HCL Technologies has laid off 350 employees globally, including in India, Guatemala and the Philippines who were working on its client Microsoft’s news-related products.
The software company also said to offer severance pay for each and every employee who is fired during the course of time. The last day at the company for these employees will be September 30, the company stated.
According to reports, the workers, who were employed by HCL’s client Microsoft’s news outlet MSN, reportedly learned that they have been let go at a town hall meeting last week.
Last month, a report said that at least half of the companies worldwide plan to lay off people, with most reducing bonuses and rescinding job offers amid the economic downturn.
More than 32,000 tech workers have been laid off in the US till July, including at Big Tech companies like Microsoft and Meta (formerly Facebook), and the worst has not been over yet for the tech sector that has seen massive stock sell-off, news agency IANS reported.
In India, more than 25,000 startup workers have lost jobs since the pandemic began — and more than 12,000 have been fired this year, the report said.
Big Tech players like Microsoft, Google, and Meta are already asking employees to increase productivity and cut down on expenses like travel.
Meta has slowed down investment pace into newer projects amid revenue decline.
Microsoft was among the first Big Tech firms to lay off about 1 per cent of its total staff strength of 180,000 in July, followed by 200 more in August. Chief Executive Officer (CEO) Satya Nadella called it a part of the realignment exercise.
Google CEO Sundar Pichai also hinted at layoffs to make the company 20 per cent more leaner/efficient recently after an internal warning to employees to improve performance.