Amdocs Layoffs: What It Means for Employees?
What is the reason for Amdocs layoffs?
Amdocs, the Israeli business systems company traded on Nasdaq under the ticker DOX, is gearing up for another significant round of layoffs. Approximately 5% to 10% of its global workforce, totaling between 1,500 to 3,000 employees, are expected to be affected by this decision. Last year, Amdocs underwent a similar restructuring, resulting in the departure of 2,700 employees, including 300 from Israel.
In response to the current business environment, Amdocs is reassessing its operations and making strategic adjustments to maintain its leadership and competitive edge. Despite these measures, Amdocs remains committed to innovation and technology integration, particularly in Israel, where it recently reopened its Sderot campus. CEO Shuky Shefer leads the company, which has a market capitalization of $9.7 billion on Nasdaq, experiencing a slight decline in share price since the beginning of the year.
Severance Benefits for Amdocs Employees
Non-unionized employees of Amdocs in Canada facing job loss due to downsizing or corporate restructuring are entitled to receive comprehensive severance benefits. Depending on several factors, these packages can cover up to 24 months of compensation. Should an employee not receive their entitled severance, they have the option to pursue legal avenues to ensure fair treatment and seek appropriate compensation.
At Whitten & Lublin, our team of employment law specialists is dedicated to assisting individuals in understanding their rights and securing the severance they deserve. If you have been impacted by recent layoffs at Amdocs, we encourage you to reach out for a consultation. You can contact us through our online portal or by calling (416) 640 2667.