IT layoffs sadden Infosys founder |
Founder Chairman of Infosys N R Narayana Murthy has expressed sadness over the IT companies laying off their employees as part of their cost cutting strategy. Murthy, however, did not elaborate on the matter.Infosys had announced that it could hand out pink slips to hundreds of mid and senior-level employees as it carries out bi-annual performance review amid a challenging business environment. The development comes at a time when its peers Wipro and Cognizant are taking similar measures to control costs. The US-based Cognizant had rolled out a voluntary separation programme for directors, associate VPs and senior VPs, offering them 6-9 months of salary. Wipro, too, is learnt to have asked about 600 employees to leave as part of its annual "performance appraisal" even as speculations were that the number could go as high as 2,000. In India, the job cuts in IT sector will be between 1.75 lakh and 2 lakh annually for next three years due to under-preparedness in adapting to newer technologies. A report submitted by McKinsey & Company at the Nasscom India Leadership Forum said, nearly half of the workforce in the IT services firms will be "irrelevant" over the next 3-4 years. IT companies have been one of the largest recruiters in the country.
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