Tech Mahindra will be conducting company-wide performance review and could remove large part portion of under-performing workforce.
Following recent news of several IT majors firing staff, Tech Mahindra is also planning to lay off nearly 1500-2,000 employees, sources say.
Tech Mahindra will be conducting a company-wide performance review and could remove many under-performers.
The layoffs are likely to be completed in the ongoing quarter, the source added.
When contacted, Tech Mahindra did not confirm how many people it intends to remove but dubbed the exercise as a regular, routine one. “We have a process of weeding out bottom performers every year and this year is no different."
Indian IT firms are facing slowest growth in a decade due to headwinds from increasing automation and slowdown in client spending. Visa troubles in countries like US have added to the pain for these companies.
Besides TechM, companies like Infosys, Wipro and Cognizant too are cutting down on workforce.
Last week, Cognizant Technologies offered its top executives a voluntary separation package as it plans to shift operations to automation and digital technology.Wipro too has sacked nearly 600 employees as a part of its appraisal process. According to media reports, Infosys could hand out pink slips to nearly 1,000 managerial level employees.