Cognizant has announced salary hikes for its employees. This announcement follows the recent resignation of Rebecca Schmitt, chief people officer, Cognizant, who will be leaving on 5 May, 2023.
In an internal mail to employees, Ravi Kumar, CEO, Cognizant, mentioned that the majority of employees up to the associate director level will receive their 2023 merit pay e-Letters this week, as the company had advanced the merit increase to six months earlier in the year, following year-end performance reviews.
All the employees will get their third merit increase in 18 months. Additionally, the mail also stated that along with the merit increases received by eligible directors and above in January, Cognizant is awarding a merit increase to more than 3,00,000 associates this year.
The company did inform its employees last year about a two-merit cycle hike, of which the first hike was given in October 2022 and the second hike was scheduled for April 2023.
Many companies usually offer such salary hikes when they want to decrease attrition rates and as the attrition rates, which were previously high in the Indian IT industry, are now gradually stabilising, the hike comes a conformation to it.
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