Cognizant to resume a single promotion cycle from October 1 for all levels
Teaneck headquartered IT Major, Cognizant which has two promotions cycles – March and October, has confirmed to resume a single promotion cycle from October 1 for all levels.
According to the Moneycontrol report, Becky Schmitt, Chief People Officer of Cognizant, said in an email sent out to employees, “The process will begin on October 1 and (will) look different than in the past years. Promotions would be streamlined into a single cycle for all levels to drive efficiency,”
Cognizant gives promotions in two cycles, March and October but it had suspended promotions in the March cycle due to the COVID-19 pandemic.
Earlier in the month of March and April, most of the companies like TCS, Infosys, Wipro, PwC India, Deloitte India, Ernst, and Young or EY India, etc had deferred their employee appraisal cycles, which includes deferring promotions and bonuses, because of the virus outbreak.
Cognizant in the first half of 2020 has had to deal with the costs and negative publicity that stemmed from a Maze ransomware attack that impacted many of its customers and the company reported a 29% decline in net profit to $361 million for the second quarter ended June, against $509 million for the same period last year.
