When will the layoffs stop? Now the employment of 3500 people will be snatched in this IT company - Newztezz Online


Saturday, May 6, 2023

When will the layoffs stop? Now the employment of 3500 people will be snatched in this IT company

Cognizant Layoff:
'Scissors' will work on the job in this IT company, 3500 people will be unemployed. After all, what is the reason that the company has decided to fire so many people.

Technology company Cognizant will soon lay off 3,500 employees. CEO Ravi Kumar S has presented a plan to remove thousands of employees from jobs to reduce costs. Not only this, to further reduce the cost, the company will also provide 11 million square feet of office space. According to the report, Cognizant's 2023 revenue will see a decline and the company's margin is the lowest in the industry at 14.6 percent.

According to the report, layoffs of 3,500 employees and reduction in office space are among the measures unveiled by CEO Ravi Kumar S as he seeks to revive the company which faces competition from the likes of Accenture, Infosys and TCS. At the moment, it is not confirmed that how many people in India will be affected by this decision.

Former CEO was fired without any reason

According to a Moneycontrol report, Ravi Kumar S, who was earlier the President of Infosys, has taken over as the CEO of Cognizant on January 12 this year. The company's former CEO, Brian Humphries, was asked to resign. Cognizant recently announced that it had fired its former CEO without any reason. The announcement was made in the 2023 proxy statement of the IT company.

Layoffs in the tech industry

Cognizant is not the only tech company that has announced layoffs recently. In this, companies like Wipro, Amazon, Accenture, Infosys, IBM, Google, Meta and Twitter had also announced layoffs in the last few months. It would not be wrong to say that the technology sector is going through tough times and thousands of people are looking for jobs after getting fired, the job market is also in a competitive situation.

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