Cognizant recently came under heavy criticism for listing a vacancy offering a meager Rs 2.5 lakh per annum to new hires, sparking outrage over how one could survive on such a salary in a metro city. Critics also questioned why entry-level salaries have remained stagnant for over 20 years, especially when the company's CEO earned a staggering Rs 186 crore last year. After days of mounting backlash, Cognizant has finally broken its silence.
Check out the earlier recruitment post:
Cognizant has responded to the controversy surrounding reports of its Rs 2.5 lakh per annum salary offer, stating that the information has been "grossly misrepresented."?
The company clarified that this salary package is intended for candidates with non-engineering backgrounds who hold a 3-year undergraduate degree.
In a statement released on Sunday, Cognizant emphasised: "Our recent job posting for talent from non-engineering backgrounds, with a 3-year undergraduate degree has been grossly misrepresented. This job posting, with compensation of ?2.52 lakhs annually, was only for candidates with a 3-year undergraduate degree and not for engineering graduates."
Surya Gummadi, EVP and President of Cognizant Americas, pointed out that their compensation for engineering graduates is highly competitive within the IT industry: "The compensation we offer for engineering graduates is highly competitive within the IT services peer group."
Adding to the controversy, reports had also emerged that Cognizant Technology Solutions provided some of its employees with annual salary hikes as low as 1%, with the highest increases being just 5%.?
This news comes in the wake of the company deferring these increments by four months before finally rolling them out.
Regarding the poor salary hikes, Gummadi said, "The merit increases for this cycle are tied to both individual performance and macro industry dynamics. This year, we are one of the few IT companies in India that have delivered increments and bonuses for employees. This recent pay hike is the 4th that most Cognizant's associates have received in the past 3 years. Moreover, these hikes are just one component of the comprehensive total rewards."
For more information on exams, results and careers, please visit? Indiatimes Education.