![]() There were 281,000 working days lost because of labour disputes in July 2023. In real terms (adjusted for inflation using Consumer Prices Index including owner occupier's housing costs (CPIH)), annual growth for total pay rose on the year by 1.2% and for regular pay rose on the year by 0.6%. Annual growth in employees’ average total pay (including bonuses) was 8.5% this total annual growth rate is affected by the NHS and Civil Service one-off payments made in June and July 2023. Vacancies fell on the quarter for the 14th consecutive period.Īnnual growth in regular pay (excluding bonuses) was 7.8% in May to July 2023, the same as the previous 3-month period and is the highest regular annual growth rate since comparable records began in 2001. In June to August 2023, the estimated number of vacancies fell by 64,000 on the quarter to 989,000. Meanwhile, those inactive because they were looking after family or home decreased to a record low. Those inactive because of long-term sickness increased to another record high. ![]() The increase in economic inactivity during the latest quarter was driven by people aged 16 to 24 years. ![]() The economic inactivity rate increased by 0.1 percentage points on the quarter, to 21.1% in May to July 2023. The increase in unemployment was largely driven by people unemployed for up to 12 months. The unemployment rate for May to July 2023 increased by 0.5 percentage points on the quarter to 4.3%. The August 2023 estimate should be treated as a provisional estimate and is likely to be revised when more data are received next month. The estimate of payrolled employees for August 2023 is largely unchanged on the month, down 1,000 on the revised July 2023 figure, to 30.1 million. The quarterly decrease in employment was mainly driven by full-time self-employed workers. “Given the success of our vaccination program, we introduced our Flexible Workspace program on 15 September which is a voluntary option for fully vaccinated associates to work from select Cognizant facilities," Nambiar said.The UK employment rate was estimated at 75.5% in May to July 2023, 0.5 percentage points lower than February to April 2023. “The training programmes are really helping us to retain our people…we are focusing on areas which will increase our stickiness with the employees and ensure that we are truly being an employer of choice," Nambiar said.Ĭognizant has deployed a phased approach to bring its employees back to the office and scale up operations as needed. We continue to do a quarterly promotion cycle," Nambiar said.Ĭognizant also has a special jobs promotion programme which enables qualified employees to take up a role above their current level. “We continue to revisit and benchmark ourselves with the salaries in the marketplace and then we will do what it takes. We have a deep bench of seasoned talent and a highly skilled dedicated global team," Nambiar said.Īs a measure to retain talent, Cognizant has announced its annual merit cycle effective 1 October for most employees. “We have also restructured our leadership with a good mix of internally promoted talent and lateral hires. It is on track to onboard 30,000 new employees this year and roll out an additional 45,000 offers for 2022. It has stepped up its recruitment engine by onboarding a record number of 17,000 new hires in the September quarter taking its total headcount to 318,400. The IT services industry has been witnessing higher attrition levels over the last few quarters on the back of a demand-supply gap for tech talent, especially digital skillsets, as well as increased prevalence of the gig-economy versus long-term employment," said Ankit Garg, associate director, Auctus Advisors.Ĭognizant, meanwhile, has taken a number of measures to address the high attrition levels. “As far as recent uptick goes, while some of it, both planned and unplanned, can be attributed to the ongoing transformation at Cognizant, it is more significantly the macros that are at play. Our bookings are at a healthy 24% growth year-on-year," he added.Īnalysts, though, point out that Cognizant has historically had a higher base attrition than peers, right from pre-Covid days. "We continue to deliver against our commitments to clients across the globe. Nambiar, however, insisted that the steep attrition rate has not impacted Cognizant’s growth.
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