Cognizant: 7 Things to Know About the Biggest Job Cuts of 2019!

In an unexpected move, IT major Cognizant had announced that it's planning to slash as many as 10,000-12,000 jobs in the coming years as part of its 'fit-to-growth' plan. Here's all you need to know about the biggest tech layoffs of 2019!

1 - According to a recent report by Economic Times, Cognizant has planned to sack 350 employees whose annual salaries range between 80 lakh and 1.2 crore. Most of these employees are 50-55 years old and based out of India.

2 - Cognizant has reduced the bench time for employees on billable projects to 35 days from 60 days meaning that they could be asked to leave after the time period. The formal exit process may take another 60-90 days.

3 - Cognizant is exiting from the content moderation business which it does for Facebook leaving the future of 6,000 employees in question.

4 - In a mail, Cognizant CEO Brian Humphries told employees that the company is making changes to the manager-plus annual salary revisions and promotions process. All the decisions on salary increase and promotions are deferred until next year.

5 - The company has said that there will be no change in its hiring plans.

6 - Other than layoffs, the company has also changed the compensation salary structure of employees from sales team.

7 - Earlier this year, Cognizant introduced a 'voluntary separation' program aimed at senior-level executives.