In a season of layoffs, IBM recently said that it will freeze its hiring drives in order to leverage Artificial Intelligence. As a result, the company will be creating 7,800 fewer jobs. Ernst & Young recently announced to cut down 3,000 jobs. Accenture laid off 19,000 of its US workforce.
Here is another depressing news from the corporate world. Cognizant has made it public that it will be laying off 3,500 employees, as revenues are taking a beating. As per a Money Control report, Cognizant will also vacate 11 million sq feet of office space in different Indian cities in order to help cut costs and boost margins.
The company state that Cognizant’s margins are among the lowest in the IT industry at 14.6 percent.
