Economy, India, Tech

Slow economy: Cognizant defers hikes and promotions

As the business costs keep rising with a slow growth, Cognizant Technology Solutions (CTS) has pushed back promotions and salary hikes by three months. A top official of the software company informed its employees that any salary revisions and promotion will be done only after October 1 where the process is usually implemented by July.
The company has 2,61,200 employees across the world.

Cognizant’s chief people officer, Jim Lennox, in a note to the staff said employees up to the manager level would receive “a percentage increase in their basic pay like previous years, while people at senior manager and above level would get a “lump sum” amount. This apart, they will get performance-linked bonuses.

For those cognizant employees who are up to the level of the vice-president,  the new salaries would be effective from October 1. While some employees said a delay in appraisal clearly hints at tough times for the IT industry, another large chunk of mid-level employees also fears job losses on account of slow growth and technology disruption.

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