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Last Updated : Nov 06, 2019 06:54 PM IST | Source: Moneycontrol.com

Capgemini lays off 500 employees in India over slowdown in business: Report

The reports adds that the employees that were let go off were the ones who had been unable to find billable projects after the stipulated period.

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French IT services firm Capgemini laid off around 500 employees in India on November 4, The Times of India reported.

Sources told the paper that the company has a provision wherein it allows employees to be on the bench for a 90-day period by their business units. Thereafter, it moves them to a corporate pool to find billable projects.

The reports adds that the employees that were let go off were the ones who had been unable to find billable projects after the stipulated period.

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Capgemini has over 1 lakh employees in India and accounts for nearly half of its global workforce. The report cited the slowing growth of projects and a failure to ramp up accounts at the expected pace as a reason for trimming the workforce.

Read | Infosys lays off thousands of mid, senior-level employees: Report

But the French firm isn't the only one laying off people. Indian IT firms like Infosys and Cognizant have also joined the 'bandwagon,'

As per news reports, Indian IT giant Infosys is laying off nearly 10 percent of its senior-level staff and between two to five percent of associate and mid-level employees.

Two to five percent of the company's 971 senior executives with titles such as assistant vice presidents, vice presidents, etc, may also be asked to leave.

The news came days after Cognizant announced its plan to cut around 7,000 jobs at the mid to senior levels in the coming quarters.

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First Published on Nov 6, 2019 05:21 pm
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