Cognizant, a major provider of IT services, has chosen to raise salaries for its staff once more despite increasing layoffs. According to sources, this will be the third pay increase the staff have received in the last 18 months. According to the Economic Times, it is a part of the “two-merit cycles” in a year, a one-time action announced by the corporation in November 2022 to stop the company’s escalating attrition.
In-depth details about this IT company is raising the bar for others with its third salary increase in 18 months
Most of you who are at levels up to Associate Director will get their 2023 merit pay eLetters this week. Remember that after year-end performance assessments, we moved this merit increase to be six months earlier in the year. As a result, many of you will be receiving your third merit rise in 18 months’, CEO S Ravikumar wrote in an internal email to the staff of the business.
The CEO also claimed that Cognizant is giving merit raises to more than 300,000 colleagues this year, in addition to the raises given in January to qualifying directors and above. With effect starting in October 2022, the first cycle was granted.
High achievers should anticipate pay increases of 12–15% in FY24, according to Milind Lakkad, TCS’s chief human resources officer, who had confirmed this in an interview with ET Now.According to the official, raise percentages for others range from 1.5 to 8.
We’ll be giving comparable climbs this year as we have in the past. “We are primarily trying to get them to a 12–15% hike, especially for high performers,” Milind Lakkad said, adding, “Then there is 8, 5, 1.5– it’s that kind of a number which is coming up,” for the others.