Cognizant set to hire 1,00,000 new professionals and 30,000 freshers in 2021

Cognizant already has more than 3,01,200 employees. Two-thirds of this employee population is in India. It recently reported an attrition rate of 31% in April to June quarter, which is the highest among its peers (8.6% for Tata Consultancy Services (TCS), 13.9% for Infosys, 15.5% for Wipro, 11.8% for HCL Tech). Hence, to offset the impact of this increased attrition rate, Cognizant eyes the offering of about 1,00,000 jobs to experienced professionals and training of almost 1 Lakh employees/associates in 2021.

Chief Executive Officer (CEO) of the company, Brian Humphries, said that in addition to the hiring and training of 1 Lakh employees, they would also onboard close to 30,000 fresh graduates in 2021 besides making 45,000 job offers to freshers in India in 2022. The CEO lauded the company's human resources (HR) team that they helped in mitigating the impact of high attrition levels and talent shortages by undertaking comprehensive hiring, onboarding, and skilling programs.

Also read: Recruitment alert! TCS to hire 40,000 freshers from campuses

The move is in line with Cognizant’s financial targets

Cognizant's revenue grew to $4.6 billion, that is 14.6% year-on-year (YoY), in the April-June quarter, which is its best-ever quarterly revenue. Digital businesses revenue, which grew about 20% during the same quarter, now represents 44% of the company's total revenue.

Following their year even after the Covid-19 pandemic, Humphries said that they have delivered a strong quarter. And through targeted investments, they have been shifting their portfolio to faster-growing market segments besides extending their capabilities and partnerships to help clients build modern businesses. With growing commercial momentum, he further sees a stronger and more competitive Cognizant emerging. And hence in order to meet the stronger client demands, they will continue to scale up their recruiting capabilities and, thus, invest in their people.

Revenues from financial services constitute 32.8% of the company's revenues. It grew 7.6% YoY. This includes the benefit of their recently completed acquisitions and consequent growth in digital business revenue. The company has deployed USD 1.5 billion on acquisitions, share repurchases, and dividends year-to-date.

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