Cognizant, the US-based information technology (IT) consulting company is looking forward to recruiting nearly one lakh employees amidst high attribution rates.
The company affirmed that it proposes to welcome around 30,000 new graduates this year and is further planning to provide 45,000 offers to freshers in India for 2022.
The company’s attrition metrics constitute the entire company including its trainee and corporates across IT services and BPO. As of now, the company has over 3 lakh employees at the end of the June quarter.
Brian Humphries, Cognizant CEO stated, “Against this backdrop, we continue to take a series of actions to reduce attribution, including compensation adjustments, job rotation, reskilling and promotions, and a host of associated engagement activities.” He further added that the company expects to hire approximately 100,000 laterals in 2021 and provide training to nearly 100,000 associates.
The attribution is considered to be primarily in the more junior levels of the organizations or mid-levels in India. However, it is also a global phenomenon.
On the other hand, the company increased its 2021 revenue growth guidance by 9 to 10 percent in constant currency from 5.6 – 7.6 percent. The company looks forward to increasing its revenue to 10 – 11 percent in constant currency in the range of $4.69 – 4.74 billion in the September quarter.
Humphries added, “We delivered a strong second quarter. Through the targeted investments, we have been shifting our portfolio to faster-growing market segments while extending our capabilities and partnership to help clients build a modern business. I see a stronger, more competitive Cognizant emerging, with growing commercial momentum.”
New Jersey-based firm, Teaneck put forward revenues of $4.6 billion nearly 12 percent up in constant currency, for the second quarter that concluded in June driven by digital revenues that increased 20 per year on year. In this regard, Cognizant commented that it is the highest ever quarterly revenue as well as the largest percentage quarterly growth after 2015 which beat its own guidance range.