ETtech Interview | No big-bang rejig; will rationalise costs and reinvest: Cognizant CEO Ravi Kumar S
Ravi Kumar S, who quit Infosys to take charge of the US firm in January 2023, says while large-scale reorganisation is not required, the company will let go of 1% of its staff and rationalise office space. This (employee impact) will be across corporate functions, overheads who are non-billable workforce, he said. Cognizant Q1 net profit up 3% YoY; to lay off 3,500 employees over two years
Cognizant also announced a two-year rejig aimed at simplifying the operating model and rationalising office spaces to the tune of $400 million. The company is set to lay off around 3,500 employees or 1% of its total workforce. Cognizant to let go of 350 senior hands earning Rs 80 lakh-1.2 crore to bring down costs
Most of these employees are based out of India. The list has been submitted to chief executive officer Brian Humphries’ office, the people said. They are part of the 10,000-12,000 mid-to-senior level positions globally that the company said in October it would remove from their current roles in the coming quarters, the people said. Middle is where Cognizant's job cuts will hurt the most
Cognizant said its headcount growth had outstripped revenue growth in the past two quarters. Cognizant may go for job cuts after slashing growth target
The Teaneck, New Jersey-headquartered firm has been cutting jobs for the last two years. Cognizant fires 200 senior executives
Last year, Cognizant had offered nearly 400 employees a voluntary retirement scheme but this year's move by the company to cut senior level jobs is involuntary. 