In accordance with a report in Financial Occasions, Cognizant Expertise Options is claimed to have handed out annual wage hikes as little as 1% to a few of its workers.This comes because the US-based world expertise providers big rolled out increments after deferring them by 4 months. The hikes are as little as 1% and the best is claimed to be 5%, a minimum of two individuals conscious of the event instructed ET on the situation of anonymity.
Workers who obtained efficiency scores of three have been granted wage hikes starting from 1% to three%, whereas these with scores of 4 and 5 obtained hikes of 4% and 4.5-5% respectively. These figures characterize a big decline in comparison with the earlier 12 months’s hikes of 7-11%.
Cognizant has 70% headcount in India
The US-based firm has round 254,000 workers, or about 70% of its whole worker headcount, in India. Cognizant reported a discount in its whole headcount by 8,100 to 336,300 in the course of the quarter ended June. The worker depend was decrease by 9,300 from a 12 months in the past. In its second quarter ended June, Cognizant posted a 22.2% year-on-year (YoY) and three.6% sequential development in web revenue at $566 million. Its income got here in at $4.85 billion, marginally decrease by 0.7% on 12 months.
The corporate has guided for Q3 income to be within the vary of $4.89-4.96 billion, a minus 0.2% to +1.3% YoY or 0.0% and 1.5% YoY in fixed foreign money phrases.
Cognizant trolled for providing decade-low wage package deal
The controversy deepened as Cognizant introduced beginning salaries of Rs 2.52 lakh every year for freshers, a stage that some mentioned is two-decades regulation and goes again to beginning wage of 2002. This choice has sparked outrage on social media and raised considerations in regards to the firm’s future expertise acquisition technique. Cognizant, in its job posting, mentioned that the Rs 2.5-lakh package deal is for candidates graduating within the 2024 batch with any 3-year full-time diploma programme who’re eligible to use.
