Layoffs Rounds At Cognizant As Part Of Its Rejig Programme

IT major Cognizant on Thursday said it will lay off 3,500 employees, or approximately 1 per cent of its workforce (mainly non-billable), as it sees revenues slowing down in 2023.

"We expect the personnel-related actions of this programme to impact approximately 3,500 employees or approximately 1 per cent of our workforce," the company said in a statement.

The company will also reduce its real estate costs by "eliminating 80,000 seats and 11 million square feet in large cities in India".

 "Our drive for simplification will include operating with fewer layers in an effort to enhance agility and enable faster decision-making. The company expects savings generated by the program to help fund continued investments in people, revenue growth