The shareholder value has not improved. Article on Yahoo finance indicates that IBM and Accenture have been hit hard. Hmmmm, I would rather focus on client support than cutting jobs for clients, maybe if you actually KEPT some of your clients, you would have better revenue numbers. But, then again, all management knows here is reduce expenses and you can reduce your way to profit, right????
When you cut jobs of the actual employees who have the client contacts and client relationships, and keep their higher-ups who don't know a thing (but have their underlings do the grunt work) ensconced in their comfy positions, the corporation loses out big time. Such cutbacks cut back on employee morale and employee productivity and do nothing to help the corporation other than to show minimal short term gains to the Street and preserve upper management bonuses. It provides zero benefit to shareholders looking for a hold or long term position and does not auger well for the corporation's future. Wake up, BoD, or the shareholders will be quite vociferous at the next Annual Meeting about the corporate leadership, or the lack thereof.