Snehal khanna Blog

According to reports, the 7 biggest IT firms operating in India are set to let go of 56,000 workers In his social media post, an anonymous techie called the recent spate of layoffs in the information technology (IT ) sector a "nightmare". The bad news is, the nightmare is unlikely to end anytime soon. The seven biggest IT companies operating in India, including Wipro, Infosys, Tech Mahindra and Cognizant, are planning to layoff at least 56,000 engineers this year, Livemint reported on Thursday. According to the report, this projected number is double the amount of layoffs by these companies last year. Mint claims the astoundingly high number was arrived at after "extensive interviews with 22 current and former employees across these seven companies". Read this: 62 million tonnes of waste generated annually; how ragpickers help clean it The companies concerned are Infosys, Wipro, Tech Mahindra, HCL Technologies, US-based Cognizant Technology Solut...

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 ...

Revenue stood at $3.55 bn, sticking to the higher end of the company's guidance IT services major Cognizant today posted a 26 per cent increase in net profit at $557 million for the quarter ended March 31, 2017. Cognizant's net profit stood at $441 million in the first quarter of 2016. Cognizant Technology Solutions has declared its first quarterly cash dividend of $0.15 per share, after it has agreed with activist investor Elliott Management to issue dividend and announce share purchase programme. The company has posted a growth in tune with its guidance for the quarter ended March 31, 2017, with a revenue growth of 10.74% to $3.55 billion as compared to $3.20 billion during the same period a year ago.   Read this: At least 9 months' pay! Cognizant top execs get voluntary separation option The company has declared its initial quarterly cash dividend of $0.15 per share to Cognizant Class A Common Stock for shareholders of record at the close of busi...

IT major expects process to be concluded by the end of the second quarter Cognizant Technology Solutions has floated a voluntary separation option for its employees at the senior management level, at a time when the company is accelerating its move towards digital technology. This move comes as the company has initiated efforts to trim down its workforce at a larger level this year compared to last year. The Nasdaq-listed company confirmed the development and said that this is part of its overall strategy to accelerate the shift to digital and to deliver high-quality, sustainable growth. Read this: Tata Sons to invest Rs 2,000 crore more in telecom arm Sources in the company have said that the option has been given to top executives, from the associate director to the top level, including board members and vice-presidents. They added that the compensation would depend on the rank and it would be minimum nine months salary. Further, the sources said that talks were go...

Analysts say the move is both soothing and disconcerting         The annual appraisal at  Cognizant   Technology Solutions this month came as a surprise to many. Not only was their performance under greater scrutiny, but at the end of the review process, as many as 10,000 employees are expected to be laid off. Many of them will lose their job to automation. Like others in the industry, Cognizant, too, has been trying to reinvent itself and focus on high-end projects that require specialised skills as traditional offshore contracts shrink. The Nasdaq-listed solutions provider has 262,200 employees, and, according to sources in the company, up to 2.5 per cent could lose their job, although employees think the number could be higher. Cognizant has been under pressure from investors to shore up margins. Investors want to see the company boost profitability, deliver growth and return cash to shareholders. Last month, Cognizant reached an agreement...