Cognizant has introduced that it’ll lay off 3500 workers which accounts to one% of the corporate’s general body of workers in a contemporary spherical of layoffs, As reported via The Economic Times, the corporate took this resolution to rationalize its administrative center areas and in addition to chop prices.
Cognizant CEO Ravi Kumar informed ET, “this (employee impact) will be across corporate functions, overheads who are non-billable workforce. Similarly, the real estate will be a structural shift in our costs. Not more than 10-15% of the workforce come to offices in every company in India. Also, 30-40% of the Indian IT workforce is in tier II and III locations. They have not come back. I have to create social capital in those cities.”
The document additionally provides that the corporate will incur $200 million in worker severance and different prices and now it has a complete of three,51,500 workers.
Apart from this, the corporate has additionally published that its revenues are anticipated to say no in 2023 because of the present misery and financial downturn witnessed via the IT sector.
Cognizant fired CEO Brian Humphries
Recently, Cognizant fired its CEO Brian Humphries. As of January 12, Humphries used to be not the CEO and persevered on as a distinct consultant till March 15. Although there have been suspicions that Humphries used to be terminated, the corporate didn’t make any professional observation to substantiate this on the time.
Company chairman Stephen J Rohleder stated in his be aware to shareholders within the proxy observation: “Over the previous couple of years, we imagine Cognizant has been evolving to embark on a robust expansion trajectory, grow to be extra centered and aggressive, and higher serve its shareholders and different stakeholders. The Board has monitored this evolution intently and noticed sustained strategic and operational growth. In making ready for 2023, on the other hand, the Board known the will for Cognizant to growth sooner, build up its industrial momentum and boost up earnings expansion. We believed that doing so required a CEO transition.
Cognizant CEO Ravi Kumar informed ET, “this (employee impact) will be across corporate functions, overheads who are non-billable workforce. Similarly, the real estate will be a structural shift in our costs. Not more than 10-15% of the workforce come to offices in every company in India. Also, 30-40% of the Indian IT workforce is in tier II and III locations. They have not come back. I have to create social capital in those cities.”
The document additionally provides that the corporate will incur $200 million in worker severance and different prices and now it has a complete of three,51,500 workers.
Apart from this, the corporate has additionally published that its revenues are anticipated to say no in 2023 because of the present misery and financial downturn witnessed via the IT sector.
Cognizant fired CEO Brian Humphries
Recently, Cognizant fired its CEO Brian Humphries. As of January 12, Humphries used to be not the CEO and persevered on as a distinct consultant till March 15. Although there have been suspicions that Humphries used to be terminated, the corporate didn’t make any professional observation to substantiate this on the time.
Company chairman Stephen J Rohleder stated in his be aware to shareholders within the proxy observation: “Over the previous couple of years, we imagine Cognizant has been evolving to embark on a robust expansion trajectory, grow to be extra centered and aggressive, and higher serve its shareholders and different stakeholders. The Board has monitored this evolution intently and noticed sustained strategic and operational growth. In making ready for 2023, on the other hand, the Board known the will for Cognizant to growth sooner, build up its industrial momentum and boost up earnings expansion. We believed that doing so required a CEO transition.