The IT industry of India is undergoing a bleak phase these days, as reports suggest that over 20,000 employees of the industry will be left jobless.
The development comes after two giants of Indian IT market, the Indian multinational Infosys and US-based Cognizant, announced massive cuts in staff in a bid to cut down and restructure their organizations.
As per India Today, Infosys could lay off as many as 12,000 people while Cognizant is removing 7,000 from jobs over the next few quarters.
As per reports, Infosys will remove 10 percent of the workforce, which comes to around 2,200 people, in Job Level 6 (JL6) i.e senior managers. The company further plans to lay off 2 to 5pc workforce in associate (JL3 and below) and middle (JL4 and 5) levels. This translates to around 4,000 to 10,000 people.
Just days ago, Cognizant CEO Brian Humphries informed that the company would be laying off as many as 10,000 to 12,000 mid-to-senior-level employees, with the Indian market bearing the major brunt as Indians constitute some 70pc of Cognizant workforce.
Furthermore, Cognizant is also planning exiting from its content moderation business for clients like Facebook. The move comes after the company found itself facing scrutiny for the working conditions of moderators and the impact on their mental health. “Exiting this area will impact an additional approximately 6,000 roles worldwide,” stated a company executive.