Digital services have become more important
than ever since the pandemic began in early
2020, and that’s meant big business for major
technology companies. But there’s also a
downside to the tech boom. It’s making it more
difficult than ever to recruit and retain software
developers and other tech workers who can
demand more money and other perks amid
wide competition for their talents — and who
can simply leave if they don’t get them.
Cognizant Technology Solutions CEO Brian
Humphries is grappling with the challenge
while running one of the industry’s largest
outsourcing firms. The Teaneck, New Jersey,
company has been hiring rapidly during the past
year to increase its workforce to roughly 318,000
employees as of September 30, a 12% increase
from roughly 283,000 at the same time in the
previous year. But the attrition rate of departing
employees stood at 33% in the July-September
quarter, higher than the company’s peers.
Humphries recently discussed the current recent
imbalance in the technology labor market
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 this situation 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