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Software company Hyland to axe 1,000 jobs in restructuring

By Nithya Bose in US business news, posted April 5, 2023

Hyland has announced plans to cut almost 1,000 jobs, a 20 percent headcount reduction.

The software company said the reductions would affect its US and international workforce but didn’t reveal the number of roles being removed.

Employees in the US will get at least three months of severance pay and up to five months of healthcare coverage.

CEO Bill Priemer said the firm is “removing layers of management, adjusting team sizes and reassigning responsibilities across departments and levels.”

He said the firm has been transitioning into a cloud company, which has required significant investment in new systems and workforce.

Priemer said: “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 organizations to pull back on their technology expenditures.”

Hyland has already taken "significant" cost-cutting efforts like hiring freezes, travel limitations, and cuts in discretionary spending.

But, company leaders determined that Hyland needed a revamp with a new structure and fewer levels of management.

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Hyland's last layoff announcement was in January 2021, when 140 employees were let go.

Meanwhile, Hyland said it would recruit 300 more technologists and expand its total staff count by 15 percent in 2021.

Hyland, founded in 1991, develops software for a range of businesses in the healthcare, government, financial, and insurance sectors.

Source: Cleveland.com

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