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IT companies Cognizant, Capgemini hired 1.5 lakh less hands in 2023

Economic TimesEconomic Times · 1y ago
IT companies Cognizant, Capgemini hired 1.5 lakh less hands in 2023
Medial

The hiring numbers for major IT companies Cognizant and Capgemini have declined by 151,607 employees globally in 2023 compared to the previous year. This decrease in recruitment is attributed to factors such as over-hiring during the pandemic, industry contraction, and the belief that advancements in AI technology will reduce the need for entry-level positions. Other Indian IT service providers like Tata Consultancy Services, Infosys, and Wipro have also experienced a decline in their headcount. Companies are now focusing on inorganic growth through acquisitions rather than organic growth. The market is also facing a shortage of talent with the right skills for emerging technologies.

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Cognizant offering salaries between ₹4-12 lakh to fresher engineers, says EVP Surya Gummadis amid social media backlash

LivemintLivemint · 11m ago
Cognizant offering salaries between ₹4-12 lakh to fresher engineers, says EVP Surya Gummadis amid social media backlash
Medial

IT company Cognizant has clarified that its ₹2.52 lakh annual salary offer is for non-engineering degree holders, while fresh engineering graduates can earn salaries ranging from ₹4-12 lakh annually. The company faced online criticism for offering low salary hikes of 1 percent, but this represents the lower end of a 1-5 percent range based on individual performance. Cognizant emphasizes its investment in training and upskilling fresh graduates, with hundreds of non-engineering associates having advanced to key positions within the company. Additionally, Cognizant affirms its commitment to remaining competitive with its compensation strategy.

After Cognizant, Tech Mahindra goes after former Infosys top talent

LivemintLivemint · 9m ago
After Cognizant, Tech Mahindra goes after former Infosys top talent
Medial

- A dozen former executives of Infosys have joined Tech Mahindra since March 2023, with three joining directly from Infosys and nine with prior experience at other companies. - Similarly, Nasdaq-listed Cognizant has experienced a similar exodus of executives from Infosys, with at least 10 joining after Ravi Kumar S. became CEO of Cognizant in January 2023. - Infosys reported its slowest growth since Salil Parekh became CEO in January 2018, with a full-year revenue growth of 1.9% to $18.6 billion for the year ended March 2024. - Tech Mahindra's revenue declined by 5% to end with $6.3 billion in FY24, while Cognizant saw a revenue slip of 0.39% to $19.4 billion in 2023. - The exodus can be attributed to the credentials and relationships built by the former Infosys executives, as well as the attractiveness of the leadership acumen of Ravi Kumar and Mohit Joshi. - The applicability of non-compete clauses in the IT services industry is still a work in progress, and organizations are taking steps to implement and enforce them.

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