Cognizant promotes 24,000 employees globally; rolls out wage hikes for 1.6 lakh employees

US-based IT major Cognizant has promoted 24,000 employees globally and rolled out wage hikes based on performance for 1.6 lakh employees, Rajesh Nambiar, Chairman and Managing Director, Cognizant India said.

To reward employees in a more timely manner for their hard work and high performance, the company was moving to a quarterly promotion cycle for billable employees at the senior associate level and below from the second quarter of calendar year 2021, he added.

In addition, the company also paid the bonus to its employees in 2020 higher than that of last year despite the challenging year.

This comes even as the company's attrition is high. Its attrition for the December quarter stood at 19 percent for the company, whereas some of its Indian peers reported low attrition rate during the period.

The company has also reportedly put up $30 million for employee retention. The company expects the growth momentum to continue in 2021 and has robust hiring plans.