Happy hour for employees? Infotech CEO spends 1 hr daily with 5 staffers. Is it happy hour for employees in infotech jobs? Since the epidemic began in early 2020, digital services have grown more crucial than ever, and this has meant significant profits for major technological corporations. The IT boom, however, is not without its drawbacks. It’s more difficult than ever to hire and keep software engineers and other IT professionals, who may demand higher pay and other benefits in the face of fierce competition for their skills — and who can just leave if they don’t receive them.
While operating one of the industry’s top outsourcing organisations, Cognizant Technology Solutions CEO Brian Humphries is wrestling with the difficulty.
The Teaneck, New Jersey-based corporation has been quickly recruiting over the last year, increasing its staff to around 318,000 people as of Sept. 30, up from roughly 283,000 at the same time last year.
However, in the July-September quarter, the attrition rate of departing employees was 33 percent, which was greater than the company’s rivals.
Humphries recently spoke with The Associated Press about the present labour market mismatch in the technology sector.
Q: How difficult is it to hire tech workers right now?
A: There is a demand level unlike anything we have ever seen in many, many years. And that demand increase is ultimately fueled by digital acceleration. And every company in the world, regardless of the industry, is pushing toward digital business models. So that is ultimately leading to these situations that are faced with today.
Q: Why has Cognizant been having abnormally high high attrition rates?
A: There is an unprecedented battle for (technology) talent, reflective of the fact that the market has shifted massively toward digital transformation. It’s just an industrywide phenomenon, and having an employee value proposition is more important than ever before.
Q: What kind of employee value proposition?
A: The next generations of workers really want to work for a company that has a purpose, a company that brings value to the world, not just a anonymous corporate entity that’s capitalistic in nature. I spend an hour every day with five employees to hear them out. What’s on their minds, what’s working, what’s not, how do they feel about our communication, about our strategy, etcetera.
Q: Is the remote working trend an advantage or disadvantage for your company?
H: To a certain extent, that hasn’t helped retention of employees because perhaps when people are together, commuting together, sharing cafeterias, being in work meetings together, it can engender a sense of loyalty.
The work-from-home environment can certainly reduce commute times, which is good for a employee’s well being. And history has shown that sometimes the (representation) of female employees diminishes in certain societies like India as they move further up the pyramid.
Working from home can be very positive from a diversity inclusion point of view because it can enable us to keep female talent in the workforce longer and, hopefully, give them opportunity to rise through the ranks. I am quite optimistic that this new hybrid environment will be good for the environment and inclusion.
Q: Is the debate over the COVID-19 vaccine complicating things in terms of hiring and retention?
A: It is certainly a consideration. We as a company believe in vaccinations, to be very clear, but in the same vein the way we are conducting our day-to-day business these days is we encourage employees who are not vaccinated to not come to the office. So those that choose not to be vaccinated will continue to work from home at Cognizant.
Q: Is immigration still an important hiring factor in tech?
A: It is extremely important when you have fierce industry-wide competition for talent. And there is a shortage of computer science graduates in the United States. Some of the companies with the greatest success stories in North America are led by non-U.S. citizens or people who have had the good fortune of being able to come into the United States at an early stage of their career. It has been built on the back of international people complementing those that are here domestically.
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