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Cognizant hires 100,000 people from rivals to take the pain of being fired

By Ruchi Upadhyay 
Updated Date

chennai: Cognizant suppose to offer jobs to almost 100,000 experienced professionals in 2021 and will train up to 100,000 collaborators to mitigate the effects of increased attrition rates.

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The US-based company, which has more than two-thirds of its employees in India, reported a rate of 31% – the highest among IT peers – in the April-June period. Last quarter, Cognizant’s quarterly annual attrition rate was 21%. The company has over 301,200 employees.

CEO Brian Humphries said, “We now expect to hire approximately 100,000 laterals and train approximately 100,000 associates in 2021. In addition, we are looking to induct approximately 30,000 new graduates in 2021 and new graduates in India by 2022. We expect 45,000 job offers to graduates.” He commended the HR team of the company for helping mitigate the impact of job loss through comprehensive hiring, on-boarding and skilling programmes.

Cognizant on Thursday raised its revenue growth forecast for the current fiscal by double digits on strong demand for its services, while highlighting that attrition was a major concern, while announcing its second quarter results. Revenue is now expected to grow 10.2-11.2% (9.0-10.0% in constant currency) over the year-ago period to $18.4-$18.5 billion in 2021. Cognizant had a quarterly annual attrition rate of 21%. The company has over 301,200 employees.

Meanwhile, Attrition has been one of the company’s biggest concerns, with Humphries in May saying the company’s inability to hire talent has caused the software major to abandon new business. This is important as the software industry is seeing a huge demand for outsourcing especially through the pandemic.

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The decline in revenue related to non-digital services continued to put pressure on results as customers optimized their legacy systems and the cost of supporting operations.

Additionally,The company also mentioned in its statement how the annual growth across sectors reflects the impact on 2020 revenue from the pandemic and the April 2020 ransomware attack.

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