Cognizant, the top tech provider of data and AI services, said that it had made over 28000 freshers across the country to meet the growing demand.
– Cognizant has raised its revenue growth forecast to 7-9 percent for FY 2021, 5.6-7.6 percent in constant currency growth.
– The company has predicted 10.5 to 11.5 percent growth in the second quarter.
Rajesh Nambiar, Chairman and MD of Cognizant India said, “We have raised the numbers of campus hires/freshers to 28000 in 2021. We are confident in Cognizant standing as a magnet for skilled talent and a great place to build a career. In addition, there had been a meaningful increase in the company’s brand perception in recent quarters, especially in the talent market.”
Cognizant’s total attrition rate in the first quarter of the financial year stood at 21 percent, compared to 19 percent in the last quarter of 2020. Voluntary attrition was at 18 percent in the first quarter.
The reason behind the high attrition rate at Cognizant is the competitive market for digital talent, Nambiar said, adding that the company became a target for rivals as it is building that talent. However, the marketplace will settle as the current attrition rates are temporary event.
Nambiar said that its campus acceptance rate among India’s top colleges has risen, and currently its 81 percent, up 10 percent from 2019.
The company is increasing the internal efforts and investing in employees through training, rotations at work, and pay hikes and promotions.
There is a demand-supply imbalance for talent across Hyperscale, AWS, Microsoft Azure, Google Cloud, and digital engineering, like full-stack engineers or data space with AI and machine learning. Cognizant is hires freshers to solve this imbalance.
He added that the Work-from-Home model does not build a sense of community and is the reason behind high attrition rates. Meanwhile, Cognizant’s digital revenues increased to 15 percent YoY. In addition, its revenue from the same segment climbed to 44 percent from 39 percent in the same period last year.
Cognizant deployed over 700 million USD on acquisitions, share buyback, and dividends in Jan- March 2021 quarter. Its announced four take over in the first quarter, including Linium, Servian, Magenic, and ESG Mobility.
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