It was the best of times; it was the
worst of times. While many of us may have cribbed about the pay
cuts with appraisals
and promotion put on hold in the last one year, it now appears that
things are soon going to change and for the better.
And Cognizant has taken the lead by announcing the first round of
promotions an unbelievable 15,000 associates globally who are below
the manager level. In addition, the company also paid out about 200%
bonus in March.
Shankar Srinivasan, Chief People Officer, Cognizant India says while
promotions in Cognizant have always been consistent with our philosophy
of recognizing the contribution of our associates towards our growth,
our industry-leading growth over the past year has enabled promotion
and career growth opportunities to a record number of employees this
year. These promotions will be effective from May onwards.
The first round of promotions has come in the wake of increase in
revenues. In the quarter ended March 31, 2010, Cognizants revenue was
$960 million, a sequential increase of 6.3% and 29% on the year. The
company also raised its 2010 revenue guidance to at least $4.1 billion,
up at least 25% compared to 2009.
As if this wasnt enough, there is more good news in store. Cognizant
will soon be announcing the second wave of promotions for associates
above the managerial levels. We are slated to promote those at Manager
and above levels effective July for which the numbers are being worked
out, adds Srnivasan. According to a report in Economic Times, a
sizeable chunk of the employees in that level are also likely to see
themselves redesignated to a higher level. These employees would
receive a fair chunk of pay
hikes as well.
Cognizant currently has around 78,400 employees. By promoting around
15000 associates globally, Cognizant has become the only IT company in
India to announce the largest number of promotion in one single
go. Last month, Infosys had announced promotions for 7,500
While the company declined to disclose their hiring guidance,
Srinivasan added that in the last 12 months from April 2009 to March
2010, Cognizant has added 21,800 professionals to the global
headcounttaking the global headcount from 63,700 end of March 2009 to
85,500 end of March 2010. Incidentally during this period, we saw the
highest headcount addition in the last twelve months among the top-tier
players from India, he highlights.
Unlike other companies of its ilk, Cognizant saw the economic slowdown
as an opportunity to attract as much good talent. In order to achieve
the end, we invested in people to gain an unfair share from the talent
marketplace, as evidenced in the strong hiring through much of
2009, Srinivasan signs off.