COGNIZANT EMPLOYEES
After cutting onsite jobs IT companies start rebuilding headcount through acquisitions
Indian IT companies are expanding revenue streams and payrolls through acquisitions of smaller firms and engineering services, despite on-year shrinkage in headcount after quarterly earnings.
Zomato’s Rs 300-crore Blinkit boost; Ola Electric gets IPO nod
Food delivery company Zomato will infuse Rs 300 crore into its quick commerce unit Blinkit. This and more in today’s ETtech Top 5.
IT companies are deploying new tricks to lure staff to office
IT firms are implementing measures to encourage office attendance post-pandemic, curtailing the flexibility granted during COVID-19. Employees face compliance pressure, risking consequences for non-adherence. Cognizant introduces a roster app, while TCS ties variable pay to office presence. Dell adopts a tracking system; Wipro emphasizes on-campus engagement, contrasting Infosys's hybrid approach.
Explained: Why Cognizant changed its logo on online media channels in India
Cognizant updated its logo on social media to 'Innovate', removed it from the India website, and faced a logo trademark dispute with Atyati Technologies. The firm also introduced the Bluebolt program, yielding significant cost savings and experiencing a reduction in global employee count.
Midcaps up M&A game with winds of tech spends revival
Indian IT sector witnesses a surge in acquisitions by firms of all sizes, driven by the need to pivot to new technologies and business models. Smaller players innovate and acquire to become key innovation partners in digital areas.
IT companies Cognizant, Capgemini hired 1.5 lakh less hands in 2023
Global hiring decline in 2023 impacted major IT companies like Cognizant and Capgemini. Indian IT firms also faced headcount reductions. Everest Group attributed layoffs to Covid over-hiring, while Gen AI influenced hiring decisions.
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Cognizant Q1 revenue falls 1.1%, profit dips 6%
Cognizant’s performance reflects the overall IT sector’s sentiment with domestic majors such as Tata Consultancy Services, Infosys, and Wipro also reporting low single-digit revenue growth. All companies have the majority of their clients based in the US and Europe.
Cognizant utilising acquisition strategy to further AI investments: CEO
US-headquartered IT and professional services firm Cognizant had last year announced that it would invest $1 billion over the next three years to augment its generative artificial intelligence (Gen AI) capabilities.
Here's how much money Cognizant CEO Ravi Kumar S got in 2023
Cognizant CEO Ravi Kumar S's $22.5 million compensation for 2023 has sparked debate amid the company's 0.3% revenue decline to $19.4 billion. His package includes one-time awards like performance stock units and a cash sign-on bonus. The CEO pay ratio compared to employees in India is 1647:1. Previous CEO Brian Humphries received $4.2 million in 2023. CFO Jatin Dalal's target direct compensation was $5.2 million. The disparity in compensation, coupled with financial performance, has raised stakeholder concerns.
Tech firms TCS, Accenture, Cognizant lead LinkedIn's top large companies list
LinkedIn's 2024 Top Companies list in India features Tata Consultancy Services, Accenture, Cognizant, and others. Insights include in-demand skills like investor relations, capital markets, and job opportunities in diverse industries across locations like Bengaluru and Hyderabad.
Cognizant defers annual hikes to employees
IT major Cognizant said a majority of its associates have seen four merit increases within three years, with the last cycle being April 1, 2023.
Tata Projects leases 1.2 lakh sq ft office space in Mumbai’s Powai for HQ
The company has leased the space in commercial tower Cignus Powai, which is a project of K Raheja Corp's hospitality business Chalet Hotels, for a total term of five years. The Tata Son’s subsidiary will be paying rentals of nearly Rs 86 crores through the entire tenure of the lease. The commercial real estate market in India's major cities is transforming due to changing company needs, rapid infrastructural development, and evolving workplace norms, as recent lease deals signal the creation of new hotspots drawing firms and investors.
Cognizant asks India employees to work from office thrice a week
Cognizant CEO Ravi Kumar S said in a memo last week that all India associates are "expected to be in the office an average of three days per week, or as defined by their team leader," without shedding light on the move's effective date.
Cognizant asks staff to WFO thrice a week
Cognizant wants employees to use the in-person time to prioritise activities that benefit greatly from being together including doing collaborative projects, training and team building exercises. Over past few months, TCS, Infosys and Wipro have mandated staff to return to offices, with schedules of 5 days/week, 10 days/month and 3 days/week, respectively.
