After suspending promotions in March due to the pandemic, IT services major, Cognizant, has finally decided to roll out its promotions in a single cycle, starting October. In an email to its employees, the Company has announced the recommencement of its promotion cycle. However, this has come as a surprise as the Company had laid off more than 10,000 people during the April-June quarter, as part of its strategy to reduce costs and fund investments for growth.
Unlike in the past, when the Company used to give out promotions in two cycles — in March and October—this time, it will be different.
There will be just a single cycle of promotions covering all levels, shared the CEO of Cognizant, in the email. This implies that the number of promotions will probably be lesser than usual. “Skills, relative contribution, and qualities needed to lead transformation and future growth” will form the bases of these promotions, which will start on October 1.
The Company is looking forward to promoting and rewarding employees for their exceptional performance and successful delivery to clients. Employees with sustained high performance will also be rewarded.
The layoffs that happened in the April-June quarter were opposed by the Karnataka State IT/ITeS Employees Union (KITU).
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.