Cognizant laid off over 9,000 employees in the last three months

NASDAQ-listed Cognizant let go of more than 9,000 people during the April-June quarter, as part of its strategy to reduce costs and fund investments for growth. Its headcount for the second quarter ended June 2020 was 281,200 vs 291,700 in the previous quarter, a decline of 10,500 sequentially. It had a quarterly annualized attrition of 24 percent and quarterly annualized voluntary attrition of 11 percent.

This implies involuntary attrition of 13 percent. Back of the envelope calculations show that the company may have laid off over 9,000 employees in a quarter, as it struggles to bring back growth amidst a string of top-level exits.

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Update by Faiza Anwar

News source: Times now news