L&T Technology Services (LTTS) has implemented a workforce reduction affecting 200 employees at various positions. This decision is explained as a response to actions undertaken within the performance cycle and a deliberate effort to streamline roles and minimize overlaps, as per a report by Times of India.
With a workforce of approximately 24,000 employees, L&T Technology Services (LTTS) has witnessed layoffs primarily in delivery and support functions. This reduction is attributed to the increasing automation of various job functions within companies.
The Indian IT sector has been one of the worst hit by workforce layoffs owing to uncertainty in the global sphere coupled with obstructions faced by the firms while hiring the right talent.
"We conduct annual performance reviews as a standard process to assess the capabilities of our workforce every year and act appropriately based on skill sets and performance. This is essential for the maintenance of our high standards of service delivery, continuous upskilling while being nimble as an organization, and ensuring that we remain at the forefront of technological innovation. Looking ahead, in line with our growth prospects and strategy, we continue to hire and add to the team, especially in areas of plant engineering, digital & software engineering, AI, and software-defined vehicles with over 2,500 engineers," an L&T spokesperson told TOI.
According to The Times of India's report, there is a possibility of additional layoffs at L&T in January. However, this decision will be contingent on an evaluation of the prevailing business environment.
LTTS has also revised its full-year projections, anticipating revenue growth within the range of 17.5 per cent to 18.5 per cent, down from its earlier estimates of 20 per cent.