Cognizant salary: Cognizant defers annual hikes to employees

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Global IT services giant Cognizant Technology Solutions has deferred its annual salary hikes this year by four months. It now plans to roll them out to eligible employees from August 1, two people confirmed to ET.

Last year, the Nasdaq-listed firm had given hikes to employees in April1.

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Confirming the development, Cognizant said, “We are committed to recognizing the hard work and dedication of our associates through annual merit increases and bonuses. As part of this commitment, the merit increases for eligible associates will be awarded this year on August 1.”

On emailed queries, the IT major further said that the majority of its associates have seen four merit increases within three years, with the last cycle being April 1, 2023.

“The company has also just rewarded annual bonuses to eligible associates globally. This continuity underscores our dedication to consistently acknowledge the contributions of our talented associates,” it added.

In February, Cognizant also started calling its India employees to work from office three times in a week.

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The Teaneck-headquartered company has over 347,700 employees globally, of which around 254,000 are based in India.The hike delay comes at a time when the software services exporters and technology firms are witnessing subdued demand with clients tightening their budgets due to uncertain and strained macroeconomic situation.

For the fourth quarter of FY23 ending December, Cognizant’s revenue declined 1.7% year-on-year (YoY) to $4.76 billion, a likely eight-quarter low, owing to continued weakness in demand.

It’s profit, however, rose 7% YoY to $558 million.

For the full year 2023, Cognizant posted a 0.4% YoY decline in revenue to $19.4 billion. In constant currency terms, it was 0.3% lower.

In FY24, the first quarter revenue is expected to be $4.68 – $4.76 billion, a decline of 2.7% to 1.2%, or a decline of 3.0% to 1.5% in constant currency, Cognizant said.



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Cognizant salary: Cognizant defers annual hikes to employees


Global IT services giant Cognizant Technology Solutions has deferred its annual salary hikes this year by four months. It now plans to roll them out to eligible employees from August 1, two people confirmed to ET.

Last year, the Nasdaq-listed firm had given hikes to employees in April1.

Elevate Your Tech Prowess with High-Value Skill Courses

Offering College Course Website
Indian School of Business ISB Product Management Visit
IIM Kozhikode IIMK Advanced Data Science For Managers Visit
IIT Delhi IITD Certificate Programme in Data Science & Machine Learning Visit

Confirming the development, Cognizant said, “We are committed to recognizing the hard work and dedication of our associates through annual merit increases and bonuses. As part of this commitment, the merit increases for eligible associates will be awarded this year on August 1.”

On emailed queries, the IT major further said that the majority of its associates have seen four merit increases within three years, with the last cycle being April 1, 2023.

“The company has also just rewarded annual bonuses to eligible associates globally. This continuity underscores our dedication to consistently acknowledge the contributions of our talented associates,” it added.

In February, Cognizant also started calling its India employees to work from office three times in a week.

Discover the stories of your interest


The Teaneck-headquartered company has over 347,700 employees globally, of which around 254,000 are based in India.The hike delay comes at a time when the software services exporters and technology firms are witnessing subdued demand with clients tightening their budgets due to uncertain and strained macroeconomic situation.

For the fourth quarter of FY23 ending December, Cognizant’s revenue declined 1.7% year-on-year (YoY) to $4.76 billion, a likely eight-quarter low, owing to continued weakness in demand.

It’s profit, however, rose 7% YoY to $558 million.

For the full year 2023, Cognizant posted a 0.4% YoY decline in revenue to $19.4 billion. In constant currency terms, it was 0.3% lower.

In FY24, the first quarter revenue is expected to be $4.68 – $4.76 billion, a decline of 2.7% to 1.2%, or a decline of 3.0% to 1.5% in constant currency, Cognizant said.



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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