Larsen & Toubro sheds 14,000 employees from its workforce
Owing to economic challenges, Larsen & Toubro (L&T) has shed 14,000 employees or 11.2% of its total workforce across businesses between April-September in the current fiscal. This is considered as one of the biggest corporate retrenchment exercises carried out in recent times. L&T which is India’s biggest engineering firm has an employee base of 1.2 lakh across various businesses. The company has carried out layoffs in businesses which have comparatively poor performance due to various reasons including delayed execution, among others. The step according to the company was taken to “right size” its strength in the face of the business slowdown. The digitization and the productivity enhancement initiatives carried out by the company resulted in the identification of redundancies of roles that eventually led to layoffs. L&T expects the economic environment to be challenging in the coming months.