Cognizant's new program will aim to improve
the lives of workers around the world, training one million
individuals for gainful employment by 2026
TEANECK,
N.J., Oct. 31, 2023 /PRNewswire/
-- Cognizant (NASDAQ: CTSH) today announced the official
launch of its groundbreaking training initiative, Synapse, aimed at
empowering more than one million individuals with cutting-edge
technology skills—like generative artificial intelligence (AI)—for
the digital age. Together with governments, academic institutions,
businesses, and other strategic partners, Cognizant's program will
leverage evolving AI technology and the company's premier tech
services to up-prepare individuals for the future workforce.
Cognizant also intends to build a consortium of partners for
training and jobs which then will employ individuals who are
upskilled through the Synapse program.
Cognizant's Synapse initiative will reskill
one million people with tech skills to enhance future
employability.
The initiative draws on Cognizant's longstanding expertise on
training and educating a global workforce and expansive expertise
across global geographies and digital technologies. By reaching
underserved communities, marginalized groups, and individuals with
limited access to traditional education, the initiative was created
with the goal of driving meaningful change and create pathways to
success that were previously unreachable for many individuals.
Cognizant's Synapse will provide training ranging from basic
digital literacy to generative AI, and will achieve this
1,000,000-person tech training milestone through:
- Skills Accelerator: The Company anticipates equipping
200,000 jobseekers with in-demand tech skills through innovative,
sponsored upskilling programs. Upon completion of online coursework
followed by an assessment to gauge how well they have mastered the
material, learners will possess the skills needed to pursue a
career in technology. High-scoring participants will be shortlisted
for a specialized Cognizant "train-to-hire" program or interview
with Cognizant or one of its Synapse partners for a job
opportunity.
- Technology Partnerships: Enabled by the technology
ecosystem in which Cognizant operates—including organizations like
India's NASSCOM and the Cognizant
Google Cloud AI University—Cognizant expects to
provide training to 200,000 people to help open up the
technology market to a new workforce pool for the first
time.
- Apprenticeships: Working with universities,
community colleges, and workforce development groups, Cognizant
expects to support thousands of individuals as apprentices and
equip them with the experience and capabilities that incorporate
emerging technologies such as generative AI. Aimed at entry-level
individuals and mid-career professionals, Cognizant apprenticeships
are designed to help people launch their careers in technology. Our
apprenticeship program—together with a new employer consortium to
be convened by Cognizant and partners—is expected to produce a
"Talent Pipeline as a Service," or TPaaS, aimed to both build the
future workforce equipped with the experience and capabilities in
emerging technologies; and to drive impact in their
communities.
- Community Education: Cognizant's corporate social
responsibility efforts reach hundreds of organizations worldwide,
impacting millions of individuals. Through philanthropic grants,
volunteerism and mentoring, and education partnerships, this
focused effort is expected to reach 300,000 individuals.
- Employee Skilling: Through Cognizant's award-winning
learning and development platform, the company expects to upskill
more than 200,000 of its 345,000 own employees over the life of the
initiative, pulling on the most relevant technologies including
generative AI.
The balance of the Cognizant Synapse skilling commitment
will be met through a combination of apprenticeships, corporate
philanthropy grants, and new hire training.
According to the U.S. Chamber of Commerce, U.S. businesses alone
have nearly three million positions they are unable to fill with
those numbers set to grow in the coming years if the problem
remains unaddressed. Cognizant set out to discover why. Repeatedly,
Cognizant heard from government officials, educators, community
leaders, clients, and fellow tech providers that many of the three
million open jobs are not being filled because the workforce lacks
specific skills and capabilities. Simply put: There is a wide
technical divide between new jobs and workers. And recent research
published in Forbes also indicates that U.S. executives
and employees believe nearly half of the skills required to succeed
in today's workplace will not be relevant just two years from now,
requiring employers to invest in the reskilling of the working
population and the future generations of employees.
That's where Cognizant's Synapse comes in. The Synapse
initiative is designed to revolutionize and rebalance the landscape
of tech education and workforce development by redefining
opportunities for more than one million individuals around the
globe and resulting in a new, employable talent pool for the future
digital economy by 2026. The initiative draws upon Cognizant's
heritage as a tech re-skiller, the company's deep industry and
government partnerships, and its expansive expertise across global
geographies, industries, and digital technologies. Since 2018,
Cognizant has worked closely with global organizations to invest in
training opportunities for those in the tech field and has awarded
$70 million to support 70 leading
global organizations and non-profits committed to skilling. Earlier
this year, Cognizant expanded its partnership with Google Cloud to
provide robust training resources for tech talent development on
Google Cloud and promote the responsible use of AI.
