In light of the highly uncertain global economic conditions, Hexaware Technologies Limited (HTL), an IT and BPO service provider, has announced that it will implement cost control measures to improve its current utilization.

In a disclosure to the Stock Exchange, the Mumbai based company said that it will put about 350 people who are currently non-billable on a virtual bench and retain them in the organization though there are no immediate billable opportunities for them.

These employees will be given time off to improve their skills and get re-trained in skills which are in demand.

The company had decided to arrange re-skilling and training opportunities for these employees. Apart from this, the company will also give them a compensation equivalent to 50 per cent of their basis salary. The company has also decided to continue the retrials (provident fund and gratuity) and hospitalization insurance and life cover to these employees.

Confirming the development, P.R. Chandrasekar, CEO and vice chairman, HTL said, “Given the current market environment, Hexaware is also maintaining a significant focus on improving operational efficiencies, enhancing productivity, increasing utilization and implementing multiple cost rationalization initiatives.”

Hexaware Technologies Limited (HTL) provides software services in airlines, banking and financial services and health care insurance sectors. NASSCOM has ranked Hexaware as India's 11th IT company in list of top 20.