As part of its budget-cutting initiative, HCL Tech has let go of over 300 employees. Although there has been no official or public notification regarding these layoffs, Money Control revealed that those working on Microsoft projects in Guatemala, the Philippines, and India have been most severely impacted.
A severance payment, the specifics of which are still unknown, will be provided to those who are requested to leave. The final day of work for those who were laid off is anticipated to be September 30. According to media reports, the layoffs were revealed at a town hall. However, the company insists that its tech and services divisions have been recording growth and are doing so quickly.
According to information obtained by the media from people with direct knowledge of the situation, Microsoft had expressed concerns about the work’s quality. The employees who were let go worked on initiatives that tracked, selected, and edited news content for Microsoft’s MSN news platform from India, Europe, the US, and other regions of the world.
The method of keeping track of global news apparently recently became automated. In terms of sales and market capitalization, the Indian tech multinational had surpassed Wipro a few weeks prior to move up to third place in the nation. HCL has a market valuation of about 2.5 lakh crore, compared to Rs 2.2 lakh crore for Wipro. According to reports, the company signed and received 17 new projects in Q4 and got two new customers in the $100 million customer range.