Cognizant Lay-Offs: Several Jobs to be Axed in October, CEO Brian Humphries Says 'Restructuring Will Happen in One Go'
Cognizant CEO Brian Humphries at an investor event in New York recently spoke about job cuts that can take place as early as end-October in his company. According to an Economic Times report, he was quoted saying, "I do not believe in death by a thousand cuts, I would rather pull the Band-Aid off and get it behind us."
New Jersey, September 6: Cognizant CEO Brian Humphries at an investor event in New York recently spoke about job cuts that can take place as early as end-October in his company. According to an Economic Times report, he was quoted saying, "I do not believe in death by a thousand cuts, I would rather pull the Band-Aid off and get it behind us and set the context as to why this is critical and fast forward to the future." Nissan Plans Job Cuts, Where Will Axe Fall in India?
Brian Humphries further said that he will ensure that the ongoing restructuring at the company does not drag out over time. As part of its strategy, the company is looking at increasing the variable pay component of salaries that will reduce its fixed cost. Jaguar Land Rover Set to Announce 5,000 Job Cuts in UK: Report.
According to an earlier report, Cognizant has also extended the joining date of new employees as it is looking to balance the work it has with the existing staff. Cognizant had 288,200 staff as of June 30, 2019, up 7 percent from 268,900 a year earlier and 2,81,600 at the end of 2018. Out of this 1,94,700 or, nearly 64 percent were in India, the company said in its annual report for 2018.
The economic situation across the world is in a grim state, with several job cuts happening across sectors. The slowdown in demand is affecting the sales of these companies. In India, the auto industry is the worst hit, with massive restructuring happening. However, on Thursday, the auto stocks revived after Nitin Gadkari assured all possible support to the crisis-hit industry.
(The above story first appeared on LatestLY on Sep 06, 2019 09:37 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).