Amid tough global market conditions, tech giant HCL Technologies has reportedly laid off 350 employees globally, including in India, Guatemala, and the Philippines, who were working on a Microsoft news project, media reports said.
According to reports, the workers, who were employed by HCL’s client Microsoft’s news outlet MSN, reportedly learned that they had been let go at a town hall meeting last week.
The last day of employment is reportedly September 30 for the laid-off employees, who will receive severance compensation.
Last month, a report said that at least half of the companies worldwide are planning to lay off people, with most reducing bonuses and rescinding job offers amid the economic downturn.
As per the latest PwC ‘Pulse: Managing business risks in 2022’ survey released last month, 50% of respondents are reducing their overall headcount, even as business leaders remain concerned about hiring and retaining talent.
More than 32,000 tech workers have been laid off in the US since July, including at Big Tech companies like Microsoft and Meta (formerly Facebook), and the worst has not been over yet for the tech sector that has seen a massive stock sell-off.
In India, more than 25,000 startup workers have lost their jobs since the pandemic began — and more than 12,000 have been fired this year.