Cognizant Defers Salary Hikes For Its Employees By A Quarter To August
Cognizant has delayed salary increments for eligible employees to August 1, a delay of around four months compared to the previous year.
"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 Aug 1", the Nasdaq-listed firm said in a email statement to NDTV Profit.
In addition, it 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," Cognizant said.
"This continuity underscores our dedication to consistently acknowledge the contributions of our talented associates," it added.
The New Jersey-headquartered software services company has nearly 3.47 lakh employees worldwide, of which around 2.54 lakh are based in India.
The delay in the hike comes against the backdrop of uncertain global macroeconomic conditions, leading to clients of software services exporters and technology firms pulling back on their spending.
Cognizant's fourth-quarter revenue fell by 1.7% to $4.76 billion year-on-year, while its full-year revenue declined 0.3% in constant currency.
The company reported a 7% increase in the net profit to $558 million for the October - December quarter.
Further, the company has given a negative revenue guidance of 2.7% to 1.2% for the first quarter of 2024. Full-year 2024 revenue is expected to see a decline of 1.8% to a growth of 2.2%.
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