Cognizant voluntary attrition spikes to 33% in the third quarter

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Cognizant voluntary attrition spikes to 33% in the third quarter
In the second quarter, Wipro had attrition rate of 20.5%, Infosys - 20.1%, HCL- 15.7%, and TCS reported attrition rate of 11.9% in September ending the quarter for FY22.

On October 27, 2021, Cognizant Technology Solutions Corporation reported its Q3, September ending quarter results for the financial year 2021.

The company follows a January to December accounting year.

IT Major announced an 11% year-on-year rise in revenue in constant currency to $4.7 billion for the third quarter. The digital revenue grew 18% annually and contributed 44% to total revenues for the quarter.

The company has onboarded a record number of 17,200 new hires in the September quarter, achieving its global headcount to 318,400.

The total headcount has grown by over 35,000 people since this time last year. The company has reported Voluntary Annualized Attrition of 33% which is higher than 31% in the second quarter.

In the second quarter, Wipro had attrition rate of 20.5%, Infosys – 20.1%, HCL- 15.7%, and TCS reported attrition rate of 11.9% in September ending the quarter for FY22.

Currently, Cognizant has the highest Volontry Attrition among its peer companies.

“I’m pleased with our third-quarter performance. While the industry faces an unprecedented competition for talent, we attracted a record number of employees to Cognizant, and stayed focused on delivering against our client commitments and our strategic repositioning,” said Brian Humphries, Chief Executive Officer.

“We continue to make important investments to ensure Cognizant is well-positioned to serve our clients as they embrace digital business models.” He added.

The company has recently completed acquisitions of two companies; TQS Integration and Hunter Technical Resources in the third quarter with an investment of $3 billion.

Cognizant commits to Net Zero Emissions by 2030 in third quarter. “Climate change is widespread, rapid, and intensifying,” said Brian Humphries.

He added, “As a global company, we take seriously our responsibility to leverage our expertise and resources to help address climate change. I am proud to announce that Cognizant commits to achieve net-zero emissions by 2030,”

“We will also extend our expertise in cloud, IoT, and AI to help our Global 2000 clients meet their sustainability goals, reduce their carbon footprints and sharpen their competitiveness.” He said.

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