More than 6,000 Employees may be Fired by Cognizant in Appraisal this Year
It is expected that Cognizant will fire more than six thousand employees as part of its regular appraisal cycle this year, according to sources who told ET. According to media reports, as many as 10,000 could be let go though it has been specified that this is part of Cognizant’s normal appraisal process.
A source told ET that, “This is part of the normal cycle. And Cognizant will not be alone in this, most IT companies will have rigorous appraisal process this and employees who have not taken efforts to reskill will not find it easy in the next 2 years.
Cognizant usually lets go of 2-3 percent of its workforce (who are underperformers) in a typical year. Cognizant has more than 265000 employees.
A spokesperson from Cognizant stated that, as part of their workforce management strategy, the company conducts regular performance reviews to ensure they have the right employee skill sets necessary to meet client needs and achieve business goals. He also added that, this result in changes including some employees transitioning out of the company.
The move comes amidst the company’s efforts to boost its margins and returning more than $3 billion to shareholders.
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