While there is a round of layoffs going on all over the world, this company has done wonders by hiring not 100, 200 but 13,000 old employees. It is always rare for employees to return after leaving a company, especially when the company’s growth prospects look bleak.
Nearly 13,000 former employees have returned to the American IT company Cognizant. The company’s CEO Ravi Kumar said that this return was possible because the company has been able to overcome its challenges. He said that Cognizant is now moving towards growth and stability. He also mentioned that about 3,800 new employees have joined Cognizant in the third quarter.
However, despite the recent hiring, the company’s total employee strength is down by 6,500 year-on-year but this positive change is still being seen as a new direction and rebuilding process for Cognizant.
‘The magic of the company is back’
“The buzz around us is very high… you can even see LinkedIn traffic talking about the company. The magic of the company is back. People who have worked in Cognizant before want to come back. We are also going to campus in a big way from next year,” Kumar said after the company’s Q3 FY24 results.
Signs of increase in revenue
Cognizant’s revenue is also showing signs of improvement. The company’s Chief Financial Officer Jatin Dalal said that the company is planning to continue its recruitment. He said, ‘If you look at the volume growth in this quarter, it is 3.5 percent in constant currency growth. If we are registering revenue growth every quarter, then we need to reach out and hire top talent from the market.’
The company’s focus is on AI
The company is emphasizing on the use of Artificial Intelligence (AI). Ravi Kumar said that Cognizant uses AI algorithms and platforms to create 2 million lines of code annually. This shows the growing role of AI in software development.
Kumar acknowledged that AI may eliminate some jobs in the business process outsourcing (BPO) sector, but it will also create new opportunities.