Cognizant Layoffs

IT major Cognizant workforce reduced by 3,300 to 344,400 employees at the end of March 2024, compared to December 2023

2024 full-year revenue guidance unchanged at -2% to 2%; firm signed 8 large deals during the quarter with TCV of $100 million each

Cognizant's filing with Nasdaq mentioned the CEO's performance stock units (PSUs) and restricted stock units (RSUs)

Total global headcount of Cognizant at the end of 2023 was 347,700, with nearly 250,000 employees in India

The company's bookings for the quarter stood at $25.6 billion on a trailing 12-month basis, up from $24.1 billion in the fourth quarter (Q4) of 2022

In the quarter ended March 31, the company reported a margin of 14.6%, among the lowest in the industry

Cognizant Technology Solutions has introduced a one-time, 'two merit cycles' for calendar year 2022 (CY22) for its employees to arrest attrition

Strong performing employees will be rewarded for what they have done, he says

A Nasdaq-listed IT services firm, Cognizant had said last week that it was planning to cut around 13,000 jobs

Experts say this is a step in the right direction for the firm to regain its competitive edge

Cognizant's president Raj Mehta said that around $35 million would be provided during the rest of this calendar year towards severance costs.

Cognizant had a heacount of 256,800 people in the June quarter

IT major informed its employees that salary revisions and promotions would be effective from October 1. This process usually gets over by July.

IT major Cognizant Technology Solutions' has reached out to employees to say that the firm is not planning layoffs and dismissed concerns among engineers in India that they were being eased out in favour of hiring more resources in the US.In an internal letter to the employees, Rajeev Mehta, president of Cognizant, said that in line with industry best practices, the company conducts performance reviews each year to ensure it has the right associate skillsets to meet client needs and achieve its business goals. "Resulting actions are performance-based and generally consistent year to year. Our performance management is based on having the right skill mix to succeed in the digital economy, globally. We are committed to being a meritocracy. We believe that's good for all our associates around the world," he wrote in the mail reviewed by Business Standard. "You may also have also seen media reports that associates are being counselled out of Cognizant to allow us to hire more US-based ...

The Forum for IT Employees (FITE), which has been organising protest against the alleged lay off by the IT companies, may need to file two separate petitions for the individual and collective petitioners in order to proceed with their complaint on allegedly illegal lay offs by IT major Cognizant. The Forum is consulting with the legal experts on how to go ahead and whether it would require a registration as a union to file a collective petition.The Joint Commissioner of Labour (Conciliation), Office of the Commissioner of Labour, Chennai has met both the Cognizant employees who were led by the FITE leaders and the company management seperately to enquire the matter, based on the complaint filed by the employees, said sources.Around 19 former and current employees of Cognizant were present in the meeting and the JCL sought them to file seperate petitions. Four out of them have already submitted their resignation.According to FITE officials, those who have already resigned has to file .

Forum for IT Employees is a representative body of employees working in IT companies

BS ReporterHyderabad, 11 May:The management representatives of Cognizant Technology Solutions(CTS) have sought two weeks time from the join commissioner of labour of Telangana government to get back with a comprehensive reply on the allegations about the forced resignations at their campuses as being leveled by a group of employees. Joint commissioner of labour(JCL) R Chandrasekharam on Thursday held a joint meeting with the management and employees of CTS on a representation given by eight employees on May 8 seeking the departments' intervention over what they termed as illegal layoffs."I have tried to understand the problem by speaking to both the parties. The management has requested two weeks time to furnish a detailed reply on the issue. The management also said that these eight employees were not a part of the annual layoffs and therefore their cases should be treated separately," JCL Chandrasekharam told Business Standard. The officer also said he was reviewing the case of ...