Tech Mahindra joins Infosys-Wipro pink slip club, sacks 1,000 staff
Firm says nothing new about it, laggards weeded out every year, this year is no different Software services firm Tech Mahindra has sacked thousand odd employees this month joining peers such as Wipro, Infosys and Cognizant to trim workforce as they face their worst business crisis in nearly a decade. Indian firms are witnessing their slowest growth in a decade due to automation, technology shifts and increased protectionism in its main markets. Global firms are shifting their budgets from traditional IT services to newer areas such as digital and cloud, which requires engineers to engage clients than work remotely. Also, low end maintenance work is increasingly automated forcing companies to shift them to other projects and reduce hiring from campuses. With growing stress on their business, IT firms are also increasing scrutiny on performance of employees and weed out non performers. Read this: Hero MotoCorp Q4 net falls 14% at Rs 718 cr over BS-III discounts ...