Hyland Software To Lay Off 1000 Employees

Hyland Software is going to lay off around 1000 employees. The move is likely to impact 20 percent of its workforce. 

"We are restructuring our organization. We are removing layers of management, adjusting team sizes and reassigning responsibilities across departments and levels", says President and CEO, Bill Priemer in a statement. 

Could not predict the challenging economic climate

Hyland, like many technology companies, has been navigating the global economic situation and shifts in the market. 

"We did not anticipate the degree to which inflation, rising interest rates and wage increases would impact our expenses. Furthermore, the challenging economic climate we currently face is prompting many organizations to pull back on their technology expenditures, says Priemer."

The tech company had already put a freeze on hiring, travel and reduction in discretionary spending. However, the desired outcome could not be achieved. The decision to lay off 1000 people was taken in consensus with Board and senior executive team in a bid to streamline the operational and financial process within the organisation.

The modus operendi

At the leadership level,  Hyland is removing layers of management to improve communication and accelerate decision-making. The expected outcome is increasing the number of direct reports for most leaders to provide individual contributors with greater access to management and provide leaders with greater visibility into what’s happening at the field level.  

At the individual contributor level, the focus is on adjusting team sizes and reassigning personnel to achieve the optimal mix of skill sets within every function.  

The company has assured ease of transition to the outgoing employees. Severance allowance including healthcare coverage will be made available for a certain period. The company will also facilitate access to their employee assistance program, and career resources to help the laid-off employees find their next opportunity.