• Cognizant Technology Services recently secured five large deals, each worth over $100 million, signaling a potential improvement in the IT demand scenario.
  • Cognizant has awarded pay hikes to 290,000 associates globally in 2024 and promoted over 125,000 employees from 2022 to July 2024.

Cognizant Technology Services is witnessing a renewed sense of optimism in the demand for technology services, according to CFO Jatin Dalal.

In his first interview since assuming the role in December 2023, Dalal pointed to the company’s recent success in closing five large deals, each exceeding $100 million, as evidence of a potential turnaround in market conditions.

“We are able to gain share in the market and in customer accounts that we are playing in... the numbers are certainly coming better," he said.

Dalal acknowledged that while it's too early to declare a full market recovery, the positive trends in their performance are promising.

Addressing the controversy over low entry-level salaries, Dalal clarified that the widely reported Rs. 2.5 lakh figure applies to a three-year undergraduate course, not engineers. Engineers, he noted, earn between Rs. 4 lakh and Rs. 12 lakh, depending on their roles and educational backgrounds. He attributed the confusion to a misunderstanding amplified by the rapid spread of information on social media.

“This Rs. 2.5 lakh salary, I want to put it on record, is not reflective of an engineer’s salary," Dalal emphasized.

Dalal also highlighted Cognizant’s commitment to its employees, noting that the company is among the few in India’s IT sector to have awarded pay hikes to 290,000 associates globally in 2024. The company has also promoted over 125,000 employees from 2022 to July 2024, reflecting its dedication to career growth and employee retention.

Looking ahead, Dalal discussed Cognizant’s strategic focus on expanding its presence in tier-2 cities like Bhubaneswar, Indore, and Hyderabad. He emphasized the importance of a diversified talent pool, stating, “You need multiple streams to make a river,” underscoring the company’s evolving talent acquisition strategy.

Edited by Harshajit Sarmah