According to a Moneycontrol report, tech company Cognizant will soon lay off 3,500 employees. The IT company’s plans to lay off thousands of employees in order to cut costs were made public by CEO Ravi Kumar S. In addition, the company will give up 11 million square feet of office space to cut costs even more.
Additionally, Cognizant has stated that its revenues will decrease in 2023, according to the Moneycontrol report. The report likewise adds that the organization’s edges are among the most minimal in the business at 14.6 percent.
Cognizant to shut down offices
According to the Moneycontrol report, one of the measures that CEO Ravi Kumar S has announced in an effort to revive the business in the face of significant competition from Accenture, Infosys, and TCS is to lay off 3,500 employees and reduce office space. It is currently unknown how many Indians will be affected by the decision.
On January 12 of this year, Ravi Kumar S, who had previously held the position of president at Infosys, took over as CEO of Cognizant. The organization’s previous President, Brian Humphries, was “automatically ended” and the news profoundly shocked all.
In the interim, Conscious had as of late reported that it had ended its previous Chief ‘with no particular explanation’. The IT company’s proxy statement for 2023 included the announcement.
However, the Board recognized the need for Cognizant to advance more rapidly, increase its commercial momentum, and accelerate revenue growth in preparation for 2023. According to Moneycontrol, the Chairman of the Cognizant board, Stephen J. Rohleder, stated in a statement, “We believed that doing so required a CEO transition.”
Mindful is situated in the US yet has a significant piece of its tasks in India. Kumar addressed shareholders with the following statement regarding the Indian workforce of the company, “I believe India will be the world’s technology talent hub for the next decade.”
Further added, “We intend to keep exploiting India’s rich IT ability pool as we escalate endeavors to enroll in the biggest urban communities as well as in medium size metropolitan regions. On Indian college campuses, the Cognizant brand is well-known.”
