Trouble started brewing after Cognizant announced that Ravi Kumar, former Infosys president, would take over as the Nasdaq-listed company's CEO.
Although the number of resignations came down at Cognizant in April and continued to slow in May, the impact of attrition would play out in the second quarter also because of the longer notice period in India.
Slowing growth and execution challenges for Cognizant (CTSH) may well allow Infosys to overtake the former after a decade. Cognizant had marched ahead of Infosys in terms of revenue in the first quarter of financial year 2012-13. The Nasdaq-listed IT services firm's performance in Q3 and the guidance for Q4 and full-year 2022 suggest that it could take time for Cognizant to see the expected improvement in performance from its decision to restructure.
Employee costs for Indian IT services players have touched an all-time high as salaries soar in their effort to retain talent. Engineer salaries are going through the roof. According to a news report, Infosys, which reported a 27.7 per cent attrition rate for the fourth quarter of FY22, plans to have an average salary hike of 12-13 per cent. High potential employees will get increases of 22-23 per cent.
IT firm Cognizant on Friday said it will give employees who are at associate level and below in India and the Philippines, an additional payment of 25 per cent of base pay for April in recognition of their extraordinary continuity-of-service efforts amid the covid-19 outbreak. The move is expected to benefit over 1,30,000 Cognizant employees in India.
The company's decision may impact new projects, which are likely to get delayed, said sources in the know. Among the IT players that work with Macy's are Accenture, Cognizant, Tata Consultancy Services (TCS), and Infosys. Macy's is among the top 5-10 clients of these companies.
Boston Celtics point guard Rajon Rondo was suspended for two games for fighting with Nets forward Kris Humphries in Wednesday's 95-83 Brooklyn victory, the National Basketball Association said.
The reality TV star was married for only 72 days.
The company, which had made voluntary disclosures about the bribery incident to the US authorities, also said with this resolution, there was no pending investigations against Cognizant.
The company has not detailed out the geographies that would be impacted by the reductions. However, given that India accounts for the biggest share of the company's headcount, the impact of these layoffs is expected to be significant.
This time, not only would the job cuts be higher, but they would be even more broad-based, encompassing various levels of employees.
The reality TV star wed beau Kris Humphries in a lavish California ceremony over the weekend.
Get your lowdown on what's going on in the world of Hollywood, right here!
These famous personalities seem perfectly matched, except heightwise -- but then love is blind! Do you and your partner make for a similar picture?
Get your lowdown on what's going on in the world of Hollywood, right here.
Get your lowdown on what's going on in the world of Hollywood, right here!
Get your lowdown on what's going on in Hollywood, right here!
Amid a spate of attacks on Indian youths in Australia, a Senate committee which probed the issue has concluded that the assaults were more likely to be "opportunistic robberies" than prompted by racism, prompting a student body to say the authorities "are still in denial."
Thierry Delaporte's pay package would be around 34 per cent higher than the total compensation that Wipro CEO Abidali Neemuchwala received in financial year 2019-20 (FY20). It also brings the Wipro CEO's salary on par with other top IT firms such as Infosys and Cognizant.
This curvalicious American TV personality, all set to stir the Bigg Boss 8 pot this Friday, is a bit of a phenomenon in the United States.
The Dutch striker has spent four seasons at Stamford Bridge, making 177 appearances and scoring 87 goals.
Llorente's second-half treble, a double from Son Heung-min and a late effort from Kyle Walker-Peters in driving snow at a freezing Wembley Stadium settled an game where tensions had threatened to bubble over before the break.
'In India, the impact will be less than 1% of employee headcount.'
The good folks at Daily Mail asked their readers to pick the most awkward smooches and here are some of the (dubiously) top ranking ones.
India-born Nobel laureate Sir Venkatraman Ramakrishnan has been confirmed as president elect of Britain's prestigious Royal Society.
Did you know that India is among the top five countries in food processing?
The Toronto Raptors finally sent an opening night crowd home with a smile and a win when they held on to beat the Boston Celtics 93-87 to raise the curtain on a new National Basketball Association season on Wednesday.
Summary of sports events and persons who made news on Thursday
'This colliding of worlds is a feature of chawl life in Mumbai, where the clashes in one household often become prime-time television for the neighbours; where the boundaries of good sex, lechery, and incest are frequently blurred,' says Sreehari Nair.
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