Cognizant has decided to let go of nearly 350 people who earn annual salaries ranging from 80 lakh to 1.2 crore, people with knowledge of the move said, as the company seeks to bring down cost and turn its focus more towards digital from traditional technology services.
“This is a move to cut costs and improve margins. We can expect other moves to cut costs and this is likely to follow a model of further reorganisation with some additional headcount reduction,” said Peter Bendor-Samuel, the chief executive at IT advisory and research firm Everest Group.
