Cognizant, the multinational IT services provider has not only started quarterly promotions for its junior staff but has also launched digital skill compensation programmes to control attrition. Other measures, such as business restructuring have also been planned.
The Company, with its headquarters in New Jersey has been witnessing more than 20 per cent attrition for the last three quarters. This high attrition level may have resulted from the cost-saving measures that had been introduced. In the process, the Company lost some of its good workers.
Cognizant has now decided to introduce measures targeted at employees who are likely to leave, starting with quarterly promotions. Realising that the junior staff members are the ones who are in a hurry to move up in their careers, the Company has launched digital compensation programmes too, aimed at encouraging staff members to acquire and build on skills that are in demand in the market, making them more eligible for being deployed with clients and being in a better position to procure more business.
Workplace flexibility along with facilities to take time off work, healthcare and other benefits have also been introduced to engage the employees.
Almost seven out of 10 employees of Cognizant work offshore, in locations, such as India. In trying to please investors seeking higher margins, Cognizant had offered a voluntary retirement scheme to more than 400 of its senior executives in 2017. Another 200 were laid off in 2018.