The US-based tech giant Cognizant that provides information technology and outsourcing services came up with a piece of good news for the employees by announcing over 24,000 promotions.
Along with the promotions, these employees will also be receiving bonuses from the tech giant. Cognizant's move is termed as company stem attrition by business analysts.
Cognizant India Chairman and Managing Director Rajesh Nambiar called the move a recognition of the professionalism and work ethic of the company's employees during the tough period of the pandemic.
Despite going through a challenging year in 2020 with the pandemic outbreak, we have announced the promotions and bonuses. These promotions are substantially higher than 2019, he said.
We(Company) are also offering merit increases for nearly 1,60,000 employees globally and more than 24,000 employees from various levels were promoted, the Indian chief maintained.
Starting with Q2, next year, the company aims at providing a promotion cycle for the billable employees at the Senior Associate level and below on a timely basis on the grounds of their hard work. He added.
Nambiar went on to say that the company is focused to maintain an environment that is competitive and appealing to the employees that inspires everyone to achieve and drive towards performance.
More than 2.9 lakh employees are working with the company in India making it one of the major employers of Indian professionals. Cognizant recorded a 4,184 Million dollar profit at the end of the December 2020 quarter.