News: Oracle announces hundreds of job cuts and rescinded offers in health unit

Strategic HR

Oracle announces hundreds of job cuts and rescinded offers in health unit

Recent layoffs at Oracle were significantly influenced by challenges stemming from Cerner's collaboration with the US Department of Veterans Affairs.
Oracle announces hundreds of job cuts and rescinded offers in health unit

Oracle, the software giant, has undertaken substantial workforce reductions in its health unit, rescinding job offers and reducing open positions, as reported by sources referenced by Insider. This action aligns with a wider pattern of cost-cutting measures being adopted by companies across corporate America in response to escalating inflation and rising interest rates.

In a high-profile deal that made waves in December of the preceding year, Oracle acquired Cerner, a renowned electronic medical records provider, through its health unit. The acquisition set a record, with Oracle investing a staggering $28.3 billion in the transaction.

Significant challenges emerged from Cerner's collaboration with the US Department of Veterans Affairs, which had a notable impact on the recent layoffs. Cerner was entrusted with the responsibility of replacing the department's internally developed medical records system with its advanced technology, contributing to the workforce reductions.

Regarding compensation for the impacted employees, the report discloses that they will be provided severance packages equivalent to four weeks of pay, with an additional week added for each year of service. Furthermore, they will be eligible to receive a payout for any accumulated vacation days.

Read full story

Topics: Strategic HR, #HRCommunity, #Layoffs, #HRTech

Did you find this story helpful?

Author

QUICK POLL

How do you envision AI transforming your work?

Your opinion matters: Tell us how we're doing this quarter!

01
10
Selected Score :