Cognizant starts promotions this week for associates
According to a moneycontrol report, Cognizant will start rolling out promotions for employees this week effective October 1, 2020. The promotions announced are for employees up to the associate level. Promotions for senior employees will be announced in January-March 2021 quarter, the company said in an email to employees.
Earlier in the last week of October, Cognizant said that it has begun targeted merit-based salary increments and promotions from October 1, 2020, and the hikes and promotions model is based on skills, relative contribution, and qualities needed to lead transformation and future growth.
In an email to employees, Becky Schmitt, Chief People Officer, Cognizant, said, “I’m very pleased to share that we are awarding promotions this week for associates moving up to Programmer Analyst through the Associate level, all effective October 1.”
Becky added in her e-mail to employees, “promotions into Senior Associate to Vice President level roles will be announced in Q1 2021, effective January 1, 2021, and the promoted associates will be notified by their managers.”
The first set of employees getting promotions now typically have few years of experience. For instance, an associate could have anywhere between 3-7 years of experience, pointed out an employee. A senior associate and above have significant experience in the field and have more responsibilities. These promotions are merit-based and bonuses are likely to be higher than that of 2019.
The company is joining its peers such as TCS, Infosys, and Wipro, as IT services firms see a pickup in demand with more clients adopting digital and migrating to the cloud. Cognizant employs about 2.8 lakh employees, a majority of them based in India.
After reducing salaries owing to the pandemic, various companies are now bringing remunerations back to normal. Over the last four weeks, several technology bellwether firms like TCS, Infosys, Wipro, HCL, Tech Mahindra and Mindtree, etc have announced their plans to give out salary increments and bonuses.
Cognizant Technology Solutions Corp. (NASDAQ: CTSH) reported third-quarter revenue fell 0.7% on a constant currency basis. Net income at the Teaneck, New Jersey-based IT services firm declined 30.0%.