Much awareness employees will get a third raise in 18 months, according to an internal note issued by the company’s CEO S Ravi Kumar. He said in an internal note sent to employees, more than 30,000 associates globally will receive a raise by 2023.
At the end of Q4, Cognizant Technology Solutions had 355,300 employees — an increase of 5,900 compared to Q3 2022 and an increase of 24,700 compared to Q4 2021.
When it announced its annual financial results in February, the company said it was running two bonus cycles over a six-month period for most of its affiliates. this is a happened once to ‘uplift’ its employees.
The company did not disclose the number of recipients of the third commendation bonus nor the total cost of the reward increase.
The latest performance boost is seen as a measure to stave off attrition as the information technology industry is facing headwinds due to global macroeconomic issues.
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“Most of you at the level up to Vice President will receive your 2023 Performance Pay Email. Please note that we increased this performance increase to six months earlier in the year, following year-end performance reviews. This means that many of you are seeing your merit increase for the third time in 18 months,” the note said.
Your Bonus is an essential part of your Total Rewards, along with the benefits, welfare resources, learning opportunities and other supports we provide to help you and your family thrive. develop. That’s why our company has worked hard to be more consistent, reliable and competitive in the compensation we offer for the value you bring to your customers, at the same time. our business and our community,” he said.
Quarterly annual employee attrition for Cognizant Technology Solutions declined in the three months ended December 2022 to 19% from 29% in Q3 2022 and 31% in Q4 2021. This attrition fell for the company for the quarter in a row.