Bill Priemer, President and CEO at Hyland has announced ‘difficult news’ that the company is reducing by 1,000 employees.
In a blog post shared on the Hyland website, the company highlighted 32 years of “extraordinary success and growth”. However, they added, “today we are announcing the hardest change we’ve ever had to make”.
The blog explains: “We are restructuring our organisation. We are removing layers of management, adjusting team sizes and reassigning responsibilities across departments and levels. These changes will reduce the size of our team by about 1,000 employees, which is approximately 20 percent of our workforce.”
On the difficult decision, Bill adds: “I take responsibility for the decisions we are sharing today, and I realise how difficult this is for you all.”
Further in the announcement, it highlights that US staff will have received an email to outline their status and next steps, with the process for employees outside the US “to take longer due to local laws and practices”.
The post continues to highlight why the decisions were made, and how the organisation is resetting. It adds: “We are transforming into a cloud company, which is essential to meet the needs of our current and future customers.”
It continues: “This effort has required substantial investment in both people and systems. While we had planned for this investment, 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 organisations to pull back on their technology expenditures.”
The news follows “significant cost-cutting measures such as hiring freezes, travel restrictions and reductions in discretionary spending”.
Hyland is now to remove layers of management and increase the number of direct reports to its leaders.
Bill closes the announcement by stating, “To those of you who will be leaving us, you have made Hyland a better company and enriched our community. I am grateful for your time with us and wish that your Hyland experience was not ending this way. Please know that your contributions have been valuable and appreciated.”
To view the announcement, please click here.
