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Cognizant's 1% salary hike, delayed by four months, has sparked widespread discontent among employees, especially after offering freshers just ₹2.52 lakh annually. Despite 22.2% profit increase, this move is expected to drive higher attrition rates.

Cognizant’s 1% Salary Hike Sparks Outrage

Cognizant's 1% salary hike, delayed by four months, has sparked widespread discontent among employees, especially after offering freshers just ₹2.52 lakh annually. Despite a 22.2% profit increase, this move is expected to drive higher attrition rates.

Shockwaves are rippling through the IT industry as Cognizant, one of the sector's giants, has handed out annual salary hikes as low as 1%&mdash;and that too after a four-month delay.
As per the report by Economic Times, This move has ignited widespread discontent among employees, who argue that these meager increments are disproportionate to their hard work and contributions.
Cognizant was already under fire for offering freshers an annual salary of just 2.52 lakh rupees, a decadal low. Now, with these paltry hikes, the Nasdaq-listed company finds itself at the center of yet another controversy.
Despite reporting a 22.2% year-on-year increase in profit for its June quarter, the New Jersey-based company, which employs 2.5 lakh people in India, justified the minimal hikes by citing economic challenges. However, this decision is likely to fuel attrition rates as employees seek better opportunities elsewhere.
As Cognizant&rsquo;s move raises alarms, the entire industry is watching closely. Stay tuned for more updates on this unfolding story
Don't forget to like, share, and subscribe for the latest in business news.

Cognizant has mandated employees to work from office for three days a week and has warned&nbsp; that they could be fired for defying the diktat of returning to office even after repeated reminders

Cognizant gets strict about return to office mandate, warns employees of being fired for defying rule

Cognizant has mandated employees to work from office for three days a week and has warned  that they could be fired for defying the diktat of returning to office even after repeated reminders

<h2>Cognizant has mandated employees to work from office for three days a week and has warned&nbsp; that they could be fired for defying the diktat of returning to office even after repeated reminders</h2>

IT giant Cognizant has warned its employees that they could be fired for defying the diktat of returning to office even after repeated reminders, reported Mint. As per the report, Cognizant in a April 15 letter to the employees asked those who have not returned to office despite warnings to refer to earlier communications from business leaders on in-office expectations.
"Please note that failure to adhere to the directions will amount to serious misconduct as per company policies and accordingly appropriate disciplinary action will be initiated against you which may lead up to termination," said the letter to an employee as viewed by Moneycontrol
<h3>Work from office diktat</h3>
Cognizant in February asked its employees in India to work from office for three days a week. As per Reuters in a memo in February Cognizant CEO Ravi Kumar S said all India associates are "expected to be in the office an average of three days per week, or as defined by their team leader".
As per Cognizant's annual report, around 2,54,000 of Cognizant's 347,700 employees are based in India, making up the company's largest employee base. Other Indian IT giants including TCS, Infosys and Wipro also mandated employees to return to the office in 2023. TCS had also laid down a five-days a week schedule.
Also Watch: <a href="https://www.editorji.com/business-news/infosys-mandates-10-days-work-from-office-for-select-employees-starting-november-20-1698841120403">Infosys mandates 10 days work from office for select employees starting November 20</a>

Amidst a landscape of organizational shake-ups and operational challenges, Cognizant's CEO, Ravi Kumar Singisetti, stands out as the highest-paid Indian executive in the IT sector, raking in ₹186 crore annually

Cognizant CEO tops Indian IT executives with ₹186 crore salary

Amidst a landscape of organizational shake-ups and operational challenges, Cognizant's CEO, Ravi Kumar Singisetti, stands out as the highest-paid Indian executive in the IT sector, raking in ₹186 crore annually

Cognizant Technology&rsquo;s CEO Ravi Kumar Singisetti secured a hefty $22.56 million, roughly ₹186 crore, in compensation last year, securing his position as the top-paid Indian executive in the tech services domain.
Taking the reins in January 2023 following his predecessor&rsquo;s dismissal, Kumar&rsquo;s compensation skyrocketed, largely due to a substantial one-time stock reward. His 2023 earnings dwarfed his forerunner&rsquo;s, Brian Humphries, who garnered $17.9 million the prior year.
Cognizant&rsquo;s filing with Nasdaq delineated the makeup of Kumar&rsquo;s compensation, spotlighting performance stock units (PSUs) and restricted stock units (RSUs). The PSUs boasted a target value of $3,000,000, with potential payouts ranging from 0% to 250% based on the company&rsquo;s stock performance over four years. Additionally, Kumar received RSUs valued at $5,000,000, a buyout to supplant forfeited equity from his previous employer.
In juxtaposition to revenue, Kumar&rsquo;s compensation represented 0.11% of Cognizant&rsquo;s $19.35 billion earnings, trumping his counterparts in the Indian IT sector. Wipro&rsquo;s former CEO Thierry Delaporte, for instance, received $10.1 million, equating to 0.089% of the company&rsquo;s revenue.
Accenture, a behemoth in comparison, disbursed $31.55 million to its chair and CEO Julie Sweet, comprising 0.049% of its $64.1 billion revenue.
However, Kumar&rsquo;s windfall arrives amid Cognizant&rsquo;s struggle to maintain stride with rivals. Despite a marginal revenue dip from $19.43 billion to $19.35 billion, the firm&rsquo;s operating margin diminished from 15.3% to 13.9%. To buoy profitability, Cognizant shed 3,500 jobs, constituting 1% of its workforce. As a result, its global headcount dipped to 3,47,700, with declines notable in India, the US, and Europe.
The substantial compensation bestowed upon Kumar underscores prevalent trends in CEO remuneration across the IT spectrum, wherein stock awards significantly elevate total earnings vis-&agrave;-vis employee medians. While such payouts are commonplace, they occur amidst a backdrop of operational challenges and organizational restructuring.

