Forrester cuts 111 jobs

Forrester Research, Inc., whose researchers rode the dot-com wave to the heights of the Internet research business, has cut its workforce for the first time as the new economy continues to stumble. The company late last week said it will eliminate the jobs of 111 workers, or about 15% of its worldwide workforce.

"We believe that our long-term market position and business model remain strong," said Forrester founder, Chairman and Chief Executive George Colony. He said the firm was forced to slash jobs due to a slowing economy and reorganized the sales force to focus on specific vertical markets, or "a two-pronged response to both the conditions and demands of the market."

The job cuts, Colony said, are due to an economic slowdown, and will force a one-time charge of $3 million to $4 million in the third quarter ending Sept. 30. The reorganization "addresses the need for increased specialization in a more complex market," he said.

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Mike Bucken is former Editor-in-Chief of Application Development Trends magazine.