Cognizant added headcount in Q3 amid dip trends in IT Industry

IT companies saw a decline Cognizant reports positive net employee
Cognizant total headcount at the end of the third quarter was 346,600, an increase of 1,000 from Q2 2023 and a decrease of 2,800 from Q3 2022.

Cognizant, one of the world’s leading professional services companies, announced its Q3FY23 financial results.

Cognizant total headcount at the end of the third quarter was 346,600, an increase of 1,000 from Q2 2023. However, it is 2,800 less than from Q3 2022 which was 346,800.

The voluntary attrition – Tech Services on a trailing-twelve-month basis, declined to 16.2% from 19.9% in Q2 2023 and 29.2% in Q3 2022.

Cognizant total headcount at the end of the second quarter was 345,600, a decrease of 5,900 from Q1 2023. 

“We strengthened the company’s fundamentals during the third quarter as reflected in higher customer satisfaction scores, significantly lower voluntary attrition, and continued growth in bookings, despite ongoing economic uncertainty,” said Ravi Kumar S, Chief Executive Officer.

“We are investing to put Cognizant in the best position to serve clients as they strive to reduce costs, digitally transform their businesses, and embrace generative AI”, Ravi Kumar S added.

The hiring slowdown was predicted as TCS, Infosys, Wipro, and HCLTech announced their Q2FY24 results showing a headcount reduction of 21177.

Tata Consultancy Services (TCS) workforce stood at 608,985 as of September 30, reported a dip of 6333 employees. Infosys announced its Q2FY 24 results and reported a net fall of 7,530 employees in its headcount sequentially. Wipro’s headcount has dropped further by 5,015 in the July-September quarter of fiscal 2023-24 (Q2FY24). The total headcount now stands at 2,44,707 employees.

Recently, Cognizant also announced the official launch of its training initiative, Synapse, aimed at empowering more than one million individuals with cutting-edge technology skills—like generative artificial intelligence (AI)—for the digital age.

Together with governments, academic institutions, businesses, and other strategic partners, Cognizant’s program will leverage evolving AI technology and the company’s premier tech services to prepare individuals for the future workforce.

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