Rolls out third hike in 18 months. This is what CEO Ravi Kumar wrote in an internal note to employees.
While tech giants are going for layoffs globally, Nasdaq-listed Cognizant Technology Solutions is awarding more than 300,000 associates a merit increase this year.
In an internal note, CEO Ravi Kumar wrote, “This week, the vast majority of you who are at levels up to Associate Director will receive your 2023 merit pay eLetters. Keep in mind that we advanced this merit increase to six months earlier in the year, following year-end performance reviews. This means many of you are seeing your third merit increase in 18 months.”
ET Insights saw the copy of the email.
While the company is rewarding its employees for their hard work, it also wants to arrest attrition and attract the best talent.
The note from Kumar stated, “The Board, executive leadership team, and I are committed to helping Cognizant be the employer of choice in our industry. We will put everything we have into making this happen. Doing so begins with providing continuous training, upskilling, and professional development and ensuring that we have a warm and welcoming, diverse and inclusive organization that is the best place to build a rewarding career.”
Cognizant has been expanding Learning and Development Programs to upskill talent in future-ready digital capabilities and build a diverse talent pipeline. Over the last 18 months, it has trained over 150,000 associates in digital skills such as Cloud, AI, ML, IoT, analytics, and automation.
India’s largest IT firm, Tata Consultancy Services Ltd (TCS), recently announced that the top-performing employees at the firm will get a 12-15% salary hike.