Cognizant introduces ‘two merit cycles’ for employees to rein in attrition

Nasdaq-listed Cognizant Technology Solutions has introduced a one-time, ‘two merit cycles’ for calendar year 2022 (CY22) for its employees to arrest attrition. These include salary hikes, bonuses, and promotions, said Rajesh Nambiar, chairman and managing director, Cognizant India.

For the third quarter (Q3) of CY22 — July-September period — the company reported attrition levels of 29 per cent. For the preceding quarter (April-June), attrition was at 32 per cent. These numbers are still high, compared to peers Infosys (27.1 per cent), HCLTech (23.8 per cent), Wipro (23 per cent), and Tata Consultancy Services (21.5 per cent).