IT Firm Plans To Fire 3,500 Employees!!! Crisis Due To Downturn: The crisis due to the economic conditions is making IT companies to perform layoffs massively. Since 2023 started, many IT companies are laid off their employees even though top most companies are not exceptional. Recently, Cognizant has planned to fire over 3,500 employees.
According to the report, this layoff would impact employees in various sectors. The company also plans to close millions of office spaces to save the spending cost. This is due to the bad face of macroeconomic conditions in the past few months; the report also states that the company margin has also been reduced to 14.6%, which is the lowest in the industry.