CHENNAI: Cognizant, in a bid to retain top talent and to celebrate good quarterly results which beat its own guidance and street expectations, will reward its top dogs with out-of-turn promotions and bonuses in November.
This is over and above the appraisal-based hikes that were paid in July. During the June quarter, Cognizant added $141 million in revenues, its second highest in history and also improved the guidance for the year from 17% to 19%. This is in sharp contrast to last year when the results weren't so good and the company had downgraded its guidance.
"We believe in sharing success with you. In keeping with this philosophy, we are announcing a series of people programmes — which we refer to as "Fully Cognizant" — that will be rolled out over the coming weeks and months," Gordon Coburn, president, wrote in a mail to Cognizant staffers.
The special bonus will also be paid to all employees up to senior associate level who were with the company last year. The bonus will be paid at the end of August.
In addition, out-of-turn promotions, to be effected in November, have been lined up for positions up to senior associates. This promotion cycle will be in addition to the one implemented in July and will be restricted to the top performers . Company officials clarified that promotions will be doled out to those employees who are appraised as 'exceed expectations' .
On the cards are an expansion of its stock equity programme with grants to managers and associate directors with an EA (exceeded all expectations ) rating in the latest appraisal cycle.