Cognizant layoff 3500 employees closing some offices to save cost more details

Tech company Cognizant is soon going to lay off 3500 employees from the workforce. This decision of the company is being told as a step taken for cost cutting. Not only this, the company is going to close office area of ​​more than 10 million square feet so that the cost can be further reduced. Let us tell you what are the reasons behind taking this step from the tech giant.

Cognizant tech company Going to reduce its workforce. 3500 employees lay off The news of doing is coming from the company. Deccan Herald’s Report As per, it is going to reduce its workforce by 1%. It has been said that the company’s revenue has decreased significantly within 2023. Also, its margin in the industry is also said to be 14.6%, which is very less.

lay off employees This tech company, which is going to cut costs through, has also decided to reduce its real estate cost. In real estate, it is going to reduce office space by 80 thousand adjacent and 11 million square feet i.e. more than 10 million square feet, which will be done in big cities of India. The company has also started the NextGen program through which it is going to further simplify its operations.

In the first quarter of the year, the number of employees of the company is said to be 3,51,500. The company had laid off 3800 employees in the last quarter of 2022. Whereas in the first quarter of 2022, the number of employees was increased by 11,100. In the fiscal year ending March 2023, the company’s net profit is said to be $ 580 million, which is an increase of 3 percent. At the same time, its revenue has been reported to decline by 0.3 percent in the first quarter of 2023.