“This week, the vast majority of you who are in levels up to Associate Director will receive your 2023 merit pay eLetters. Keep in mind that we advanced this merit increase to be six months earlier in the year, following year-end performance reviews. This means many of you are seeing your third merit increase in 18 months,” according to an internal mail sent by CEO S Ravikumar.
Combined with the merit increases eligible directors and above received in January, Cognizant is awarding more than 300,000 associates a merit increase this year, the mail added.
ET has seen a copy of the mail. Cognizant has confirmed the development. It is to be noted that the company publicly announced ‘two-merit cycles’ move in November last year to arrest attrition.
The first cycle was awarded with effect from October 2022. The IT sector had been facing a war on the talent front–poaching experienced hands from each other and doubling down on fresher hiring.
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India’s largest IT firm Tata Consultancy Services, during its earnings announcement last week, said it will award annual hikes to employees with effect from April and the top performers will be awarded 12-15%. It also announced 100% variable pay for all eligible employees for the fourth quarter.
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