Chennai, March 5: Information technology company Cognizant has decided to reward top-performing employees with increased bonuses, salary hikes and promotions this year. Cognizant will spend up to 125 percent of the target bonuses - 30 percent more than the amount spent previous year - in 2021, a report said on Friday. Besides, there are hikes in salary and promotions. India Inc Likely To Provide Salary Hike of 7.7% in 2021, Indicates Strong Economic Recovery: Survey.

Around 1,60,000 employees of the company will get performance-based salary hikes. The quantum of salary hikes was not disclosed. The report also said Cognizant has promoted more than 24,000 employees across every level and plans to promote employees at the senior associate level and below quarterly to recognise high performers in a more timely manner. Cognizant Commits $250mn for Global CSR Initiatives.

"In recognition of the professionalism, client-centricity, work ethic and perseverance of our employees globally in serving our clients during this protracted pandemic, we are rewarding bonuses above the level of company performance and substantially higher than 2019, despite 2020 being an extraordinarily challenging year," Cognizant India CMD Rajesh Nambiar was quoted as saying.

"We continue to remain heavily focused on maintaining a competitive and appealing employee environment where every individual is inspired to achieve, driven to perform, and rewarded for their contributions. We aim for our employees to feel motivated, engaged, and empowered to do their best work through careers they find meaningful," he added.

Cognizant announced increased bonuses apparently to prevent employees from leaving the company. It reported voluntary attrition at 16% for the quarter ended December 2020, compared to 10% in the quarter ended September. However,  other IT majors such as TCS, Infosys, Wipro and HCL reported annualised voluntary attrition rates at 7.6%, 10%, 11% and 10.2% respectively.

(The above story first appeared on LatestLY on Mar 05, 2021 11:16 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).