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.
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