The company is not only planning to offer pay hikes but may also distribute nearly 1 per cent of its stock to about 150 employees.

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Wednesday, 22 March 2017 12:08

Cognizant to trim workforce by five per cent

In an endeavour to shift its focus from traditional IT services to digital, the company plans to trim its workforce

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In a recent official mail to the entire staff, founders Kunal Bahl and Rohit Bansal admitted to the need to tighten the belt and in the process, let go of some people.

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The company is reportedly looking at laying off around 10 per cent of its pan-India workforce.

 

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The distressed bank is expected to report losses of £2.3bn for 2016, in its financial results to be published soon.

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Operations managers across the country have been sent e-mails to “right size” their respective teams.

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Journalists who have spent more than two decades have been promised a basic salary till their retirement age.

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The layoffs happen at a time when the company is focussing and investing heavily on software, robotics and AI.

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The company plans to cut six percent of its global workforce because of fourth-quarter results going way below expectations.

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The move, a result of subdued market demand, is aimed to optimise operational efficiency.

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