"Our world is changing at an unprecedented pace, and the demand
for creative, tech-savvy individuals is skyrocketing," said
Cognizant CEO Ravi Kumar S. "Through
this sweeping reskilling endeavor, we are striving to equip one
million individuals with the skills and capabilities they need to
thrive in the digital economy. Cognizant's Synapse initiative is
not just about education; it's about empowering people to shape
their own destinies and creating employment pathways that meet the
needs of tomorrow's employers."
Kumar continued, "The traditional skilling model isn't keeping
pace with the evolving workforce —Synapse is designed to chart a
new course for employees and employers to succeed. We cannot rely
on the status quo to prepare workers for the jobs of the future.
Instead, we need to radically transform our path to employee—and
employer— success."
"The millions of people employed in the technology industry
today and the new entrants in the talent marketplace will require
upskilling and skilling to become job ready for the opportunities
of tomorrow," said Kirti Seth, CEO,
Sector Skills Council, nasscom. "Through the FutureSkills Prime
program, a joint initiative with the Ministry of Electronics and
Information Technology (MeitY), Government of India, we are focused on equipping learners
from diverse backgrounds with cutting-edge skills essential in a
rapidly evolving digital landscape. By partnering with industry
leaders like Cognizant, an expert in this space, and their Synapse,
we are contributing to an impactful industry driven skilling
program aligned with our collective vision to make India a digital talent hub."
"We applaud the Cognizant team for launching this ambitious new
initiative," said Dane Linn, Senior
Vice President of Corporate Initiatives at Business Roundtable.
"Synapse is a great demonstration of Cognizant's commitment to
build and support a global workforce equipped with skills to
succeed in high-demand technology sector careers.
"Our society and economy is becoming increasingly reliant on
technology and we are committed to working with key partners to
help young people adapt and be ready for work, said Tom Keer, Senior Head of Corporate Partnerships
at The Prince's Trust. "The Prince's Trust is proud to partner with
Cognizant to build young people's confidence and skills, supporting
them into a digital-focused career.""
Cognizant's Synapse has been designed to deliver accessible,
comprehensive, and high-quality skilling experiences to
participants from all levels of society. The initiative—the first
of its kind—is committed to promoting diversity, equity, and
inclusion in tech education.
Added Tobi Young, Cognizant's
Senior Vice President for Sustainability, Corporate, and Regulatory
Affairs, "Cognizant's Synapse initiative recognizes and responds to
the anxiety created by an increasingly digital economy. Tech skills
are a fundamental currency for success and Cognizant is committed
to equipping individuals to thrive. Synapse is designed to deliver
accessible, comprehensive, and high-quality skilling experiences.
Our goal is to build a consortium of industry leaders, educational
institutions, and philanthropic organizations to sustain the
communities where we live and work by closing the digital skills
gap, fostering a culture of continuous learning, and enriching the
future pool of technology talent with one million trained-and-ready
employees. "
About Cognizant
Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our
clients modernize technology, reimagine processes and transform
experiences so they can stay ahead in our fast-changing world.
Together, we're improving everyday life. See how at
www.cognizant.com or @cognizant.
For more information, contact:
Corporate
Jeff
DeMarrais
jeff.demarrais@cognizant.com
|
India
Rashmi
Vasisht
rashmi.vasisht@cognizant.com
|
Americas / EMEA /
APJ
Christina
Schneider
christina.schneider@cognizant.com
|
Forward-Looking Statements
This press release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
the accuracy of which are necessarily subject to risks,
uncertainties and assumptions as to future events that may not
prove to be accurate. These statements include, but are not limited
to, express or implied forward-looking statements relating to the
effectiveness and results of our new [Synapse] initiative,
including our ability to build a consortium of partners for the
training program and the number of individuals we expect to reach
with each component of the initiative. These statements are neither
promises nor guarantees, but are subject to a variety of risks and
uncertainties, many of which are beyond our control, which could
cause actual results to differ materially from those contemplated
in these forward-looking statements. Existing and prospective
investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
Factors that could cause actual results to differ materially from
those expressed or implied include general economic conditions, the
competitive and rapidly changing nature of the markets we compete
in, the competitive marketplace for talent and its impact on
employee recruitment and retention, and the other factors discussed
in our most recent Annual Report on Form 10-K and other filings
with the Securities and Exchange Commission. Cognizant undertakes
no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as may be required under applicable securities
law.
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SOURCE Cognizant Technology Solutions