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.
Continue reading your story on the app
Continue reading your story in the magazine
Amazon Fires 2 Union Organizers Tied to First U.S. Labor Win
Amazon has fired two employees with ties to the grassroots union that led the first successful U.S. organizing effort in the retail giant’s history.
2022 IS THE YEAR OF ALL-INCLUSIVE TRAVEL, AND HERE'S WHY
The hotel name Zoetry (in Zoetry Montego Bay Jamaica) has an umlaut mark over the letter "e."
'TOP GUN' SEQUEL A WELCOME TRIP TO THE DANGER ZONE
Early on in "Top Gun: Maverick," Tom Cruise hops on his sleek motorcycle, wearing Aviator sunglasses and a leather jacket with patches, and speeds into a time machine. No, that's not right. It's actually us who take a trip back.
Rumors: What to expect with Apple's 2022 redesign
4 WAYS TO PROTECT YOUR SMALL BUSINESS FROM CYBER ATTACKS
Since the beginning of the COVID-19 pandemic, small businesses have quickly adopted remote working and transitioned to new technologies, such as contactless payments and online ordering.
A BEZOS-BIDEN SQUABBLE: CAN CORPORATE TAXES TAME INFLATION?
Jeff Bezos this weekend became the latest centi-billionaire to launch a political fight on Twitter by denouncing a tweet from President Joe Biden about corporate taxes as "disinformation” and “misdirection."
BIDEN ADMINISTRATION TO RELEASE $45B FOR NATIONWIDE INTERNET
The Biden administration is taking the first steps to release $45 billion to ensure that every U.S. resident has access to high-speed internet by roughly 2028, inviting governors and other leaders to start the application process.
NISSAN MULLING THIRD AUTO PLANT IN THE US TO MEET EV DEMAND
Nissan is considering adding a new auto plant in the U.S. to keep up with growing demand for electric vehicles, a top executive at the Japanese automaker said.
MENACED BY FLAMES, NUCLEAR LAB PEERS INTO FUTURE OF WILDFIRE
Public schools were closed and evacuation bags packed this week as a stubborn wildfire crept within a few miles of the city of Los Alamos and its companion U.S. national security lab - where assessing apocalyptic threats is a specialty and wildland fire is a beguiling equation.
WITH ROE IN DOUBT, SOME FEAR TECH SURVEILLANCE OF PREGNANCY
When Chandler Jones realized she was pregnant during her junior year of college, she turned to a trusted source for information and advice.