Cognizant rolls out hike to over 3 lakh employees
In January this year, Ravi Kumar was appointed as CEO. He had said that his immediate focus is on creating the conditions for the company's associates to excel.
Published: 19th April 2023 01:27 PM | Last Updated: 19th April 2023 03:20 PM | A+A A-
Cognizant CEO S Ravi Kumar (Photo | Twitter)
BENGALURU: Nasdaq-listed IT services company Cognizant is awarding over 3 lakh employees a merit increase this year. With this hike, many of the employees will be seeing their third merit increase in just 18 months.
In an email to employees, which was seen by TNIE, Cognizant CEO S Ravi Kumar said, "This week, the vast majority of you who are in levels up to Associate Director will receive your 2023 merit pay eLetters. Keep in mind that we advanced the merit increase to be six months earlier in the year, following year-end performance reviews. This means many of you are seeing your third merit increase in 18 months."
He also said that combined with the merit increases eligible directors and above received in January, Cognizant is awarding more than 3 lakh associates a merit increase this year.
"Over the past couple of years we've invested significantly more in compensation than we have in recent history because of how valuable you, our associates, are to Cognizant's success," he added.
Cognizant, which follows the calendar year, in Q4, added 5,900 employees. Voluntary attrition, on a trailing twelve-month basis, declined to 26% from 28% in Q4 2021.
The company also expects its first-quarter revenue to be USD 4.71-USD 4.76 billion, a decline of 1.5% to 2.5%, or a decline of 1.0% to flat in constant currency.
In January this year, Ravi Kumar was appointed as CEO. He had said that his immediate focus is on creating the conditions for the company's associates to excel and ensuring that all 355,000 operate with a growth mindset.
In the December quarter, the company reported a 1.3% increase in its revenues at USD 4.83 billion compared to USD 4.77 billion in the year-ago period.
