Cognizant announces no ‘return to office’ mandate
Cognizant has announced it does not require its employees to return to the office any time soon.
During a recent earnings call, Cognizant CEO Ravi Kumar said: “We did express that social capital is important as we have freshers in the mix who will need hand-holding.
“It won’t be impactful if the managers don’t come to work.
“We will have a more natural progression of return-to-work.”
He added: “Our flexible return to work is actually helping us get in more women to work as opposed to affecting them.”
Like other IT services firms, Cognizant has been aggressively cutting real estate costs.
Mr Kumar announced plans to reduce 80,000 seats for its staff in major cities and repurpose some space in tier-2 cities.
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The company launched a $400-million initiative to bolster margins by reducing workforce and real estate expenses.
Despite these cost-saving efforts, Cognizant experienced a marginal decline of 0.1 percent in constant currency revenue during the June quarter.
Weak spending by clients in the financial services and communications, media, & technology sectors has been a contributing factor.