Cognizant as one of the many service based companies offers freshers around 4 lakh a year salary(avg) and these are numbers despite company makes 4000+ crore profit in Q3 end. It has also come to news that Cognizant has fired these employees calling it a recession despite making so much profit. Even Cognizant India’s head Rajesh Nambiar said that there was high involuntary attrition due to failed background checks, as per the report.
IT services provider Cognizant’s third-quarter net profit jumped 15.6% on efficient pricing and a sharper focus on Digital even as revenue and bookings slipped below expectations on macroeconomic headwinds.
The Teaneck, New Jersey-based software exporter’s net profit was $629 million on quarterly revenue of $4.85 billion, up 5.6% in constant currency terms, the company said.
In the times of economic hardships , recessions and layoffs , multiple tech companies are finding different reasons for firing employees to reduce the workforce. Recently cognizant fired 20000+ employees (6% of total work force) after background checks
After forged documents and fake experience letters led to the layoffs at Accenture India, a similar event has reportedly led to sacking of employees at Cognizant India. As per an ETNow report, Cognizant India has said that it had a 6 per cent involuntary attrition in Q2.
The numbers of layoffs due to failed background checks and moonlighting have increased over the last few months. As companies resume work-from-office, background checks are increasing, making such incidents more common.
The report adds that attrition in this sense can be thought of as a euphemism for sacking. Even Cognizant India’s head Rajesh Nambiar said that there was high involuntary attrition due to failed background checks, as per the report.
Along with faked letters and documentation, other companies including Twitter, Meta, and others have also seen large-scale layoffs. Although corporations have fired workers largely to save costs, this has had an impact on thousands of people who lost their employment quickly.