Dayforce (DAY) said Wednesday it expects to reduce its current workforce by about 5% as part of an efficiency plan.

The job cuts are expected to be substantially completed by March 31 and to result in non-recurring Q1 restructuring charges of about $18 million to $21 million pre-tax for severance, employee benefits and related costs and about $6 million to $8 million in non-cash charges for stock-based compensation, Dayforce said.

The company expects the efficiency plan to generate pre-tax cost savings of about $65 million in fiscal 2025 and $80 million on an annualized run-rate basis for the year, according to a regulatory filing.

Dayforce shares were up by nearly 2% in recent Wednesday trading.

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