Cognizant Technology Solutions, headquartered in the US, reported a workforce decline in the December quarter, with 10,700 fewer employees compared to the same period last year and a reduction of 3,300 from the previous quarter. Despite this, the company remains optimistic about expanding its headcount in 2025. CFO Jatin Dalal expressed confidence in hiring more employees throughout the year to support growth.
At the end of the quarter, Cognizant’s workforce stood at approximately 336,800 employees. Attrition rose to 15.9% on a trailing twelve-month basis, reflecting an improved demand environment and enhanced hiring capabilities. This uptick aligns with broader trends in the Indian IT sector. Meanwhile, the company’s utilization rate fell by two percentage points to 82%, though management emphasized that utilization improvements remained strong throughout 2024.
CEO Ravi Kumar S highlighted a notable trend of former employees returning to the company. In 2024, 13,000 former employees rejoined Cognizant, with an additional 10,000 expressing interest in returning. This underscores the company’s ability to retain and attract top talent.
While Cognizant’s workforce shrank, competitor Accenture continued its hiring streak, adding 24,697 employees in Q1 FY25, bringing its total headcount to 799,000. In contrast, India’s top five IT firms—TCS, Infosys, HCLTech, Wipro, and Tech Mahindra—reported a combined reduction of 2,587 employees in Q3 FY25, largely due to seasonal factors like furloughs and slower hiring.
Despite workforce reductions, Cognizant exceeded revenue expectations and projected an annual revenue growth of 3.5% to 6% in constant currency terms for 2025, signaling confidence in its business outlook.
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