Infosys may lay off 10,000 employees for cost cutting
The Indian IT services company, Infosys will be firing as many as 10,000 employees in mid-senior level positions in a move to cut costs to deal with the double whammy of low margins and slow growth, IT and restructure their organisations. Infosys is laying off people in mid-senior level positions. Amid an economic slowdown in the country, this will impact Infosys workforce across all levels in the programming and engineering divisions.
According to Economic Times reports two MNCs' plans to layoff the workforce, out of which Infosys will remove 10 per cent of the workforce, which comes to around 2,200 people in senior managers.
The IT services company has around 30,000 employees in the job level 6, 7, and 8 bands. While another MNS Cognizant is also laying off around 7,000 employees over the next few quarters.
Infosys also plans to lay off 2-5 per cent workforce in associate and middle levels which are around 4,000 to 10,000 people. The company has 86,558 employees in the associate band and 1.1 lakh employees in the middle band, respectively.
Meanwhile, Infosys said that the layoffs are not indicative of mass trimming "As a high-performance organisation, involuntary attrition is integral to the normal course of business and this should not be interpreted as any mass trimming across any level," the company told TOI.
After the news of Infosys layoff workforce came out, the IT services company's shares dropped as much as 2.5% in intra-day trade on Tuesday.
