Cognizant: Talent Management and Employee Retention

On January 16, 2023, Cognizant Technology Solutions Corporation (Cognizant) appointed a new chief executive officer who was a former president of a key competitor. The US-based major multinational information technology company, with 70 per cent of its workforce in India, provided global consulting, technology, and outsourcing services with a focus on digital transformation across various industries. At the time, Cognizant was experiencing a high employee attrition rate, decreasing client base, and diminishing profile as a key services partner. The new chief executive officer faced several key challenges. The high rate of attrition was causing a shortage of senior executives, lower growth than competitors, and delivery constraints. Cognizant had to intensify its efforts to retain and attract leadership team members, and focus on recuperating its commercial impetus, with a focus on talent management and employee retention. How would the company address the talent gap caused by the mass exit of Cognizant executives and stabilize the market’s confidence in the company? How could Cognizant attract, engage, and retain top-level talent, and nurture intellectual capability in the workplace?