iGate to lay off 1500 to 3000 employees?

Bengaluru,Feb 25, 2015: A national news paper has reported that iGate is readying to lay of 1500 to 3000 of its employees after its utilization rate has dropped from 80.6 per cent at the end of 2013 to 75.9 per cent at the end of 2014. The company had hired 3751 persons in 2014 following its shifting from just-in-time hiring to hire-for-growth model and creating a huge bench. The proposed lay off was partially due to the huge bench that was created and partly due to the non-meterialisation of the expected growth. However, iGate has dismissed the reports calling them rumours."It seems new IT association is being formed. These canards are spread deliberately to create a feeling of insecurity among our employees and draw them towards it," iGate said in a statement.