After Cognizant, Wipro and Infosys, Tech Mahindra to lay off around 1500 employees
- IT companies are initiating annual performance review process for appraisals.
- Earlier Infosys and now Tech Mahindra has indicated that there can be lay offs.
- Tech Mahindra is 5th largest IT firm in India in terms of revenue.
Though Tech Mahindra has not specified any particular number but according to various reports, the number could be somewhere around 1500. In terms of revenue, Tech Mahindra is fifth largest IT firm in India and in an email response the company stated, "We have a process of weeding out bottom performers every year and this year is no different."
In fact, many companies are planning to lay off large workforce in IT sector and the reason they are giving is unsatisfactory performance. This is the time of the year appraisals are given after performance review and many IT companies are taking this opportunity to hand out pink slips.
The Indian IT industry is going through a difficult phase due to visa restriction in multiple countries, automation and even the employability of fresh engineering graduates. To survive in such a situation, the companies are cutting their workforce in hundreds.
Meanwhile, the Forum for IT Employees (FITE) has approached Tamil Nadu and Telangana government to intervene in the matter related to the dismissal of about 6000 employees by Cognizant Technology Solution. Alleging it as ‘illegal termination’ the forum stated that ‘The profit motive of the IT companies to replace the highly paid experienced Employees with lesser experience/ low paid new recruits is leading to illegal terminations.