L & T Tech lays off 200 employees
By: Pune Pulse
November 24, 2023
Pune: According to reports, L&T Technology Services (LTTS) has recently terminated the employment of 200 individuals in mid-to-senior level positions. The engineering services company made this decision as a result of the ongoing performance evaluation process and to address the issue of role overlap within the organization.
Due to the integration of automation in various functions, the majority of the layoffs have occurred in the delivery and support departments. L&T Technology currently employs around 24,000 individuals. According to a report by a leading newspaper, there may be additional job cuts in January, but only after evaluating the business climate.
As per the information provided, the organization conducts annual performance reviews as a standard procedure to evaluate the capabilities of the workforce on a yearly basis. Based on their skill sets and performance, appropriate actions are taken. This process is crucial for maintaining high standards of service delivery, continuously enhancing our skills, and remaining agile as an organization.
It also ensures that organizations stay at the forefront of technological innovation. Looking ahead, in alignment with the growth prospects and strategy, L&T will actively hire and expand the team, particularly in the fields of plant engineering, digital & software engineering, AI, and software-defined verticals. They currently have a team of over 2,500 engineers.
L&T Technology Services recently revised its revenue growth forecast for the current fiscal period. Despite a 5% rise in net profit for the September quarter, reaching ₹315.4 crore, the company lowered its revenue growth guidance.
