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Mass layoffs brewing in IT sector amid uncertainties

Source | www.livemint.com | Ayushman Baruah

BENGALURU : The information technology (IT) industry is laying off thousands of employees across the globe, including in India, on grounds of non-performance, lack of projects and rightsizing the workforce as pressure mounts on firms because of an uncertain business environment.

Global IT companies have gradually reduced their headcount in last two years as they embark on automation and related technologies. The covid crisis may have accelerated these process as newer challenges have emerged for these firms.

International Business Machines (IBM) Corp. is laying off about 2,000 employees globally as the company reshapes its business. It is estimated that a few hundred of its India employees would be affected as the country accounts for about one-third of IBM’s global headcount of more than 350,000 employees.

IBM didn’t respond to queries on the India impact.

Nasdaq-listed Cognizant Technology Solutions Corp. recently laid off thousands of workers in India, who were on the bench. India is Cognizant’s largest employee hub with more than 200,000 employees of its global headcount of nearly 290,000.

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