The segment accounts for over 25 percent of the company’s overall revenue. Analysts say there is no need to panic as tech spending has restarted, and a company of Coginzan’t size will be able to bounce back
Cognizant, which had two promotions cycles - March and October, has decided to streamline it into a single cycle for all levels to drive efficiency
The US-based company, which posted a net income of $509 million in June 2019 quarter said it expects its FY2020 revenue to be in the range of $16.4-16.7 billion.
The company's headcount falls to 2,81,200 employees, a 35 percent drop compared to the March quarter. Chief Financial Officer Karen McLoughlin steps down.
The company had seen at least half a dozen top level exits and termination of thousands of mid and senior employees since Brian Humphries took over
Cognizant’s current global delivery head Pradeep Shilige has quit after 24 years. He is being replaced by Accenture veteran Andy Stafford.
According to KITU, several employees at Cognizant's offices in Bengaluru, Chennai and other cities had approached the union with complaints of having been forced to resign.
A company spokesperson says it is a performance management measure, which is a process across all companies in the IT industry.
The company has offered complimentary credit card monitoring, dark web monitoring, and restoration services for its employees.
The severance package has been reduced from 20 weeks' salary to three months' pay plus one-week pay for every year of service completed.
There is hardly any room for error and the consequences are terrifying.
After Cognizant, Infosys too has deferred on-boarding of freshers due to COVID-19. More companies are likely to follow.
The US-headquartered company, which has about 2 lakh employees based in India, had previously withdrawn its FY20 guidance amid uncertainties on account of COVID-19 pandemic.
The information technology services provider said it was taking steps to contain the incident, with the help of cyber defense companies, and has also engaged with law enforcement authorities.
It is the second IT services firm to withdraw full-year guidance after Accenture.
This will be paid to employees up to Associate level
"Lev helps businesses simplify and modernise their marketing campaigns using Salesforce Marketing Cloud to provide data-driven insight and personalization across the customer journey, and ultimately drive revenue," Cognizant said in a statement.
The complainants have also sought compensatory damages and a medical monitoring fund for the affected employees
Located in the heart of the city, the new 100,000 sq- ft facility can accommodate more than 1,100 employees, the NASDAQ-listed company said in a statement.
Its revenue grew 3.8 per cent to $4.3 billion during the quarter under review from $4.1 billion in the year-ago period. In constant currency terms, this translated to 4.2 per cent growth.
The company also appointed Vinita Bali, former managing director and chief executive officer of Britannia Industries, as a new independent director, effective February 24, 2020.
Founded in 2016, Atlanta-based Zero Consulting is a privately-held provider of consulting and implementation services for cloud-based configure-price-quote (CPQ) and billing solutions.
The move is a part of the recent restructuring effort undertaken by the company's Chief Executive Officer Brian Humphries.
Cognizant India Chairman and MD added that the company has already made about 15,000 offers in more than 80 engineering institutes across the country.
The reports adds that the employees that were let go off were the ones who had been unable to find billable projects after the stipulated period.