Cognizant announces senior-level promotions

Cognizant announces senior-level promotions

 IT services companies are doing all it takes to retain talent in a buoyant demand environment. After InfosysBSE 1.65 % and WiproBSE 1.17 %, recently announced promotions and hikes for employees, NASDAQ-listed Cognizant on Wednesday rolled out promotions for senior level employees across the company. The promotions and salary hikes are effective July 2014. 

The development comes a couple of months after Cognizant gave similar promotions for junior-level employees and weeks after it downgraded its annual guidance to 14%. 
 
 
While Cognizant confirmed the promotions in an e-mail response, no details were available on the number of employees who got promoted. "The average salary hike for offshore associates is around 10%. Those who are exceptional performers and have niche skills that are in high demand will get more than 10%. For onsite associates, it is in the lower single digits," the statement said." 
 
The company also said client-specific impact that led to a downward revision in its growth guidance is not a reflection of the market environment and that it remains optimistic about its strategy going forward. 
 
 
The move to promote employees is also an indicator of the strong demand environment for IT exporters, which usually leads to a war for talent. HR executives ET NOW spoke to said companies will take steps necessary to retain talent as a churn in middle management is more likely during the good times. 

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