hr.economictimes.indiatimes.com | www.ETHRWorld.com
BENGALURU/MUMBAI: L&T Technology Services (LTTS) has laid off 200 people in the mid-to-senior roles, partly due to actions initiated as part of the performance cycle and to reduce role overlaps, sources told TOI.
LTTS, which has nearly 24,000 employees on its rolls, has seen job cuts mainly in delivery and support functions as companies have automated many functions.
The redundancies account for less than 1% of LTTS’ workforce. LTTS focuses on engineering services straddling across transportation, telecom and hi-tech, industrial products, plant engineering and medical devices.
But the Indian IT sector is navigating a challenging environment exacerbated by weakness in its mainstay business vertical, banking and financial services sector, that’s reeling under macroeconomic headwinds as customers are pulling back their IT spending. Companies are addressing these challenges by bringing cost efficiencies and operational rigour.
When TOI reached out to LTTS, its spokesperson said, “We conduct annual performance reviews as a standard process to assess the capabilities of our workforce every year, and act appropriately based on skill sets and performance. This is essential for the maintenance of our high standards of…
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