Korn Ferry to cut 8% of workforce

Korn Ferry

On 23rd October, Korn Ferry unveiled a plan of realigning its workforce with the current business landscape, which involves the elimination of positions and will impact roughly 8% of the company’s employees. The company explains that it is due to persistent inflation, elevated interest rates, and the prevailing global economic ambiguity.

The plan is anticipated to lead to a reduction in the company’s yearly cost structure by around $110 million to $120 million. It is also expected to incur an estimated pre-tax charge of approximately $55 million to $65 million, which includes expenses related to severance and employee benefits. These charges are expected to include roughly $40 million to $45 million of cash expenditures, with the majority of these payments to be paid during the remainder of fiscal 2024.