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L&T Technology Services cuts 200 jobs in order to reduce costs

L&T Technology Services cuts 200 jobs in order to reduce costs

As part of its performance cycle, L&T Technology Services (LTTS) allegedly terminated 200 employees. The primary goal of these layoffs is to reduce role overlaps, particularly in mid- to senior-level positions.

The company uses an annual performance-review process to evaluate the capabilities of its workforce and to take appropriate actions based on skill sets and performance. This practise is regarded as critical for maintaining high service standards, continuous upskilling, organisational agility, and remaining at the cutting edge of technological innovation.

Staff reductions occurred primarily in delivery and support functions, and are reportedly the result of automation of various operations.

According to TOI, a spokesperson for the tech firm stated that, despite the current situation, the company’s ongoing hiring strategy is aligned with its growth prospects. The company intends to hire over 2,500 engineers, with a focus on plant engineering, digital and software engineering, artificial intelligence, and software-defined vehicles.

The report also stated that another round of job cuts at L&T could occur in January, pending an assessment of the business environment. The company currently employs approximately 24,000 people.

The company reduced its revenue growth forecast for the current fiscal year in the previous month. Despite reporting a 5% increase in net profit to Rs 315.4 crore for the September quarter, the company revised its revenue growth guidance for the current fiscal period downward.

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