Bengaluru: Cognizant Number of Employees shrank to 7,600 Employee 3.4 lakh employees in 2023 financial year Compared to the same period last year. net reduction hiring Many IT companies have witnessed softening macroeconomic indicators, continued stress in banking and financial services, longer decision-making cycles, and moderation in discretionary spending.
The Nasdaq-listed company saw reduction of 4,500 employees in India and about 3,000 onsite employees. Its 2023 annual report shows it has 2.5 lakh employees in India, 40,500 in North America, 16,300 in Continental Europe, 8,500 in the UK and 28,400 elsewhere. Cognizant said its voluntary attrition in 2023 declined to 13.8% compared to 25.6% in the same period last year.
For most of 2021 and 2022, the IT sector witnessed unprecedented job attrition rates. As a result, Cognizant plans to hire 100,000 new employees in each of 2021 and 2022, and more than 60,000 in 2023.
Cognizant said it will cost $70 million in 2024 due to the NextGen program, which aims to simplify its operating model, optimize corporate functions and consolidate and realign office space. The report said that in relation to the NextGen program, in 2023, the company incurred $115 million on employee separation costs and $114 million on facility exits and other costs totaling $229 million.
Cognizant said it is increasingly using AI-based technologies, including GenAI, in its client offerings and in its internal operations. “As AI-based technologies continue to develop, we expect that some of the services we currently perform for our customers will be replaced by AI or forms of automation. “This may reduce demand for certain services or harm our ability to obtain favorable pricing or other terms for our services,” it said as part of the statutory disclosure. It has trained 137,000 employees in a variety of digital skills.
More than 1,300 leaders have participated in its Lead@Cognizant partnership with Harvard University, a 4.5-month leadership competency program designed to help Cognizant leaders learn, practice and internalize and deliver results through strategic alignment Has gone. It has enhanced the leadership pipeline through programs like Propel, an initiative focused on grooming the next level of women leaders within Cognizant. More than 1,600 women have come forward through this initiative.
In January, it acquired Thirdera, a ServiceNow partner specializing in consulting, implementation, and customization solutions related to the ServiceNow platform, for $430 million. This acquisition enhances its ServiceNow expertise. The addition of Thirdera’s ServiceNow consultants in North America, Spain, Colombia, the Netherlands and Australia and its leading position in ServiceNow training and certification, including the Certified Master Architect and Certified Technical Architect, will create a combined Cognizant ServiceNow Business Group with more than 2,400 experts and 14,000 certificate.
IT companies take into account software licenses and hardware sales as part of their P&L. The total amount of property and equipment recorded for the software sold was $279 million and $241 million in the 2023 and 2022 fiscal years, respectively.
The Nasdaq-listed company saw reduction of 4,500 employees in India and about 3,000 onsite employees. Its 2023 annual report shows it has 2.5 lakh employees in India, 40,500 in North America, 16,300 in Continental Europe, 8,500 in the UK and 28,400 elsewhere. Cognizant said its voluntary attrition in 2023 declined to 13.8% compared to 25.6% in the same period last year.
For most of 2021 and 2022, the IT sector witnessed unprecedented job attrition rates. As a result, Cognizant plans to hire 100,000 new employees in each of 2021 and 2022, and more than 60,000 in 2023.
Cognizant said it will cost $70 million in 2024 due to the NextGen program, which aims to simplify its operating model, optimize corporate functions and consolidate and realign office space. The report said that in relation to the NextGen program, in 2023, the company incurred $115 million on employee separation costs and $114 million on facility exits and other costs totaling $229 million.
Cognizant said it is increasingly using AI-based technologies, including GenAI, in its client offerings and in its internal operations. “As AI-based technologies continue to develop, we expect that some of the services we currently perform for our customers will be replaced by AI or forms of automation. “This may reduce demand for certain services or harm our ability to obtain favorable pricing or other terms for our services,” it said as part of the statutory disclosure. It has trained 137,000 employees in a variety of digital skills.
More than 1,300 leaders have participated in its Lead@Cognizant partnership with Harvard University, a 4.5-month leadership competency program designed to help Cognizant leaders learn, practice and internalize and deliver results through strategic alignment Has gone. It has enhanced the leadership pipeline through programs like Propel, an initiative focused on grooming the next level of women leaders within Cognizant. More than 1,600 women have come forward through this initiative.
In January, it acquired Thirdera, a ServiceNow partner specializing in consulting, implementation, and customization solutions related to the ServiceNow platform, for $430 million. This acquisition enhances its ServiceNow expertise. The addition of Thirdera’s ServiceNow consultants in North America, Spain, Colombia, the Netherlands and Australia and its leading position in ServiceNow training and certification, including the Certified Master Architect and Certified Technical Architect, will create a combined Cognizant ServiceNow Business Group with more than 2,400 experts and 14,000 certificate.
IT companies take into account software licenses and hardware sales as part of their P&L. The total amount of property and equipment recorded for the software sold was $279 million and $241 million in the 2023 and 2022 fiscal years, respectively.
