IT Firm Cognizant Technology Solutions has announced bonus payouts and promotions, and a salary hike for the year 2021 for its employees. According to a report, it was above the company’s level and substantially higher than in 2019. Cognizant salary hike percentage range was not disclosed.
Key Highlights of the Cognizant Promotion and Salary Hike 2021:
- IT Firm Cognizant Technology Solutions has announced bonus payouts and promotions for its employees.
- Bonuses are above the level of company performance and substantially higher than 2019
- A total of 1.6 lakh employees got a salary hike globally
- Cognizant promoted over 24,000 employees
- US-based IT company had 2,04,500 employees in India as of the end of 2020
- Cognizant is moving to a quarterly promotion cycle for billable employees at the Senior Associate level and below
Due to the Covid-19 pandemic, many large IT companies have a lower attrition rate; Cognizant struggles with a high iteration rate. Cognizant witnessed its quarterly annualised voluntary attrition from 10% to 16%, and quarterly annualised attrition up from 18% to 19%.
Recently Cognizant introduced $30 million funds to retain its high-performing employees and those who have Digital and latest Tech skills.
According to the sources, today’s announcement is one of the company’s actions to prevent the increased attrition for Cognizant employees.
In a statement, Cognizant India Chairman and Managing Director Rajesh Nambiar said, “In recognition of the professionalism, client-centricity, work ethic and perseverance of our employees globally in serving our clients during this protracted pandemic, we are rewarding bonuses. Bonuses are above the level of company performance and substantially higher than 2019, despite 2020 being an extraordinarily challenging year.”
Suggested Read:5 Reasons: Why Cognizant Executives are leaving
He added that the company awarded 1.6 lakh employees with merit increases globally and said Cognizant had promoted more than 24,000 employees.
“To reward our employees in a more timely manner for their hard work and high performance, we are moving to a quarterly promotion cycle for billable employees at the Senior Associate level and below, starting in Q2 2021,” Nambiar added.
“We continue to remain heavily focused on maintaining a competitive and appealing employee environment where every individual is inspired to achieve, driven to perform, and rewarded for their contributions. We aim for our employees to feel motivated, engaged, and empowered to do their best work through careers they find meaningful,” he said.
From October 1, 2020, the company began targeted merit-based increases and promotions based on skills, relative contributions and qualities needed to lead transformation and future growth.
The US-based IT company Cognizant has 289,500 employees, of which 204,500 were in India as of Year-End 2020.
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