US-based IT major Cognizant is trimming its top-heavy pyramid but is not planning mass job cuts and has raised salaries for campus graduates in June 2020 from Rs 3.38 lakh per annum to Rs 4 lakh, said Cognizant’s global CFO.
It is noteworthy that this development comes at a time when the company has announced a “realignment program” under which the “management is currently evaluating various strategies, including additional employee separation programmes”.
Confirming the salary hike, a Cognizant spokesperson reportedly said the company already offers higher packages for employees who possess cutting-edge digital skills. “In line with that, we have decided to increase the compensation of entry-level engineering graduates, as digital technologies have become an integral part of engineering curricula in progressive institutions from where we recruit talent,” PTI reports.
According to placement officers, Cognizant usually hires about 15,000-20,000 freshers on an average every year. Entry-level annual salary for graduate engineers is currently around INR 3.30-3.60 lakh.
The Cognizant spokesperson, however, declined to comment on the number of job offers made at engineering campuses in India.