IT major expects process to be concluded by the end of the second quarter
Cognizant Technology Solutions has floated a voluntary separation option for its employees at the senior management level, at a time when the company is accelerating its move towards digital technology.
This move comes as the company has initiated efforts to trim down its workforce at a larger level this year compared to last year. The Nasdaq-listed company confirmed the development and said that this is part of its overall strategy to accelerate the shift to digital and to deliver high-quality, sustainable growth.
Sources in the company have said that the option has been given to top executives, from the associate director to the top level, including board members and vice-presidents. They added that the compensation would depend on the rank and it would be minimum nine months salary. Further, the sources said that talks were going on for nearly three months now and that people who were receiving a minimum of around Rs 40 lakh as salary were the ones who would come under this programme.
However, the company said that it continues to recruit and hire across all of its practices and is expanding its facilities globally, ensuring that the company has the right expertise to help its clients.(read more)