02:22 PM EDT, 09/17/2024 (MT Newswires) -- (Updates throughout with the company's response.)

Accenture ( ACN ) is changing the appraisal timing structure to mid-year from year-end in a bid to align staffing with "better visibility" of client spending, the company said on Tuesday.

The consulting company is permanently changing the primary date when it discloses employee promotions to June from December, an Accenture ( ACN ) spokesperson told MT Newswires, explaining the shift should provide "better visibility of our clients' planning and demand."

Accenture ( ACN ) narrowed its fiscal 2024 revenue forecast in June, expecting a 1.5% to 2.5% growth over 2023 levels, after lowering it to 1% to 3% in May from its prior guidance of 2% to 5%.

The company disclosed the six-month delay in employee appraisals in an internal blog post last week, Bloomberg reported earlier, citing sources.

Accenture ( ACN ) shares were down more than 4% in afternoon trading.

Price: 338.75, Change: -15.38, Percent Change: -4.34