Cognizant will reward its staff for their “professionalism, perseverance and client-centricity,” by giving out bonuses, promotions and merit-based increments, despite the challenges posed by the pandemic in 2020.
These bonuses are higher than then those given out in 2019 and much beyond the Company performance.
About 1,60,000 employees will receive merit increases across its global offices, and over 24,000 employees will receive promotions across levels.
The move is part of its efforts to check attrition, which witnessed 3,000 people leaving the Company in 2020.
The Company plans to reward its hardworking staff in a regular and more timely fashion, and therefore, has decided to move to a quarterly promotions cycle.
The US-based IT major has more than two lakh of its 2.9 lakh-strong global workforce based in India, that is about 75 per cent of its global workforce. At the end of December 2020, the Company had 2,89,500 employees and its total attrition stood at 19 per cent and voluntary attrition at 16 per cent.
The Company anticipates a continuation of the growth momentum this year and is working on hiring plans. It has already hired new new people in the first quarter and is trying to hire more in line with its growth plans for 2021 and the future.
Cognizant is committed to providing its staff an appealing and competitive work environment, which will inspire them to perform well and hence, increase productivity.