Multinational company Infosys is letting go of thousands of their mid and top level employees.
According to a Times of India report, the company is laying off 10 per cent of its to top level workforce, amounting to nearly 2,200 employees.
Besides, two to five per cent of their workforce at the associate (JL3 and below) and middle (JL4 and 5) level will also be laid off. This would be around 4,000 to 10,000 employees.
The New Indian Express reported that according to HR firms, as many as 10,000 employees are expected to be affected by the move. "As a high-performance organisation, involuntary attrition is integral to normal course of business and this should not be interpreted as any mass trimming across any level in particular,” TOI quoted Infosys as saying.
also read
- Narayana Murthy's 72-hour workweek pitch sparks outcry, employees seek work-life balance, favour 10-5-5 rule
- What is China's 'illegal' 9-9-6 work rule that Infosys founder Narayana Murthy wants Indians to follow?
- Post-Diwali stock rally: Decoding TCS, Infosys share performance
- The second biggest IT company in India, Infosys, published its second-quarter results
- Will the Indian IT sector stop relying on H-1B visa holders?
The lay offs come even as Infosys hit the headlines over a whistleblower complaint which alleged that the company's top executives were following "unethical practices" to shore up profits through irregular accounting ways.
In the letter, dated September 20 and signed by 'Ethical Employees', it was alleged that CEO Salil Parikh as well as chief financial officer Nilanjan Roy engaged in forced revenue recognition from large contracts, not adhering to accounting standards.
The letter, addressed to the board, claimed that recent big deal wins carried negligible margins and that Roy directed certain people to make wrong assumptions to show margins.