Cognizant has revealed plans to address the challenges faced by the industry, particularly as the US represents the bulk of its revenue

Cognizant to lay off 3,500 employees to save costs

Cognizant has revealed plans to address the challenges faced by the industry, particularly as the US represents the bulk of its revenue

In response to the projected revenue decline in 2023, US-based software exporter Cognizant has announced that it will be laying off 3,500 employees and also reduce office space.&nbsp;
The company has also estimated that its revenues are expected to decline in 2023 as a result of the current distress in the industry and economic downturn as the majority of its revenues come from the US.
These were among the measures unveiled by newly appointed CEO Ravi Kumar S, who faces an uphill task in reviving the Nasdaq-listed IT major, which competes with the likes of Accenture, TCS and Infosys. While the company is listed in the US, a majority of its operations are based in India. Cognizant has issued revenue projections of $19.2 - $19.6 billion for the entire year, resulting in a -1.2% to 0.8% decrease in reported terms or -1% to 1% growth in constant currency. In the second quarter, the company anticipates a revenue range of $4.83 - $4.88 billion, indicating a -1.6% to -0.6% decline or a decline of 1% to flat in constant currency.

Cognizant Tech as per reports has seen a 40% drop in profit and a 5% decline in revenue in FY'21 as per reports quoting Tofler&nbsp;as a data source.&nbsp;The Nasdaq-listed, New Jersey-based information technology services firm also revised its financial year guidance to 10.2 per cent to 11.2 per cent.&nbsp;Attrition has been a big problem for the tech firm.&nbsp;Quarterly attrition rose to 31 per cent in the quarter ended June 30, and the firm said it is looking to hire 100,000 lateral hires, along with thousands of people at the graduate level this year.
US headquartered Cognizant has a significant presence in India with about 2 lakh employees.
&nbsp;

Cognizant India's profit falls 40%, cuts guidance: reports

Cognizant filings spark concerns, tech firm cuts guidance even as profit drops 40%

Profit after tax fell 40 per cent to Rs 3,265 crore during the fiscal year

Cognizant Tech as per reports has seen a 40% drop in profit and a 5% decline in revenue in FY'21 as per reports quoting Tofler&nbsp;as a data source.&nbsp;The Nasdaq-listed, New Jersey-based information technology services firm also revised its financial year guidance to 10.2 per cent to 11.2 per cent.&nbsp; Attrition has been a big problem for the tech firm.&nbsp;Quarterly attrition rose to 31 per cent in the quarter ended June 30, and the firm said it is looking to hire 100,000 lateral hires, along with thousands of people at the graduate level this year.
US headquartered Cognizant has a significant presence in India with about 2 lakh employees.
&nbsp;

Tech Giant Cognizant is facing heat in the United States as case has been filed under False Claims Act (FCA) alleging that that Cognizant might have underpaid for visa costs for its foreign employees. Cognizant that was hoping to get the suit dismissed faced a setback when the a district judge in New Jersey not only refused to dismiss the case but observed the misuse of the cheaper visas by the company.&nbsp;
As per ET the judge while refusing to dismiss the case stated in the order that &ldquo;By paying for L-1 and B-1 visas but directing its employees to perform work that required the more expensive&nbsp;H-1B visa, Cognizant decreased&mdash;and made false statements material to&mdash;its obligation to pay money to the government.&rdquo;The claim against Cognizant is that it allegedly&nbsp;sends&nbsp;workers to the United States using business or intra-company visas, instead of through the more expensive and harder to get H-1B work permits.

Did tech giant Cognizant skirt the law on H1-B visas? Company faces lawsuit in US

Did tech giant Cognizant skirt the law around H1-B visas in the United States? Find out why the company is facing a lawsuit under the false claims act&nbsp;

Cognizant faces visa fraud claims

Allegedly Cognizan&nbsp;misuses business visas for work that required employees to get the more expensive and harder to get H-1B work permits.

Tech Giant Cognizant is facing heat in the United States as case has been filed under False Claims Act (FCA) alleging that that Cognizant might have underpaid for visa costs for its foreign employees. Cognizant that was hoping to get the suit dismissed faced a setback when the a district judge in New Jersey not only refused to dismiss the case but observed the misuse of the cheaper visas by the company.&nbsp;
As per ET the judge while refusing to dismiss the case stated in the order that &ldquo;By paying for L-1 and B-1 visas but directing its employees to perform work that required the more expensive&nbsp;H-1B visa, Cognizant decreased&mdash;and made false statements material to&mdash;its obligation to pay money to the government.&rdquo; The claim against Cognizant is that it allegedly&nbsp;sends&nbsp;workers to the United States using business or intra-company visas, instead of through the more expensive and harder to get H-1B work permits.

cognizant

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