Cognizant has revealed plans to provide merit-based increments to employees, as its revenues have exceeded expectations in the third quarter. The bonuses will, therefore, be higher than last year.
Its third-quarter revenue was $4.2 billion, including a 250 basis points contribution from acquisitions. While there was a dip in its financial services vertical by 2.2 per cent, its healthcare vertical showed growth of 4.2 per cent. The latter’s growth was the fastest witnessed by the Company in the previous few quarters. Healthcare is responsible for about 30 per cent of the Company’s overall revenue.
This growth was led by the Life Sciences unit and included the contribution of its acquisition, Zenith, in that sector.
The US-based software company, which has a significant offshore presence in India, announced merit-based hikes and promotions based on skills, relative contribution and qualities required to ensure transformation and future growth.
Brian Humphries, CEO, Cognizant has revealed that the bonuses will be hire than in 2019.
Cognizant’s net employee addition increased to 283,100 at the end of the September, compared to 281,200 by June end, indicating an increase of 1,900.
Cognizant is the second IT company after Tata Consultancy Services Ltd (TCS) to employ more than 2 lakh staff in India. It has a global strength of nearly 2.9 lakh, most of whom are based in its Chennai offices.