Larsen & Toubro, India’s biggest engineering firm, has shed 14,000 employees, or 11.2% of its total workforce, in one of the biggest corporate retrenchment exercises in recent times. The $16-billion diversified conglomerate said on Tuesday the step was an attempt to “right size” its strength in the face of business slowdown. Digitisation of operations also caused redundancies that led to downsizing.
The reason stated by the company was that they are trying to right size the organisation according to their strength in the wake of a slowdown in business. Some facts about the layoff are:
- Larsen and Toubro, $16 Billion conglomerate, is the biggest engineering firm in our country.
- This is the biggest corporate lay off in recent times.
- The Layoffs were done across businesses during April-September this year.
- Digitisation across different departments have turned a lot of jobs redundant.
- Falling oil prices have also contributed to the slowdown as Middle-east is one of the biggest clients of the company