Cognizant Q4 results: revenue dips 1.7%, profit rises to $558 million
For the full year 2023, the global IT major Cognizant posted a 0.4% YoY decline in revenue to $19.4 billion. In constant currency terms, it was 0.3% lower.
Chryscapital-backed Xoriant hires LTIMindtree's Mukund Rao to lead global markets
Based in the US, Rao was the chief business officer of the banking, financial services and insurance (BFSI) vertical at LTIMindtree (with Mindtree before the merger with L&T Infotech) for over four years. Prior to LTIMindtree, Rao worked for seven years at global rival Cognizant leaving as vice president & managing partner in November 2019.
WEF: Davos serendipity, the hardest-hitting speech ever and Covid lessons for Cognizant
Argentinian President Javier Milei delivers fiery speech at Davos, advocating for unbridled free enterprise and capitalism. He warns that the Western world is in danger due to the abandonment of the model of freedom for collectivist experiments. Milei emphasizes that collectivism is not the solution to global problems, but rather the root cause. He highlights the Argentinian perspective on these issues. The speech receives significant attention and Milei is mobbed for selfies afterwards.
Poaching Row: Nasscom chairperson says no impact on industry
Amid employee poaching allegations levelled by two domestic IT firms, Nasscom Chairperson Rajesh Nambiar said the issue has not impacted the industry's business and operations.
Cognizant gets its mojo back under new CEO’s watch
Experts say ‘people's person’ Ravi Kumar wins back competitiveness on large deals. He is also getting major talent back to Cognizant, and has rationalised the company with real estate as well as headcount consolidation.
Sachin Bansal’s Navi in slow lane; New Year spike for health, wellness D2C brands
Sachin Bansal’s fintech venture Navi had big ambitions to digitally disrupt the financial services sector, but two of its flagship products have not been able to shore up much traction. This and more in today’s ETtech Morning Dispatch.
Wipro's case against former CFO Jatin Dalal referred to arbitration
On January 3, Wipro and Dalal were directed to resolve the case under section 8 of the Arbitration Conciliation Act, 1996. The official order will be uploaded in the next week.
IT executive exodus: a primer on breach of contract, lawsuits
IT major Wipro has filed at least two legal complaints against its former senior executives including former senior vice president Mohd Haque and ex CFO Jatin Dalal for breach of his employment contract with Wipro. What does this mean?
Explainer: A primer on breach of contract, lawsuits
Wipro and Infosys are pursuing legal action against former executives joining Cognizant, raising questions on non-compete clauses' validity in India. While Wipro sued ex-SVP Mohd Haque and CFO Jatin Dalal, Infosys accused Cognizant of unethical hiring. Experts note the challenges enforcing non-compete clauses due to constitutional rights. Past cases lack significant precedents. The desperation to retain talent amid a sluggish market and geopolitical uncertainties might be driving these legal battles among IT giants.
Wipro files complaint against ex-US staffer who joined Cognizant
In its complaint, Wipro said Mohd Haque, who quit Wipro in June this year, had agreed to certain restrictions on his post-employment activities, including prohibition of work for a small set of Wipro competitors including Cognizant, for 12 months after his employment ended.
Cognizant to buy advisory firm Thirdera to focus on workflow solutions
New Jersey-based Cognizant plans to absorb 940 people from Thirdera into its ServiceNow business group, its channel partner which has a team of 1,500 people.
Bribery case trial of ex-Cognizant employees delayed as witness unable to travel
The trial involving two former Cognizant executives in a bribery case has got delayed as a key witness Srimanikandan Ramamoorthy's passport has been held by the Enforcement Directorate in India which is investigating the same case.
India Inc supports employees with special needs children
They are offering support in the form of medical coverage, resource groups, caregiving leave, access to learning materials, and employee assistance programmes, to not just ensure these children are given a chance to thrive but also help improve mental health and productivity of employees.
Cognizant to lay off around 3,500 employees as part of rejig programme
Layoffs at Cognizant follow that of Accenture, which in April announced that 19,000 employees would be let go globally.
Cognizant Q1 net profit up 3% YoY; to lay off 3,500 employees over two years
Cognizant also announced a two-year rejig aimed at simplifying the operating model and rationalising office spaces to the tune of $400 million. The company is set to lay off around 3,500 employees or 1% of its total workforce.
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