GEE Group (NYSEAMERICAN: JOB) today announced a comprehensive strategic plan that the Jacksonville, Florida-based staffing firm said will improve growth and profitability amid continued macroeconomic weakness and challenging labor markets.

The plan includes a workforce realignment along with new business initiatives and pricing changes to keep up with inflation. The company expects to reap $3 million in annual cost savings.

GEE is also looking to make acquisitions.

“I have confidence in the company’s ability to successfully weather the current and anticipated challenging macroeconomic environment and expect that it will emerge a much stronger organization,” Chairman and CEO Derek Dewan said in a press release.  “Our strategic plan is tailored to help GEE Group navigate through the current and anticipated headwinds facing us and position the company for long-term prosperity.”

Dewan said the company has also already been in communication with several acquisition targets.

“Our approach is very disciplined and thorough when evaluating potential M&A opportunities,” he said. “The company remains steadfast in its commitment to operational excellence, innovation and delivering value to stakeholders.”

GEE also said it expects to reduce amortizable intangible assets and a portion of its goodwill included in its balance sheet through the corresponding recognition of noncash, pre-tax charges of approximately $20.5 million in its statement of operations for its fiscal third quarter ended June 30.

The company will announce financial results for its third quarter on Aug. 14.

Share Price

Shares in GEE Group were down 7.31% to 0.2852 as of 10:57 a.m. Eastern time. They were 18.19% above their 52-week low.