Cognizant, one of the world’s leading professional services companies, today announced its fourth-quarter and full-year 2021 financial results.
The company reported a 14.2 percent year-on-year growth in its revenue in Q4 2021. It has reported revenue of $4.8 billion in Q4 and full-year revenue of $18.5 billion. This marks the company’s return to double-digit annual revenue growth for the first time after 2015.
The company has added 33,000 college graduates in India in 2021 and hired a total number of 41,000 associates for the fiscal.
The good news for the company is that for the fourth quarter attrition has come down to 28% (LTM basis) and voluntary annualized attrition was up 31% from 33% in Q3. However, it is still higher than TCS, and Infosys.
The IT services behemoth currently has a total of 330,600 employees. Cognizant’s workforce saw a quarter-on-quarter rise by 12,200 employees and a year-on-year spurt by 41,000 employees.
Commenting on the q4 results said Brian Humphries, Chief Executive Officer said, “I’m proud of Cognizant’s broad-based progress over the past year. We successfully executed our strategy by meaningfully enhancing our digital portfolio, strengthening our international presence, and helping our clients be successful,”
“We enter 2022 with momentum and confidence that our talented employees position us to capture the substantial market opportunity.” He added.
“We’re putting in a lot of effort around ‘hearts and minds’ in a bid to mitigate attrition levels which were at 31% for the fourth quarter and 28% for the 12 month period,” Humphries further said.
Brian Humphries added, “There’s a lot of effort around compensation measures, which, of course, is pretty critical. I think it’s essential for us to continue to show up and post strong double-digit growth, which is helping get a degree of confidence and swagger, and optimism back into the company. And just continue to support employees by celebrating success and giving them career path potential, which of course, growth does.”
