Buoyed by stellar earnings in the September quarter, IT firm Cognizant on Wednesday said it will offer promotions for its employees at all levels up to managers.
“Given our strong performance, we believe this is the right thing (promotions) to do for our employees to enable continued rapid career growth,” a Cognizant spokesperson told PTI.
Cognizant has over 1.66 lakh employees with about 75 per cent of them based in the country. The company has already undergone a round of promotions in July.
Earlier this year, Cognizant had announced a series of people programmes called ‘Fully Cognizant’.
“One of those programmes is a November promotion cycle for this year for all levels up to managers,” he added.
However, details about promotions or wage hikes is not disclosed yet.
The US-based firm beat market expectations with 15.4 per cent jump in the net profit at $ 319.6 million, while revenues soared 21.9 per cent to $ 2.31 billion for the quarter to September.
Cognizant attributed the performance to growth in Europe, rising demand for outsourcing services and uptick in discretionary spend on consulting and technology services.
Under the ‘Fully Cognizant’ initiative, Cognizant has already given a ‘thank you’ bonus for certain levels of employees at the end of August.
The bonus was above and beyond its annual performance bonus programme, which remains unchanged, he said.
“At Cognizant, we have always believed in sharing the rewards of our success with our employees. We realise that each one of them has been working hard to continuously raise the bar of performance across all aspects of our business,” the spokesperson said.