L&T Technologies jumped on the bandwagon of big companies in the mass layoffs of employees, sacking mid to senior-level personnel.
L&T Technology Services (LTTS) has decided to lay off 200 employees after conducting its most recent performance reviews, citing reasons of “reducing overlapping roles”. The firm has reportedly laid off mid to senior-level employees, as per the Times of India.
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The engineering service company is the latest to join the bandwagon of layoffs in India, right after edutech company PhysicsWallah sacked 120 employees. TOI reported that the actions of the company came as part of their performance cycle and the need to cut down several roles.
The laid-off employees were mainly in the delivery and support departments that switched to the automation of several functions. With more than 24,000 total employees, it is likely that there will be another round of layoffs in L&T in coming January, after assessing their business environment.
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L&T spokesperson told TOI that this is part of their routine performance review and that they have also been continuously hiring throughout the year, especially in the software engineering and AI departments.
The spokesperson was quoted as saying, “We conduct annual performance reviews as a standard process to assess the capabilities of our workforce every year and act appropriately based on skill sets and performance. This is essential for the maintenance of our high standards of service delivery, continuous upskilling while being nimble as an organization, and ensuring that we remain at the forefront of technological innovation.”
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The layoffs came just a month after L&T Technology Services lowered its revenue growth guidance for its current fiscal. A 5 per cent increase was posted in September with a net profit of ₹315.4 crore.
Last month, Microsoft-owned LinkedIn announced nearly 700 job cuts across its engineering and product departments in an effort to streamline its operations. As per data, nearly 14,000 people have been fired from startup companies in 2023 till now, mostly being from IT backgrounds.
