IT services provider EPAM Systems has sacked around 100 Indian employees, mostly bench people who were not tagged to any specific project, and has revoked offer letters to others who were about to join the NYSE-listed firm over the next few months, reported The Economic Times on Monday.
At least 100 employees, across testing, .Net, DevOps, and Java domains in both firms — EPAM Systems and EPAM Anywhere — have been asked to resign, sources told ET.
According to the ET report, the company’s human resources told the employees, who have been asked to quit, that the firm over-hired, misjudging the demand forecast. The HR managers added that they can’t fund any projects for onboarding in the near future.
Communicated on Microsoft Teams and forced to resign, the employees have been given two options; one with three months’ pay with immediate exit, another that they can serve two months’ notice, where their resignation can be revoked if they land any project during the notice period, reported ET.
The layoffs are being done in a staggered manner over the last few weeks, mostly from EPAM Anywhere, and a few from EPAM Systems, two people aware of the development told ET.
Candidates from more than over 20 countries under EPAM Anywhere are offered IT jobs that are remote by design. After joining, the candidate can work from anywhere in the country, which is the employee’s permanent residence.
According to EPAM Systems 2021 annual report, it had 4,349 professionals in India, the largest after Ukraine, Belarus, and Russia.