cognizant layoff news 2019
"Such reports are incorrect. Industry sources suggest that the number would run into hundreds.Large IT services firms, according to reports, are in the process of laying off employees on a scale not seen since the 2008-10 downturn.
An additional 5,000 people will lose their current positions but be redeployed into new posts, the report says.
Recruitment firms have received at least a few tens of thousands of queries for entry to senior levels in IT services space. Cities that are IT hubs | Nine trends for ITNasscom says the software industry, which employs over 3 million professionals, will see a 17% decline in annual hiring.TK Kurien is poaching star performers from rival firms as he approaches the final stages of a mass cull of middle and senior management staff.Consumption is critically dependent on employment, and the job market news is not bad. You can beat the gathering gloom in job market by equipping yourself with the latest tech skills.While there could be pressure on employment in some of the IT sectors, it is not necessarily in terms of literally a job destruction, said Urjit Patel.Cognizant, Infosys, Wipro won’t disclose how many jobs they cut, but it appears the industry is going through one of the largest retrenchments in its history.Sundararajan said the industry was continuing to grow at 8-9% this year, same as last year, and reports of massive job losses in the industry were untrue.According to executive search firm Head Hunters India, job cuts in IT sector will be between 1.75 lakh and 2 lakh annually for next three years.Global corporations, the paymasters of Indian software vendors, are no longer so keen to ante up for application development and maintenance. The figure was about $40 million more than Wall Street was expecting, SeekingAlpha reports.The company is showing growth progress on multiple fronts.
Seeks to accelerate data, digital engineering, cloud & IoT (Internet of Things) revenues & acquisitions. For reprint rights: The journey will involve a “variety of enablers that include sales and marketing, talent reskilling, acquisitions, and partnerships. "We have to retrain and reskill our staff and I think you saw a conscious effort on that over the last couple of quarters….we still have some work to do. The firing operations are being taken up on the pretexts of ‘growth plans', ‘restructuring', ‘role rationalisation' etc, which are nothing but measures to maximise their profits at the cost of employees," CITU said in a statement.The Teaneck, New Jersey-headquartered firm has been cutting jobs for the last two years.Cognizant said its headcount growth had outstripped revenue growth in the past two quarters.Cognizant has cut the bench time for employees, opening up the possibility of more exits.Accenture, Infy, TechM, Cognizant, MphasiS investing to make workforce future-ready.Last year, Cognizant had offered nearly 400 employees a voluntary retirement scheme but this year's move by the company to cut senior level jobs is involuntary.The voluntary separation programme could be for 300-400 executives holding the title of a director.Under new CEO, Cognizant is undergoing a widespread restructuring aimed at boosting growth & lowering costs.Two things happened around 2016 that might provide a clue to this collapse.The company is letting go of 10% of the workforce, or around 2,200 people.Cognizant spokesperson said: “Cognizant has not conducted any layoffs.
Find out how to ensure a stable career and free yourself from job concerns.Since SMAC is going to revolutionise business models across corporate India, other sectors are also likely to embrace it, creating a large number of new jobs.Social media is no longer a place for teenagers to post selfies. The list has been submitted to chief executive officer Brian Humphries’ office, the people said.
Further, the report said that more …
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