After the gloomy times of pandemic, it seems that we have finally reached the time of year when IT employees are finally awarded for their hard work for the year.
Cognizant Offered Bonuses And Promotions
Following the same tune, the IT service provider, Cognizant said at the start of this month that it is going to offer bonuses to its employees which are “substantially higher than 2019”.
In addition to that the IT giant is also talking about promoting more than 24,000 employees across levels.
Stemming Attrition Rate
This move would definitely help the company in stemming the attrition rate, according to the sources.
In addition to that Cognizant is also moving to a quarterly promotion cycle for billable employees at the senior associate level and below, starting in the June quarter of 2021.
While talking on the subject, 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 above the level of company performance and substantially higher than 2019, despite 2020 being an extraordinarily challenging year,”.
Further, he mentioned that the company is offering about 1,60,000 employees with merit increases globally.
Along with it has promoted more than 24,000 employees across every level.
Currently, Cognizant has over two lakh of its 2.9 lakh employees based in India.
The company had a headcount of 2,89,500 by the end of the December 2020 quarter, with total attrition at 19 per cent and voluntary attrition at 16 per cent.
What About Other IT Firms?
Apart from Cognizant, Accenture also has announced a one-time bonus last week.
It will be equal to one week’s base salary for all employees, globally, below the level of the managing director.
According to Accenture, this bonus recognizes the exceptional contributions and dedication of all its employees towards its clients during this challenging year.
Similarly, the consulting firm PwC India had also announced a similar one-time bonus for all its employees in India at the start of this month.
For PwC employees, the bonus would be equal to two weeks’ pay for its 15,000 employees.
How can India’s biggest IT major, Tata Consultancy Services (TCS) be behind in this race.
Since it has already announced a second salary hike on Friday, 19 March.
This is within six months, effective from the month of April this year covering more than 469,000 employees.
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