Cognizant In Shock As 33% Employees Quit In 90 Days; 1 Lakh Freshers To Be Hired, Special Incentives Offered

Cognizant has announced that it will be hiring as many as 1 lakh freshers in the current lateral year. 

The company has also reported the highest attrition of 33%. 

Cognizant Announces Plans to Hire 1 Lakh  Freshers

The American multinational technology company that provides business consulting, information technology and outsourcing services has announced that they have plans to onboard approximately 30,000 new graduates in 2021. Additionally, reports are that the company plans to make 45,000 offers to new graduates in India for 2022.

In the third quarter, Cognizant’s global headcount stood at 318,400, which is among the highest levels ever. 

During the same time, the hiring engine brought on over 17,000 net new hires. Now, the company has grown its headcount by over 35,000 people since this time last year.

The company is planning to hire approximately one lakh lateral employees during the current fiscal year. Reports have confirmed that the company will be amping up its hiring efforts in the country and will be employing “more than ever before” in the March quarter.

The company states, “At Cognizant, we embrace diversity. We believe it is what allows us to thrive. Our goal is to include everyone at the table while also valuing and respecting their distinct perspectives and backgrounds.”

Cognizant To Achieve Net Zero Emissions

The company has also assured that it adheres to a well defined set of cultural values and that every member of the team is responsible to create a culture that brings in exceptional results. 

The company has also announced that it will achieve net zero emissions by 2030 which is a new milestone that has been established as a part of the company’s ongoing environmental social and governance agenda (ESG).

According to financial data collected by business intelligence platform Tofler, Cognizant recorded a 40% drop in profit from the previous fiscal year, while expenses increased by 6.5 per cent.

The revenue for the financial year 2021 was Rs 29,682 crore, down about 5% from the previous year’s figure.

During the fiscal year, profit after tax plummeted by 40% to Rs 3,265 crore. The company reported total expenses of Rs 24,982 crore for the fiscal year, up from Rs 23,452 crore the previous year.

The IT behemoth also lowered its fiscal year projection to 10.2 per cent to 11.2 per cent or 9% to 10% in constant currency terms. In Q1, it forecasted growth of 5.5 per cent to 7.5 per cent for CY21.