1.2 Lakh Cognizant Employees Resigned, CEO Under Siege | Information technology consulting and services firm Cognizant has reported a historic high attrition rate of 36 percent (combining voluntary & Involuntary attrition) during the second quarter of the year, which will end June 30, 2022.
1.2 Lakh Cognizant Employees Resigned
At present the headcount is currently at 341,000 employees across the globe. Around 1.2 Lakh employees resigned from the company within the last year.
The number of employees left in the past year- 1,15,450, close to 1.2 Lakh. Attrition includes – Total Quarterly Involuntarily and voluntarily.
In a statement on the loss of employees and amount of employees who left over the last year, the company informed SightsIn Plus, “Cognizant’s employment is the highest ever in its history with over more than 341,000 employees.
The company is growing year-on-year and has more than 40,000 employees the same time last year and is growing bigger each quarter, as Cognizant is now a talent draw across the IT sector.”
“Cognizant” is among the best transparent and inclusive companies in its disclosures of attrition in the business.
Our method for calculating attrition rates takes into account voluntary attrition, all employees of the company IT + BPO, including corporate associates and employees, as well as trainees.
This approach is distinct from those of other companies.” This company explained.
The company stated, “Cognizant invests not just in the total reward. However, we also invest in our the development of employees’ skills and their advancement.
We’ve always been renowned for our investment in our workforce, and over the past year, we’ve built on this tradition with faster skill development and further enhancements to our promotion process.”
“In the year 2021, alone Cognizant has trained more than 150,000 associates in digital competencies like Cloud, AI, ML, IoT, analytics, and automation.
We’ve also rewarded our employees who are currently Cognizant employees with 33,000 job promotions within the company and 90% of our global workforce receiving raises over the last twelve months.” The company also said.
As per the Economic Times report, Cognizant said to ET that the assertions made in the Wedbush report were “speculations at the very least.”
The company also said, “The report did not consider the way Cognizant was executing its plan, and a number of significant deals such as Zurich Insurance in Germany, National Insurance Company in India as well as AXA, UK & Ireland that it announced last week.”
Cognizant further said, “We have an industry-leading ratio of book-to-bill of 1.2x which is a strong indication of our expectations for growth in revenue.
Our margins have increased of 30 basis points year-over year and 50 bps in per year, which is in a period when the majority of our peers have seen their margins decline. In addition, we paid out nearly $1 billion back to shareholders during the first quarter of the year.”
On July 28, 2022, IT services company Cognizant reported the company’s net profit of $577 million in the second quarter that ended June 30, an increase of 12.7 percent from the previous year. The company’s turnover was the highest compared to its competitors.
Revenues stood at $4.9 billion, up 9.5 percent for constant currencies on a year-on (YoY) scale.
Tech Mahindra added 6,862 new employees in the quarter, and the total number of employees was 158,035. Attrition decreased by 22%, compared to 24% in the prior quarter. The company realized synergies through its small-town campus plan.
Infosys achieved a total headcount of 3,35,186 employees in the first quarter of FY23, including a net growth of 21,171 employees in the quarter that began on June 30.
The company’s loss rate has been soaring to 28.4 percent in Q1FY23, increasing to 70 basis points higher than 27.7 percent in Q4FY22.
Wipro has added 15,000 employees to its workforce for the quarter that began the fiscal year, with a total of 258,574 employees on June 30, 2022.
The company disclosed an average attrition range of 23.3 percent, slightly less than the previous period’s 23.8 percent but significantly greater than 15.5 percent in the same period last year.
HCL has added 2,089 employees, and its attrition rate increased to 23.8 percent, compared to 21.9 percent during the previous quarter.
TCS increased its workforce by 14,136 from April to June and had a total workforce of 6,06,331 worldwide. Women comprise 35.5 percent of the TCS workforce.
The attrition rate jumped from 17.4 percent during the previous quarter of the fiscal year before to 19.7 percent in the current quarter.
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