It's no secret that layoffs have become a part of the regular course of business in this economy. To that end, it's not surprising that yet another round of job cuts is hitting the technology industry as the festive season approaches.
India's engineering giant Larsen & Toubro (L&T) Technology Services Ltd., announced the layoffs of 200 employees at its 30 centers across the country due to restructuring of roles and other such measures. The layoffs take place due to an attempt by the company to reduce job redundancy to ease business operations.
According to the company, the termination of employees was not done randomly but as part of a plan to reduce the overlapping roles within the organization. The decision of the company was communicated to the existing employees, including those who lost their jobs, well in advance with a clear explanation about the expectations and the process of skill set upgrade.
This layoff of employees from L&T Technology Services comes at a difficult time for the industry as a whole, especially with the slowdown in the economy and the lack of demand in the technology sector. Amid this festive season and the holiday season, many employees have been impacted and the job market has witnessed a blow with these news of layoffs.
It is a difficult time for the employees who have lost their jobs, but at the same time, it is a reminder that companies have to occasionally make difficult decisions during tough times. Despite the job losses, L&T has reiterated its commitment to its employees and their skill up-gradation.
It is a grim reality, but a necessary move by the company to ensure the survival and success of its business. Despite the news of the layoffs, L&T Technology Services Ltd. stands by its commitment to its employees and looks forward to an improved economic situation.