BENGALURU: For the second consecutive quarter, Nasdaq-listed IT services company Cognizant Technology Solutions made progress in reducing voluntary attrition, as its first quarter attrition fell five points to 26% on an annualised basis.
Its voluntary trailing 12-month attrition stood at 29%. The company added 9,800 employees in the first quarter. In an email to employees, Cognizant CEO Brian Humphries said the supply-demand imbalance in today’s labour market presents challenges to all companies and to recover the rising costs of labour, the company continues to execute a series of measures, including price increases.
Humphries, who marked his third anniversary leading Cognizant, told employees, “With the pandemic receding, we have begun a phased return-to-office approach that continues to offer you optionality on where you work. We expect to fully transition to our long-term hybrid work model over the coming quarters.” The company boarded 33,000 freshers last year and this year, it will be hiring over 50,000 freshers.
Of 3,40,000 employees globally, India has over 2,40,000 associates across the country. The company, which follows the calendar year, has reported its highest quarterly revenue in the first quarter of FY22 at $4.8 billion, up 9.65%, compared to $4.4 billion in the corresponding quarter last year. It posted a 11% increase in net income at $563 million for the quarter ended March 31, 2022 compared to $505 million in a year-ago period. Cognizant’s digital revenue grew 20% Y-o-Y.