Tech companies cut over 240,000 jobs in 2023, 50 percent more than the previous year.
The CX industry has not escaped this trend, with Pega, Talkdesk, and Twilio being just some of the vendors to have announced multiple rounds of layoffs during this time.
Private companies sometimes miss out on these difficult headlines, as they are not required to formally report their job cuts.
On the flip side, when layoffs emerge through the woodwork, they are often blown out of proportion.
That seems to have happened to CCaaS stalwart Genesys last week, with posts like the following garnering lots of attention – and having many fearing for their jobs.
While that may mean cuts, it will bring new faces into the business. Indeed, there are 43 job adverts currently online to work for the firm, with positions ranging from marketing and sales to full-stack developers and software engineers.
Genesys and Its Position In the CCaaS Market
Genesys has perhaps grown used to often excessive speculation swirling its business. In 2022, this was loudest when some suggested Genesys would force legacy customers to CCaaS models.
Indeed, CEO Tony Bates even had to release a blog to confirm the vendor still supports its on-premise customers, pledging to do so until they’re ready to migrate.
Moreover, when that time comes, Genesys hopes that its switch to a single CCaaS platform will help remove uncertainty from the migration process.
The one CCaaS solution approach also allows the vendor to focus its investment and stay at the forefront of the market.
Indeed, Genesys is currently one of only two tech firms that generates $1BN in ARR for CCaaS, with NICE the other.
In addition, Genesys is a Gartner Magic Quadrant leader, sharing the top-right square with just three other vendors: AWS, Five9, and NICE.
Other analysts also position Genesys favorably, with Ventana Research recently labeling the firm as an "exemplary" vendor – suggesting it offers the best customer experience in the space.
That perhaps bodes well for Genesys, especially given the predictions of Steve Blood, VP & Analyst of the Gartner Sales & Customer Service Practice. Last year, he stated:
As it matures, the CCaaS market will emulate legacy premises – a few major providers and a long tail of smaller companies specializing in regions or verticals.
While there is still much maturing to do, Genesys is in pole position to be one of the major CCaaS providers of the future – and these cuts are part of its efforts to finetune its strategy to get there.
Of course, that comes as little consolation to those laid off. Yet, linking these workforce trims with some of the massive CX job cuts from the past 14 months seems unreasonable.
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