An American company that specializes in service development, digital platform engineering, and digital product design, operating out of Newtown, Pennsylvania, EPAM Systems has asked nearly 100 Indian employees to resign from the organization.
The employees are forced to resign across EPAM Systems and EPAM Anywhere. According to ET, These employees are not tagged to any specific project. The resignations are across testing, .Net, DevOps, and Java domains.
The company has also revoked the offer letters of others who were about to join the firm over the next few months. The HR managers told the affected employees that the company had been over-hired. Also, he added that resignations were initiated due to misjudging the demand forecast and they can’t fund any projects for onboarding shortly.
The employees were communicated on Microsoft Teams and forced to resign. The employees have been given options of either three months’ pay with immediate exit or serving two months’ notice where their resignation may be revoked on the condition that they land a project during the notice period.
According to EPAM Systems 2021 annual report, it had 4,349 professionals in India.
Earlier, India’s IT services provider, HCL Technologies laid off 350 employees globally who were working on its client Microsoft’s news-related products.
The layoffs have affected the employees who were working on its client Microsoft’s news-related products due to tough global market conditions. The layoffs were from across geographies including Guatemala, the Philippines, and India.
Facebook parent Meta Platforms is looking to shift more of the work towards Singapore. This will also affect about 600 Accenture workers on Facebook projects.
Meta has slowed down investment pace in the newer projects due to revenue decline.
Either layoffs or hiring slowdowns came in IT companies, crypto exchanges, and financial firms due to slow global economic growth.