In 2023, we witnessed significant layoffs, and it appears that 2024 is following suit as companies have already commenced reducing their workforce. The most recent addition to this trend is Xerox, which has announced a 15% reduction in its employees—a crucial move in establishing a fresh organisational structure and operational strategy.

The company, known for its digital printing and document management technologies, had approximately 20,500 employees as of December 31, 2022, as reported in a filing with the U.S. Securities and Exchange Commission. This latest move will impact roughly 3,075 employees based on these figures, reported CNBC. 

The restructuring initiative encompasses streamlining products in its core print business, enhancing efficiency across its global business services, and amplifying its focus on IT and digital services, as outlined in an official statement. Xerox also revamped its executive team to align with this new operational model.

In response to the announcement, Xerox's stock plummeted by over 12% on Wednesday.

Xerox CEO Steven Bandrowczak emphasised, "The transition to a business unit operating model aligns with our customer-centric approach and aims to expedite operating efficiencies across all the regions we operate in, spanning product and services, go-to-market strategies, and corporate functions."

The company is set to execute these workforce reductions in the current quarter, as per the released statement. However, a representative for Xerox declined to provide further comments beyond the official release.