Mass Layoff: Intuit Announces Nationwide Layoffs And The closure of its Idaho office

Photo byClaudia WolffonUnsplash

Intuit, the software giant known for TurboTax, Mailchimp, and QuickBooks, is laying off 1,800 employees nationwide, representing 10% of its workforce. These layoffs include the shutdown of its Boise, Idaho offices and the layoff of its staff. According to the Idaho Business Review Intuit has 157 employees at its offices but the official WARN notice hasn't been released yet.

The announcement was made in a Wednesday filing with the Securities and Exchange Commission and included an email from CEO Sasan Goodarzi to staff. The email informed employees that they would receive calendar invites for a “Leaving Intuit Discussion” by 9 a.m. Wednesday morning.

Goodarzi explained that the job cuts are not aimed at reducing costs but at reallocating resources to critical areas that support customer growth. They plan on reallocating these resources, hiring 1,800 new employees, and building A AI-powered financial assistant. So, if you want Chat GPT to do your taxes or build a budget for you, I guess Intuit has you covered.

Goodazi decided to also note that 1,050 of the 1,800 employees were not meeting performance expectations, and they comprised a majority of the layoffs. He also stated that 300 executive-level employees would also be terminated. Laid-off employees in the U.S. will leave the company by September 9 and will receive at least 16 weeks of severance pay and six months of health insurance.

This layoff is the fourth layoff this year in Idaho, making the total layoffs so far 752.