Cognizant may layoff hundreds of employees sitting on the bench
- American multinational
Cognizantis expected to lay-off some hundreds of working employees as a part of its structural rejig and growth measures.
- According to an ET report, several fresh graduates hired by the company are still waiting to get their joining date.
- IT firms like Infosys, TCS and HCL have also stepped up campus hirings to expand its entry-level workforce.
AdvertisementAmerican multinational Cognizant is expected to lay off hundreds of employees to cut costs, according to an ET report.
The IT major is also trying to boost its revenue by making other changes like tightening travel budgets. It is increasing variable pay as a part of its structural rejig.
“It is part of the appraisal process; it is getting stricter. If you were a marginal performer or have not been allocated (a project), then they would look at beginning a separation process,” ET reported citing sources.
Cognizant CFO Karen McLoughlin said that the company will focus on higher margins.
The report also said that offers made to fresh graduates have been put on hold as well. The company however denied this move. Cognizant has a long history of honouring all campus offers and there is no reason to believe that this year will be any different,” the company said in response.
The company also introduced a ‘ voluntary separation scheme’ for senior executives. Under this, it offers 12-month salary and stock benefits depending on the employee’s tenure in the organisation.
As of June, the technology major had 288,200 employees — and over half of them are in India.
Fresher Hiring grows
Meanwhile, IT firms like Infosys, TCS and HCL stepped up campus hiring to expand entry-level workforce.
Infosys — second largest software exporter in India — is planning to hire nearly 18,000 freshers during this financial year, according to reports. In the 2018-19, the IT giant hired around 8,000 employees — including 2,500 freshers.
TCS extended nearly 30,000 offer letters to fresh graduates. It plans to further increase the count by adding 18,000 more over the next three years.
After TCS, Infosys on a hiring spree — plans to add 18,000 freshers via campus placements
TCS is running on women power, with over 150,000 permanent employees
TCS to add 18,000 freshers in the next three months
- Everybody in India must get Covid vaccine free, says Kejriwal
- Samsung now lets you buy up to four products in one single EMI as it seeks to boost sales this festive season
- Equitas Small Finance Bank IPO allotment: Here’s how to check share allotment status
- K'taka healthcare warriors first to get Covid vaccine: Minister
- Cong, BJP in K'taka cross swords over vaccine promise