IT services company Cognizant is offering bonuses 'substantially higher than 2019' and has promoted more than 24,000 employees across levels. Cognizant aims to reduce attrition with this step.
The IT services major also aims to move towards a quarterly promotion cycle for billable employees working at the senior associate level and below from June quarter of 2021 to reward them for "their hard work and high performance". The company will also offer bonuses to around 1,60,000 employees worldwide.
"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," Cognizant India Chairman and Managing Director Rajesh Nambiar told PTI.
The US-headquartered multinational company employs over 2.9 lakh people in India. At the end of Q3 of 2020, the company had a total headcount of 2,89,500. Its total attrition stood at 19 per cent and voluntary attrition at 16 per cent. "We aim for our employees to feel motivated, engaged, and empowered to do their best work through careers they find meaningful," Nambiar said while talking about the company's priority to ensure a competitive and appealing employee environment.
Meanwhile, the IT services behemoth recorded revenues worth $4,184 million in the fourth quarter ending December 31, which is down -3 per cent year-on-year in constant currency terms.