AFTER LAYING OFF EMPLOYEES, COGNIZANT MAKES BIG CHANGES IN PROMOTION CYCLE- REPORT!  

Weeks after removing more than 10,000 employees, IT services major Cognizant is all set to resume its 'new' promotions cycle which begins in October, 2020. 

Giving a major change in the promotion cycle, the company in an email to the employees said that they will be going forward with promotions that would be a single-cycle process. 

“The process will begin on October 1 and (will) look different than in the past years. Promotions would be streamlined into a single cycle for all levels to drive efficiency,” Becky Schmitt, chief people officer, said in an email. 

As per company records, Cognizant gives promotions in two cycles, March and October but due to the COVID-19 pandemic, the IT major had suspended promotions in the March cycle, said an employee.

As per an emailed response to Moneycontrol, the company spokesperson said, “The process will begin on October 1 and will be based on skills, relative contribution and qualities needed to lead transformation and future growth.” 

“In a challenging year, we are grateful for all that our employees have been doing to deliver for our clients, our company and one another. We are proud to be able to initiate promotions and reward exceptional talent through merit increases in 2020,” the spokesperson added.

Meanwhile, the employees with sustained high performance would be rewarded accordingly, the mail added. Also, it is not clear how many promotions are planned, Money Control further reported. 

Looking into the June quarter, the company’s total headcount fell by 10,500. The company’s net profit also went down by 29 percent at $361 million after the pandemic and ransomware attack that hit revenue generation. 

So far, there are about 200,000 of its 280,000 employees who are based out of India. Recently, Cognizant which is based in New Jersey, reported a 3.4 percent decline in revenues to $4 billion for the second quarter that ended in June 30, 2020.