10,000 IT Employees Lost Jobs In Last 90 Days Due To Coronavirus; Which Companies Have Fired Employees?
Reports have now revealed that about 10,000 software professionals have lost their jobs in the past quarter, April-June, and there is more to come in the coming quarter.
The outbreak of the coronavirus pandemic has brought down the ax upon many employees as there was a prolonged lockdown imposed countrywide, which has impacted all businesses negatively.
Find out what industry experts have to say about the firing of software professionals right here!
10,000 Software Professionals Have Been Fired In April June Quarter: More To Come
Industry experts have revealed that a minimum of 10,000 software professionals have been fired in the April June quarter. They have also predicted that there would be more bloodbath in the upcoming few months.
Most of the firing has been observed in tier-I and tier-II IT firms, and also some of the global technology firms in India.
A senior industry source has revealed, “Top 10 IT firms of India reduced their total headcount by around one percentage point in the last quarter, which could be pegged around 10,000. This number is not higher as compared to last year, though people on bench have increased substantially.”
Around 7 percent of the total staffers have been maintained on the bench by tier-1 IT firms. Adding to this the pandemic, this rate has increased by one percentage point in the last four months while the country was dealing with the Coronavirus pandemic.
TCS, Infosys, Wipro Fired Employees Due To Lockdown, Coronavirus
He also said that if the situation doesn’t improve, there is a possibility that the number of lay-offs would increase. Many of Indian IT companies, such as Tata Consultancy Services, Infosys, Wipro have had to revert to fire their employees during the lockdown.
As per the source, every large company is firing employees and there are no exceptions. As per reports, there is a massive number of people who dont have billable projects which leads to low ratio of employee utilization, which pressurizes the operating margins.
Recently, there also was the news about Cognizant firing 18,000 employees that the company put on the bench. Apparently, 27,000 employees who were rated poorly were also to be fired.