IT giant Cognizant has introduced skills premium allowance for its employees to encourage them to build and improve their skills, reported The Times of India.
Recommended ArticlesView All
Year of Millets — these three ideas can bring them back to dining tables
Mar 21, 2023 IST4 Min(s) Read
One of the largest RFID tag maker is planning new factories in India
Mar 21, 2023 IST3 Min(s) Read
Credit Suisse-UBS Merger — the crash landing deal is 'a signal for all bankers...'
Mar 20, 2023 IST8 Min(s) Read
This is how the global banking crisis may affect Indian software giants
Mar 20, 2023 IST4 Min(s) Read
The allowance has been given this year to 40,000 employees who were willing to expand their knowledge in to newer areas. This includes fields such as machine learning and artificial intelligence, TOI reported on Tuesday.
“Global demand for the skills we specialise in is increasing even as the tech talent shortage is growing. Skills premium allowance is one of the means towards that end and has come to include a wide range of digital skills and growing number of employees. It has helped us make compensation more competitive for associates with niche skills," James Lennox, Cognizant’s global chief people officer was quoted as saying in the report.
The development, the report added, also pointed towards the firm’s performance in the recent times. As per the report, Cognizant saw an annualised attrition rate of 20.3 percent in this year’s first quarter, way higher than the industry average. This in turn has led to higher rewards and widening salary disparity among the staff, the report further mentioned.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!