POPULAR IT COMPANY TO LAY OFF HUNDREDS OF EMPLOYEES!

Cognizant Technology Solutions (CTS) is planning to reduce its staff strength pertaining to healthcare and life sciences. The company has asked around 800 employees from Trizetto, one of its subsidiaries in Pune, to leave.

Cognizant acquired Trizetto in 2015 which specializes in developing software for the healthcare sector. Reports suggest that the offshore centre has around 1500 employees in total and many of them have already been made aware of the company’s decision.

In a report by Economic Times, analysts told that TCS’s growth has been declining from the second quarter of 2017. The growth rate has dropped from almost 12% to 4.6% in the quarter ending March this year and further to 3.1% in the quarter that ended in June. Some regulatory measures in the US in addition to other external and internal issues are believed to be reasons for the decline.

CEO Brian Humphries had earlier dubbed the healthcare sector as “prized asset,” saying that the company will give special attention towards it.