.

"We now have much more clarity on where we need to invest to accelerate change and the skills we need."

Intuit had 9,816 employees as of May 4, 2020 and the 715 job reductions form 7.3% of this headcount.

The company also said it plans to add more than 700 roles to build the capabilities needed for its future.

The California-based company had said https://www.reuters.com/article/us-credit-karma-m-a-intuit/intuit-to-buy-credit-karma-for-71-billion-in-cash-and-stock-deal-idUSKCN20I2EZ in February it would buy privately held personal finance portal Credit Karma for about $7.1 billion, the largest deal ever in its 37-year history, in a bid to expand further into consumer finance.

Source: NYTIMES
https://outline.com/DzxLyN

by
| 3569 views | | 5 replies (last )
Post ID: @OP+15BJagws

5 replies (most recent on top)

Sad to see Intuit go back to cutting employees as a way to make shareholders happy. They use to do this for years in June every year to get everyone off the books by August (we called it layoff season in the Steve Bennett and early Brad Smith days). They always used the same excuse as this time. They claimed they were going to stop it by running the business better year-to-year. It really gave Intuit a bad reputation in Silicon Valley so hiring was tougher. Guess Sasan could not afford to wait. They run off the senior talent that helped drive the business and replace with younger or more likely Indian replacements. Greedy and sad indeed.

by
|
Post ID: @1Gnbq+15BJagws

I take it San Diego was impacted.

by
|
Post ID: @bhve+15BJagws

It would have been good if this article had a little more information. Like how many people in Reno, nv were laid off.
Anonymous thinker

by
|
Post ID: @2hft+15BJagws

Intuit makes money with TT and Quickbook. My assumption is lower forecast for quickbooks since businesses have either closed down or really really slowed down that they can manage with something really simple and don’t need QB. Tough times. All the best.

by
|
Post ID: @kgs+15BJagws

Post a reply

: